The severe shortage of farms on the market in the Rangitikei last spring has now resulted in only a handful of farms being sold in the District this season. Pete Stratton from Bayleys says this is the lowest turnover he can recall and comes at a time when the amount of interest is as strong as he has seen for many years. He says there is a genuine shortage of all types of rural property available in the greater Manawatu-Wanganui Region. Stratton commented that only four farms larger than 120 hectares have sold in the Region since August 2016.
The four farms were all sold by Bayleys’ agents and include two Dairy Farms, both sold in September 2016. One 120 hectare unit at Ratana, sold by Knud Bukholt, made $2.625 million and the other 166 hectare Dairy at Fordell sold by Pete Stratton for $4.25 million. The only Sheep & Beef farm sold in the Southern Rangitikei was the 168 hectare “Arawhata” farm on Kauangaroa Road near Fordell which Stratton and Bukholt sold under the hammer at Auction in November for $2.04 million.
The largest farm to be marketed this season in the whole of the greater Manawatu-Wanganui region was “Taukopu” at Mangaweka. “Taukopu” is located on Zohs Road only 9 kilometres off State Highway 1 and featured clean, steep hill country on strong Papa soils. Peter Stratton sold this 828 hectare farm for 26% above its current Government Valuation, to a farming family from the Clutha District in Otago. Two other hill country farms on Manui Road at Mangaweka are currently under contract. Stratton says these are both conditional on the completion of a sale on the East Coast. He commented that all the Mangaweka farms created a lot of interest with close to 30 parties inspecting all three farms.
One other 113 hectare farm on Gorge Road Taihape sold privately for 10% above GV back in August.
With the shortage of farms available, Stratton says more Vendors are now choosing Auction to get the best from the market. Bayleys’ agent Andrew Bonnor sold a 21 hectare lifestyle property on Tutaenui Road last month at Auction for $1.02 million, a whopping 38% above GV, and last week Knud Bukholt sold 63 hectares farmed as a Goat and Cow milking unit on Campbell Road Wanganui, post Auction, for $1.2 million.