Rural land prices up

Ruapehu Bulletin, Volume 11, Issue 498, 10 August 1993, Page 5

Rural land prices up

Ohakune house saies are up for the half-year while Raetihi's are down. Ohakune prices remained static while Raetihi's average price dropped by more than $5000. Rural land saies remain at the same level, but prices are up 38 per cent. Ohakune recorded 21 residential property saies showing a 10 per cent increase compared with previous half-year figures of 20 saies showing a 10 per cent increase. The average sale price stayed virtually static at $65,690 (previously $65,650). Raetihi township reverses previous trends with nine house saies, showing a 3 per cent decrease compared with 20

saies which showed a 16 per cent increase over October 1990 Government Valuations in the previous period. The average sale price dipped from $51,700 in the December 1992 half-year to $46,167 in the June 1993 half-year. The average sale price in Taumarunui was $62,474 compared with $64,700 in the previous half-year. Nationally the number of houses sold and the prices being realised reveal the continuation of the steady process of recovery increasing the Valuation New Zealand House Price Index by 2.1 per cent.

Rural prices up Saies statistics nationwide for the first half of 1993 have shown significant price increases for rural land. It is now apparent that the rural sector is achieving sale prices not seen for some time reports District Valuer, Mark Johannsen. In the Ruapehu District 30 rural saies were recorded in the June 1993 half-year compared with the same number in the previous half-year. Sale prices of 20 fattening properties have shown an average increase of 44 per cent above October 1990 Government Valuations. This compares with 16 saies

showing an average 26 per cent increase in the previous half-year. Grazing properties showed an average 30 per cent increase with nine saies recorded. The previous half-year result was an average 24 per cent increase with seven saies recorded. Twelve improved lifestyle blocks showed a 43 per cent increase compared with five saies showing a 27 per cent increase in the previous period. The average price movement for all Ruapehu rural saies was a 38 per cent increase compared with a 30 percent increase in the previous half-year.