While the numbers of farm sales in Manawatu and Wanganui are down on last year, the activity in neighbouring Rangitikei District has continued on business as usual, with farms in the north of the Region showing a serious lift in value.
Bayleys Rangitikei agent Pete Stratton reports that over the Spring to Autumn selling season, there were a similar number of farms sold in Rangitikei compared to last year, but the total value and size of the farms sold is much less this year.
He says the main reason for this is that last year Mangaohane Station sold for $24 million nearly doubling the total value of sales. In addition, two other large farms sold, 1,091 hectares on Mangamahu Road and the other 1,682 hectares on Pohonui Road, during the Summer 2013/14.
The striking difference to this year is the lack of large farm sales with the biggest farm sold publicly being only 243 hectares and located on Ridge Road South, Taihape closely followed by 199 hectares on Koeke Road, Taihape and the 191 hectare “Lakes” farm at Turakina which at $4.15 million made just under $22,000 per hectare.
Stratton says Bayleys research is showing that while overall the value per hectare has remained relatively stable, the stand out results are from four farms in Taihape that all sold in excess of 32% of their current Rateable Valuation, with per hectare values of the better contoured Taihape farms knocking around the $10,000 per hectare mark.
Bayleys have also been very active with larger farms this season, and these are still in the pipeline. They include the attractive 978 hectare Kowhainui Station at Colliers Junction in Taihape with offers closing on 28th May, and Tanupara Station, a 2,583 hectare property at Raetihi which has been under contract, awaiting an OIO decision since December 2014.
Peter Stratton is also marketing the character 370 hectare Arawhata Dairy near Fordell, which milks 540 cows off a 160 hectare platform, and is supported by 170 hectares of grazing land and a 34 hectare runoff.