Rural property on a roll

By Phil Boeyen, ShareChat Business News Editor

Wednesday 30th January 2002

Rural property sales, and the prices being paid, ended last year on a high note according to latest figures from the Real Estate Institute.

The institute's figures for December show that the national sales volume and national median price for rural property were both higher than the previous month and the previous year.

Institute spokesperson, Murray Cleland, says the results defied the traditional slow period usually experienced in the lead up to Christmas.

"The rural property market continued to improve during December, the median price firming by 17.16% on a year-to-year basis."

The figures show that there were 330 rural properties sold in December compared to 306 in November and 281 in December 2000.

The national median sale price for December was $758,079 compared to November at $757,500 and the December 2000 median of $647,000.

The national median sale price for farms has firmed by 17.16% from December 2000 with arable property the standout, almost trebling in price from $625,000 the previous year to $1.84 million.

Grazing property rose 24% and finishing property was up 35% however the demand for dairy property eased slightly on year-to-year comparison.

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