Signs of consolidation in the rural property market are seen by the Real Estate Institute. These include an increase in the number of farms sold and a settling of prices.
But the institute says statistics for April indicate things are quieter than what would normally be expected at that time of year.
The number of farms sold for the three months to April increased by 35 to 266 compared with the three months to March.
The REINZ says the number of sales has settled to more realistic levels last seen in 2007, before Fonterra's milk payout spiked in 2008.
The median sale price across all farm types for the three months to April fell by $130,000 to a bit over $1.04 million compared with the previous three month period.