Real Estate Institute of New Zealand president Peter McDonald is surprised by the low sales turnover and prices of rural properties nationwide in March.
This is consistent with the Bay of Plenty market for the three month period ending March that shows the median price for a farm in the region was down to $950,000 from $1,162,500 in February and from $957,000 in March 2009.

There were 20 farms sold in the March period this year in the Bay of Plenty; 16 horticulture, two dairy, one forestry and one grazing. This is down from the 24 farms sold in February.
There were 78 lifestyle blocks sold in the Bay of Plenty in the March period, up from the 67 in February, but down on the 86 sold in the three month period ending March 2009. The median price decreased to $487,500 last month from $550,000 in February, but was up on the same period in 2009 at $475,000.
Peter's major concern in the rural property market was that there appeared an apparent lack of interest in investment from New Zealanders.
"It is concerning to see an apparent lack of confidence amongst our lenders leaving the way open for overseas investors to make the most of the improving prospects for dairying. It would be a shame to have to rely on Chinese investors to kick start our market again."