Episode Transcript
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Speaker 1 (00:00):
Monthly here on the Country we catch up with the
team from PGG Rights in real Estate and have a
look at the state of the rural market sitting in
this month. For Peter Newbold, the GM is Calvin Lean,
North Otago, South and Mid Canterbury sales manager based out
of Timaroo and Calvin. Just before we talk about the landmarket,
are you starting to get a bit dry in South Canterbury?
Speaker 2 (00:22):
Yes, we are, Jamie. It's the last sort of month
and especially sort of fortnite we've had extreamly strong in
north West is thirty degree day, so it's certainly taken
its toll stepping the moisture out of things. But fortunately
we had about fourteen or fifteen meals on Monday in
South Canterbury. In a little bit more forecast at the
end of the week, but it is barely needed, yeah.
Speaker 1 (00:44):
And desperately needed further north. Let's have a look at
rural real estate now with ten dollars on the horizon.
We've already heard from Miles Hurrell and he still reckons
ten dollars is a good bet for the season. Are
you seeing renewed interest in dairy farming? Because I know
in your region that you cover, You've got a hell
of a lot of dairy farms, a lot of them
(01:04):
under irrigation, Yes we.
Speaker 2 (01:07):
Have, jam We've got a lot under irrogation, and obviously
prospective purchasers who are looking for opportunities in that space
that the cost of irrigation and water and the reliability
the scheme is a critical sort of consideration. But since
the sort of forecast announcement of ten dollars, yes, we
have seen a growing depth in the bipole and more
(01:30):
so in sort of central mid Canterbury. And then of
particular has been a record price which has been set
up there sixty three thousand act year, which sort of
eclipsed the prior record of sixty one k hect there
up at Hines.
Speaker 1 (01:45):
So interest in dairy farms, what about the support blocks
are very keenly sort after. They're a bit like Hen's teeth.
Speaker 2 (01:53):
Well, those support blocks that have had an historic opportunity
to work through conversion, you know, they're hard to find,
but if they are still there, they had been keenly
sought after. But to be fair, Jamie, over the last
twelve months we've still had limited inquiry in dairy support blocks.
But again since the revision and pay out. You know,
(02:16):
there's been increased confidence in that space and ironically, you know,
we've got a couple offles on tables for clients who
have been on the market for over twelve months. And
to be fair, the offers are actually sort of stacking up,
okay from a value perspective, which is good.
Speaker 1 (02:30):
Are sheep and base farms, particularly sheep farms predominantly sheep
farms still proving pretty sticky.
Speaker 2 (02:36):
To move Oh sluggish, Jamie, you know, limited limited buyer
inquiry and to be fair, of the properties that we've
got with say scale, we have had limited inquiry. But
to be here where the buyers are seeing value is
probably ten to fifteen percent back on where you know,
(02:57):
farms have traded on a perse document basis over the
past twenty four months.
Speaker 1 (03:01):
Now, let's just finish on another sector that is widespread,
I guess in your region and I'm talking here obviously
North Otago, South and Mid Canterbury, and that is arable farming.
What's happening there? Are we seeing interest there?
Speaker 2 (03:16):
Yes we are, and in particular we are, and more
so up in Mid Canterbury. There's an authorized land use
that includes the consent for dairy support and a number
of variable properties of their way through that consenting process
in previous years, and it's added value to their overall
operation and also made them you know, you know, increasingly
(03:40):
more sought after from people, more so in the dairy space.
And it we just concluded a substantial sale up Chertsey
and that particular property has gone to a larger dairy
support operation.
Speaker 1 (03:54):
Calvin Lane from PGG Rights and Real Estate, thanks for
sitting in for Peter Newbolt. Pass on my regards to
the great man. I hope you get some more rain
in your region. Will catch you and the team back
in twenty twenty five.
Speaker 2 (04:06):
Thanks Jamie. Complimence of the season to you too,