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New data shows the number of farms sales has dropped again, along with the median price in the past three months.
The Real Estate Institute of New Zealand (REINZ) said there were 57 fewer farm sales (-14.7 percent) for the three months ended March 2019 than for the three months ended March 2018.
Overall, there were 331 farm sales in the three months ended March 2019, compared to 370 farm sales for the three months ended February 2019 (-10.5 percent), and 388 farm sales for the three months ended March 2018.
REINZ Rural Spokesman Brian Peacocke said drivers for a drop in sales volumes include an increasing number of retirements amongst farm owners, pressure on profitability as a result of increasing costs and increasing difficulty in obtaining qualified labour.
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