18 Aug 2010

Rural property market restrained

1:57 pm on 18 August 2010

The rural property market continues to be subdued, with latest sales figures showing that turnover of farms is still slow.

The Real Estate Institute says in the three months to the end of July just over 260 farms changed hands.

That's up slightly on the same period the year before, but less than half of the farms sold in the 2008 period.

The national median farm sale price for the three months to June stayed steady at just over $1.1 million.

Real Estate Institute spokesperson Bryan Thomson says over the past year median prices for farms have fallen in 11 out of the 14 rural districts.

Mr Thomson says lifestyle property sales have also fallen in the three months to the end of July, with 100 fewer lifestyle properties sold compared with the previous three months.