Farm sales for the three months ended November are 85.3% higher than those in the corresponding period last year, figures released by the Real Estate Institute of New Zealand show.
There were 315 farm sales in the three-month period, compared with 170 sales in the three months to November 2010.
Excellent spring growing conditions, favourable product prices, low interest rates and good banking support had created an "ideal climate" for land transactions.
However, despite those positive factors, buyers remained selective in their purchase decisions, REINZ rural market spokesman Brian Peacocke said.
Prices for dairy farms had lifted noticeably, with peak prices being paid - more than $50,000 per hectare in Canterbury and $55,000 per hectare in the Waikato. Although those values included Fonterra shares, they still reflected a solid gain on prices being paid earlier in the year.
The median price per hectare for all farms sold in the three-month period was $20,445, compared to $18,878 in the three months to October, and $20,891 for the three months to November 2010.
In Otago, there were 26 farm sales in the three months to November, compared with 12 for the corresponding period last year.
The lifestyle property market improved, with rising sales and prices across many regions.
Canterbury was the standout performer, with 72% more sales in the three months to November, compared to the three months to November last year, Mr Peacocke said.
