FARNORTH

Theyear started strongly forBayleys in the FarNorth,with thefirst half of the calendar year carrying on from 2021. Inquiryremained steady,but cash buyers were ararity.Moreconditionaldeals were negotiated thatweresubject to sale,financeorboth. Rising interest rateshavealso made borrowing more challenging forbuyers. Thefinal quarterfor ourmarket hasseena lift in activitywith good inquirylevels and dealsbeingdone. Completed sales havecombined residential,waterfront, lifestyle and ruralproduction properties Listings areahead of last year,and as the market movesintoa “new” normal, saleswill continuetobemade, albeit withlowervolumes. Bringon2023; we areready forwhateveritdelivers.

Dickie Burman BayofIslands Sales Leader

TheNorthland(and NZ)country environment hasgone full circle. The start of the year witnessed some record prices in commodities and productive land sales. Forestry wasthe talk of thecountry,and buyers were competing forasmall number of availabledairyfarms Goingforwarda year,discussionsaroundforestryare abit more circumspect; the number of dairy farms forsalehas doubled, buyers have lessened,and confidencehas plummetedalongsiderisinginterest rates; correspondingly,the bankshavestarted to laager thewagons!

Earlybuyer activity in 2023 is encouragingfor autumndairy &drystock sales.Anew bunch of quality farmsand lifestyle properties soon to be released,will be eagerlysoughtafter

With over25yearsoffocusing on theNorthland rural property market, theBayleys Countryteam hasbeenherebefore, andweknowhow to find buyersand negotiatedeals. We arepositiveabout the opportunities fortrading farms, buyingfarms and entering thecountry market in2023.

Tony Grindle Director- BayleysNorthland

This market wascrystalisedpost-Covid when ablue-chip commercial or industrial investment shortagewas apparentinNZ. As aresult of this shortage, buyersare leavingthe city andenteringthe provinces to diversifytheirportfolios.2023will provetobethe ideal marketto releasequality commercial stocktoa large andhungrybuyer pool Thesortofyieldsthatare nottypicallyachievable in theAuckland auction and sales roomsare commonly experiencedbyvendors in Northland.Indeed, we areonthe radarofAuckland investors.

Tony Grindle Director-Bayleys Northland