Tararua Market update

It’s old school, but you can’t sell a secret at the moment, and the tables have turned somewhat in that we have the listings, but we need the buyers. Forestry has underpinned our market for the last six years and, while forestry continues to operate, there is a reduction in forestry interest currently, even prior to the Cyclone. This presents a perfect opportunity for pastoral buyers right now, noting in the aftermath of recent weather events, expanding operations probably hasn’t been to the top of the list. However, the best buying opportunities often coincide with challenging circumstances, it just seems to be the way it goes.

There have been 21 farms (20ha+) sold in the Tararua this year compared to 43 last season. Obviously, the 21/22 period was a reflection of the lower interest rates and farmer confidence to transact on all land classes, including the deconversion of six operational dairy farms to finishing. Grazing to forestry conversion has played a large part in the Tararua market, especially on our eastern hill country, with three sales in each period. Forestry interest continues to be mainly New Zealand-based entities, with our distance to port excluding most OIO purchasers.

We have seen that properties that have been well marketed and presented to purchasers have still attracted interest and sold at similar values to the previous season.

Parts of our region have felt the impact of Cyclone Gabrielle’s wrath, particularly those in the eastern hill country, where farmers were already dealing with a tough 12 months, due to higher-than-normal rainfall and saturated ground. Solid investment in roads and infrastructure will be required to give buyers confidence in these areas.

Our Tararua team have numerous properties currently under campaign, with interest from both local and further afield purchasers. Waiwera Station, which was marketed by our Pahiatua branch, received excellent interest, with a total of 13 individual parties looking over the property, which was sold to a relocating family from Tolaga Bay.

Our True team promise, that everyone in the team has equal opportunity to sell any listed property, has demonstrated a point of difference for us, and a united team approach. It has resulted in numerous successful transactions completed between branches on either side of the ranges, and up and down the east coast. A prime example was a 1113 ha property sold between our Waipukurau and Pahiatua offices.

The key to selling properties will be strong marketing, and a well thought out strategy. Our team are optimistic about what the next 12 months will bring in the rural market, and feel we offer the best advice and expertise to continue to transact properties at a premium in the Tararua District.

Jared Brock Rural Sales Consultant Property Brokers Pahiatua