Farm sales for the three months ended October are 94.6% higher than those in the corresponding period last year, figures released by the Real Estate Institute of New Zealand show.
There were 286 farm sales in the three-month period, compared with 147 sales in the corresponding period in 2010.
The rise in sales reflected the large number of properties being marketed for sale and a general mood of cautious optimism despite the economic challenges internationally, REINZ rural market spokesman Brian Peacocke said.
The recent reduction in Fonterra's forecast payout for the 2011-12 season had some impact on activity in the dairy sector, but that was being offset to some extent by some of the best spring growing conditions seen for many years.
The median price per hectare for all farms sold in the three months to October was $18,878, compared with $17,694 in the three months to September, and $18,124 for the three months to October 2010.
Nine regions recorded increases in sales volumes for the three months ended October, with Canterbury recording the largest increase (up nine sales), followed by Auckland and Nelson.
Included in sales for the month of October were five dairy farms, which sold for an average of $34,046 per hectare.
The lifestyle property market saw a further easing in the number of sales in the three months to October compared with the three months to September.
There were 1197 sales recorded in the three months to October, down 64 on the three months to September, but up 144 compared with the three months to October 2010.
Activity in the lifestyle market suggested both vendors and buyers were focused on other issues at present, Mr Peacocke said.
