RTTNews - Thursday, a report from the Real Estate Institute of New Zealand showed that the number of farms sold in the three months to April was 266, up from 231 in the three months to March.

However, the median sales prices nationally across all farm types dropped to NZ$1,042,500 in the three months to April from NZ$1,175,000 in the three months to March. The report said that the data showed a degree of consolidation in the rural sector with an improvement in turnover and settling down of prices.

Peter McDonald, National Councilor and spokesman of the REINZ said, The results for the three months to April are similar to what we saw the previous three month period, settling back to the more realistic 2007 levels we experienced pre the Fonterra payout spike of 2008.

Meanwhile, sales of lifestyle block increased to 1,178 in the three months ended April from 1,041 in the three months ended March. McDonald noted that lifestyle blocks continued to be the most consistent performers of all reform markets.

For comments and feedback: contact editorial@rttnews.com