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Statistics from the Real Estate Institute of New Zealand (REINZ) showed for the three months ended September 2013, the median price per hectare for all farms had risen to $22,851 from $18,041 during the corresponding period last year.
The REINZ All Farm Price Index had risen 17.9% for the three months ended September 2013 compared with the corresponding period last year and 7.2% compared with the three months ended August 2013.
''If these prices move too quickly ... everyone is nervous,'' Mr Wills said.
''Obviously a sensible increase in line with improvements and inflation is good news ... but the dairy market, in particular, I watch with some concern.''
Those looking to purchase properties or expand operations needed to understa
''History does tell us we go in stops and starts ... we have got a bit of a two-speed rural property market and it makes it hard for the sheep and cattle guys,'' he said.
With rural debt at about $52 billion at present, the prospect of interest rate rises was especially concerning, Mr Wills said.