Posts filed under ‘Rural Market’

Willowford Dairies and Gwavas Station sell on the hammer

Willowford Dairies and Gwavas Station Sold at auction for $6.25m and $9.2m respectively on the 18 Feb 2010.

Willowford Dairies, a third year conversion completed to a high standard comprised a 60-bail rotary cow shed with cup removers and individual cow monitoring, two herd homes and approximately 240ha of the 320ha milking platform irrigated. Production history has been 239,323ms in 2008/2009, 159,513ms in 2009/2010, and on target for 191,000ms for 2010/2011. The average will be 196,500 if this season continues to plan. The sale price excluding shares, dairy shed and irrigation plant is $29.15/ms, or $24.30/ms on 240,000kg/ms. Analysed milking platform land values are $11,000/ha for the irrigated land and $8,000/ha for the non irrigated land. The property has some rolling to medium hill in the non-irrigated area. The terms and conditions of sale make analysis of the property difficult to assess market trends of dairy farm values in the Willowford/Patoka districts.

Gwavas Station, some 50km west of Hastings comprising some 1000ha of freehold land and a further 178ha of leasehold land was king pinned by the purchaser at the auction after a recess was called with bidding at $6m. After a delay in proceedings, the auctioneer returned to bidding stating the that he held a bid at $9.2m and the property was on the market. No further bids were received, so Gwavas was sold for $9.2m. Carrying capacity is arbitrary due to the amount of trading stock carried, but at 10,400su on the freehold equals $885 per stock unit. On the Freehold land area, the average sale price is $9,136/ha and land value of $7,520/ha. We call this a very good sale and shows that there is life out there after all.

Both properties sold to Hawke’s Bay farming identities.

February 18, 2011 at 4:12 pm

Hawkes Bay Rural Market Report February 2011

An update of the rural property market has been posted on our website.

Key highlights are;

•Sales in the sheep and beef sector remain subdued with 7 sales for 2010 in the Hastings and CHB districts over 200ha.
•Sales of pastoral properties occurring in Wairoa/Gisborne localities for carbon farming.
•7 economic sized orchard sales in 2010 – average no of sales in last 14 years is 23 per annum.
•Little demand for high risk non-irrigated cropping land.
•Limited dairy sales with one sale showing a 17.4% reduction from when it was purchased in 2008.

Download a detailed synopsis of the current rural property market with trend graphs showing historical property values here.

February 9, 2011 at 9:05 am

Oakley Trust

The recent tender of the Oakley Lease, Blackburn, has been successfully completed for a term of six years.

January 25, 2011 at 1:34 pm

Gwavas Station & Willowford Dairy

Bayleys Real Estate are auctioning two interesting Hawke’s Bay properties on 18 February 2011. The properties are the historical Gwavas Station and the recently converted Willowford Dairy. A brief description of the properties follows:

Gwavas Station: Gwavas Station is located at Tikokino, some 20km northwest of Waipawa, and 40km south of Hastings City. It is the first time the property has been to market since the mid 1850’s. It comprises approximately 1000ha of freehold land and a further 178ha of leasehold land. The property is noted for its very good infrastructure and a favourable balance of near flat land. It is currently utilised for intensive bull beef and sheep finishing with some cash cropping. For further details visit

Willowford Dairy: Willowford Dairy is located at Willowford, some 50km west of Hastings City. It is a third-year dairy farm conversion completed to a high standard. It benefits from a 60-bail rotary cow shed with cup removers and individual cow monitoring, two herd homes and approximately 240ha of the 320ha milking platform being irrigated. Willowford also comprises a very good infrastructure of other buildings, and is geographically closely located to the dairying district of Patoka. For further details visit

January 20, 2011 at 1:04 pm

Reality hits hard for farmers trying to sell

Greg has recently been asked by the Sunday Star Times to comment on the Hawkes Bay rural property market. To read the full article click this link. In summary Greg comments are

…and regionally there are some signs of a lift. In Hawke’s Bay, property valuer and analyst Greg Morice said while larger grazing blocks were not selling, sales of smaller sheep and beef units of about 100ha had increased. Morice said that seemed to be because farmers were able to get finance for smaller blocks to add to their portfolio but not for larger properties. He said good properties were still selling beyond expectations but the more remote areas had taken a hit.Morice says part of his work was partnering with rural real estate agents to help sellers accept changes in the market. “Vendor expectations are still based on prices fetched two to three years ago. Agents who have a good cash buyer are using valuations to help make vendors see reality.”

December 7, 2010 at 12:58 pm

Notable Hawke’s Bay Lifestyle Property Sold for $3,100,000

‘Chesterton’, located in Te Aute Road, Havelock North, is a top quality 1980’s Italian crafted residence of some 721m2 over two floors. Situated on 6.9ha with excellent plantings, swimming pool and astro-turf tennis court, the dwelling has substantial terraces and vehicle garaging.

November 25, 2010 at 3:41 pm

Hawkes Bay Farm Sales Slow

Below is a graph (click to enlarge) showing the number of analysed farm sales in the Hastings and Central Hawke’s Bay Districts since 1997. 2010 sales are proving to be very slow. There are a number of properties on the market this spring/summer which is likely to increase the number of sales for 2010 however the sales trend would suggest less transactions than the quiet years of 2008 and 2009.

November 19, 2010 at 10:06 am

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