For the three months to the end of October, the median price was $40,716/ha, up from $31,552/ha for the same period a year earlier, a 29% lift.
The increase on the $33,132/ha median for the three months to September this year was 23%, according to Real Estate Institute figures.
But the REINZ dairy-farm price index, which adjusts for size and location, puts October prices down 18% on the September period and down 8.7% on a year earlier.
Institute rural spokesman Brian Peacocke said care needed to be taken analysing the figures during the winter because the low number of sales – just 17 for the three months to the end of October compared to 18 a year earlier – could distort the index figures. The three months to September had just 12 sales.
Overall, there were 353 farm sales during the October period, five fewer than a year earlier, and down on the 388 sales in the September period.
Sales volumes were reasonably consistent compared to the last two years, Peacocke said.
A number of properties were programmed to come on to the market over spring but wet conditions in some areas, notably parts of the North Island, had caused some vendors to delay sales.
Median prices were slightly lower than a year earlier and also on the three months to September.
The all-farm index was 2.8% lower than in September but up 5.9% up on October last year.
Five regions had increases in the number of sales, Otago having the biggest rise, ahead of Northland and Southland.
Markets in some areas were influenced by a number of issues, including environmental regulation in the Waikato and Waipa rivers catchments, which was causing concern and confusion among landowners.
There had been some strong early sales of dairy units.
In the Rotorua/Taupo areas, there were compliance issues and buyers having difficulty getting information and documentation on properties of interest was causing frustration and caution, Peacocke said.
The increasing milk price forecast was helping the Taranaki market stay positive at a time when poor weather was delaying the marketing of farms.
Cooler, wet conditions were also limiting sheep and beef farm sale inquiries.
Listings were in short supply in Manawatu, with good inquiry levels for finishing and dairy support properties.
In the South Island, the Otago market had been brisk, though harder, with a focus on sheep and beef and quiet in dairying.
Canterbury had limited dairy activity but good inquiry for other farm-types.
In Southland, there was still a good level of listings and a continuing price gap between buyers and sellers.
As usual, grazing farms had the most sale activity, making up 41% of national sales, ahead of finishing properties at 20%, horticulture at 18% and arable farms at 9%.
Finishing properties were steady in price through September and October and slightly higher than October last year.
The median price for grazing properties was down 20% year-on-year, $15,242/ha compared to $19,253/ha.
Horticulture median prices rose to $182,584 /ha, up from $171,482, a 6.5% lift.
