How rural real estate could change after Covid-19
GM for Rural Real Estate Peter Newbold joins The Country's Jamie Mackay to take a look at the rural property market this month.
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.
Although the lockdown had put restrictions around trading, a few properties had been sold in the past month, said Newbold.
The majority of these transactions were rural without homes on the property.
Mackay queried "the new normal" as he and Rowena Duncan watched drone footage of a property showcasing virtual viewings.
Mackay stressed that this still gives a really good look at the rural property.
PGG Wrightson was promoting and doing a lot more digitally, with an increased use of digital mail, social media, display marketing, Google and video content, said Newbold.
Newbold felt these digital elements would become more prominent moving forward as they gave buyers better insights into the properties.
Mackay asked if there will be a reduction in the value of farmland.
Newbold was uncertain on this trend as pre-Covid-19 there was already a lull in the market with drought, banking restrictions, processing delays and environmental issues.
However, Newbold remained hopeful that, as New Zealand moved out of the Alert Level system, sales of rural farming properties would slowly return and prices remain stable.