Property Report: Rural market continues to grow
The Country's Jamie Mackay is joined by PGG Wrightson's General Manager for Rural Real Estate Peter Newbold, to take a look at the rural property market this month.
The rural sector was receiving a lot of interest outside of the traditional rural buyers, Newbold said.
Many of the buyers were looking at grazing or finishing blocks around the 1 to 2 million dollar mark, and using it as investment opportunity to lease out to farmers or growers.
Meanwhile, the lifestyle market continued to be a hive of interest. Newbold said the challenge here was that there were not a lot of new listings coming to the market at this stage.
Mackay asked about the interest around the dairy sector. An increase of returns had generated an increase of interest in the dairy industry. Newbold said that some of the traditional markets had seen an increase of sales.
Sheep and beef properties were facing price challenges, which was reflected in property demands, Newbold said.
The horticulture industry was continuing to grow and generating investment interest.
Newbold said people might not be aware of the huge amount of land that was primarily sheep and beef, had now become horticulture property.