New figures show farm sales fell 10 percent in the first quarter of this year, with the price of dairy and other grazing land lower than it was a year ago.
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The Real Estate Institute of New Zealand (REINZ) figures show, in the first three months of this year, only horticultural land increased in value, while the price paid for finishing farms remained relatively static.
Overall, 383 farms were sold in the first three months ended March, compared to 425 during the same time last year.
Manawatu-Whanganui recorded the largest number of sales, followed by Bay of Plenty and Northland.
REINZ spokesperson Brian Peacocke said, while the dairy sector was subdued, some farms were still selling at very good prices.