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Property Express - Blue-chip Canterbury sheep & beef farms sell well in spring and summer

March 2021

A number of signature North Canterbury farms have sold recently, as buyer enthusiasm has matched the calibre of the properties offered.

Canterbury Real Estate Manager for PGG Wrightson Real Estate Peter Crean has managed the marketing of several of these blue-chip holdings, including one met by among the strongest market reactions he has ever seen.

“Greta-Vale north of Greta Valley, is a 791 hectare property that has been in the same family for over 100 years. A much admired farm, and a long anticipated sale, we fielded interest from all over New Zealand, with the scale of the farm, estimated carrying capacity between 6000 and 6500 stock units or more, a particular attraction in the current market for sheep and beef property.

“After we conducted approximately 30 inspections of the farm, multiple offers were tabled, with the sale eventually made to an established family farming business making a strategic purchase, incorporating Greta-Vale into a wider operation. The sale price fully meets the vendor’s expectations,” says Peter.

Another widely admired North Canterbury farm offered to the spring market, 258 hectare Dalrachrie Downs at Broomfield west of Amberley, sold in December.

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“This is a well-located, traditional breeding, fattening and early finishing unit with excellent infrastructure, outstanding production and a stunning, modernised, five-bedroom homestead set in expansive gardens. Following a strong marketing campaign, Dalrachrie Downs sold well, also exceeding vendor expectations, to a local North Canterbury buyer adding to an existing sheep and beef operation,” he says.

Another well-regarded Broomfield farm, this of 103 hectares, benefiting from proximity to Amberley, sold in December.

“This smaller property is immaculately presented with a beautiful four-bedroom house that enjoys stunning views. It was another strong sale to local buyers,” he says.

Several other prominent Canterbury rural properties transacted recently, including some not publicly marketed, while others went under contract in the summer, moving towards early autumn confirmation.

Grant Nordstrom, PGG Wrightson Canterbury Livestock Manager, said North Canterbury sheep and beef farmers are generally optimistic.

“They have had a reasonable season, though are facing some uncertainty trying to work out what is around the corner.

“Prior to Christmas the feed situation on Canterbury farms was excellent. However, since then little rain has fallen, meaning any farm without irrigation is starting to grow short of feed. While good demand continues for store lambs, the cattle market is challenging due to low schedules, and a premium on killing space, freezer space and space in shipping containers to take our red meat to export destinations. While the mutton market has been strong, with China taking large amounts of protein, and the grinding beef market is also positive, export cuts are suffering because the restaurant trade is in hiatus due to Covid and lockdowns in many countries.

“This uncertainty has resulted in some farmers being reluctant to stock up to normal levels for the autumn,” says Grant.

 

Read the full edition of the Autumn Property Express here.

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