Property Report: Rural property market slowing down for winter
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.
Mackay said business was up over 70 per cent year on year, with a lot of renewed activity and interest in the rural sector.
Newbold agreed, adding that it was incredible for everyone in the industry.
Buying syndicates were making a comeback, especially in the higher value properties of 10 million or more.
Mackay raised the issue of the dairy industry and how banks had recently lifted their next season forecast which may encourage punters into the market.
Recent droughts along the East Coast had impacted the appearance of properties, particularly sheep and beef farms.
This influenced the timing of property sales, and some sales may be brought forward depending on the weather, Newbold said.
Mackay said the lifestyle block market was slowing. Newbold agreed, saying there weren't as many listings and that value had recently reached a plateau.
However, traditionally, the market slowed down leading into winter, Newbold said.
Click the play button for the full interview.