In contrast, dairy farm sales are well up from a year ago, the number in the three months to the end of April nearly doubled.
Prices paid were also higher, on both a median basis (up 5.1%) and on the Real Estate Institute’s dairy farm index (up 10.5%). The latter adjusted for differences in farm size and location.
There were 98 sales for the latest three months ended April, compared to just 52 previously.
That continued a strengthening trend with year-to-year sales to the end of April up by 20%, institute rural spokesman Brian Peacocke said.
Dairy sector morale had moved in tandem with higher milk prices though volatility remained an issue.
Several provinces benefited from the improving trend with a good increase in sales in Waikato, highlighted by a cluster of sales in the good-to-medium price range in the south Te Awamutu and Tokoroa districts.
Northland also had good activity though there was an easing in Taranaki after a strong run of sales over recent months.
There were several strong dairy farm sales in Mid Canterbury and activity at solid prices in Southland though volumes were lower, Peacocke said.
The median dairy farm price for the three-month period was $35,186/ha, up from $33,507/ha at the corresponding time in 2016.
The latest figure was below the $37,066/ha for the three months to March this year, indicating the better farms being marketed since Christmas had sold earlier than the others.
Overall, Waikato had the biggest increase in sales for the period, up by 39, with Otago continuing its good turnover with an extra 17 sales, mainly finishing units though there was also good activity with grazing properties.
Northland had a lift in sales of dairy and finishing units with a focus on quality and location, Peacocke said.
As with the latest March trading period, some lower-priced dairy units were sold for a shift to dairy support or beef farming.
Good turnover and prices for kiwifruit orchards highlighted the trading period in Bay of Plenty and there was also reasonable activity in dairying at medium to lower values in the Rotorua and Taupo districts and an increase in finishing unit sales in the eastern part of the region.
Supply was an issue in some places, including Wellington and Wairarapa, where there was good demand and increased values for finishing and arable units.
The same applied in Nelson, Marlborough, Manawatu/Wanganui, Hawke’s Bay and Taranaki with steady inquiry across the farm sectors.
That demand showed the good underlying confidence in the farm sector, he said.
Supply constraints could be caused by a reduced number of finishing properties in some regions because of the past conversions to dairying and because the strong beef returns might be keeping some farmers from selling.
The median sale price for finishing farms for the three months was $25,585/ha, up from $24,584/ha for the latest March period, and $24,657/ha for the April period last year. That was a 3.8% year-on-year increase.
For grazing farms, the biggest individual sector for sales turnover, the median price for April was $15,079/ha, virtually steady with last year but down on the $16,202/ha median for the 2017 March quarter.
The median price for horticulture block sales rose nearly 14% over the last year, to $278,419/h from $244,365/ha. However, the gain was higher still for the March three-month period which had a median of $317,726/ha.
