The Real Estate Institute says signs of buyer resistence against surging dairy farm prices are starting to emerge.
Latest rural property sale figures show a big lift in farm sales for the three months ending in November. Prices are also higher than a year ago.
Institute rural spokesman Brian Peacocke said spectacular prices had been paid for some dairy farms in prime locations, with some selling for more than $60,000 per hectare, compared with the median price of about $40,000 a hectare in the past three months.
"That's taking place both in the Waikato region and also in the Canterbury region, so it's not as though it's just one isolated area but is indicative of the fact that there's probably a shortage of those premium-type properties," Mr Peacocke said.
"As a result of that, in those areas, we are getting some price resistance from some purchasers, not only the top end but (also) at lower end."
That meant some buyers were looking to areas which were not so highly priced, such as Northland, Rotorua-Taupo, Westland and parts of Otago, he said.