“The impact from the subsequent shortage of supply has resulted in increased focus on a number of properties which for a variety of reasons including contour and location have been harder to sell.
“The reduced dairy payout and the high New Zealand dollar are being carefully assessed by prudent purchasers.
“The drought conditions, in particular, have had a negative impact on some regions in the South Island,” Peacocke said.
There was a continuing level of healthy sales activity in Northland where buyers had been able to buy larger properties at values lower than in regions to the south.
Waikato prices were steady but with a general easing from the strong levels of volumes and prices prevailing in previous months.
There were strong dairy farm prices in Taranaki but low volumes and steady activity on dairy farms and very solid volumes of dry stock properties throughout Canterbury, Otago and Southland where listings were now in short supply.
There were 47 fewer farm sales, -10%, for the three months ended March 31 than for the corresponding time in 2014.
Overall, there were 425 farm sales in the three months to March 31 compared to 464 farm sales for the three months ended February 28, -8.4%, and 472 farm sales for the three months to the end of March 2014.
In the year to February 28, 1802 farms were sold.
The median price per hectare for all farms sold in the three months to March 31 was $27,957 compared to $22,342 recorded for three months ended March 2014, +25.1%.
