PGG Wrightson reports property sales of $2 billion

PGG Wrightson Real Estate says it sold $2.3 billion worth of farms and other property during the 12 months to March 31, up 65 percent on the previous year's figure of $1.4 billion.

General manager of PGG Wrightson Real Estate, Stuart Cooper says the buoyancy of dairying is one factor in the success.

"We have sold a large number of dairy properties, but we have also achieved increases in the number of sales in the wider rural real estate sector, in residential and in lifestyle property sales," he said.

It sold 19 rural properties worth $10 million or more during the year, as well as a further 63 properties in excess of $5 million.

These high-priced farms included arable, horticulture, viticulture, high country stations and grazing properties.

The company's rural property sales totalled $1.813 billion for the period, which is up 85.4 percent on the previous year.

"This has increased our market share from 27.8 percent to 30.4 percent of the rural property market".

In the lifestyle sector the national market overall declined slightly during the 12 months to the end of March, but the company sold 10 percent more than for the same period in 2006-2007.

There had been a downturn nationally in residential property, but the company's own sales had risen in value by about 21 percent.

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