Less than five years after the first $1m per hectare sale was recorded in Bay of Plenty, kiwifruit’s golden run continues with a recent orchard sale setting a new price record of $2 million per hectare.
Five kiwifruit orchards in Te Puke, planted in both green and gold varieties, were offered for sale in February. All five were sold to a partnership of established growers for $36.7m, equivalent to $2m per canopy hectare for the land planted in gold vines.
PGG Wrightson real estate agent Stan Robb said there was extreme demand for orchards with good productivity, infrastructure and location. More than 20 tenders were received for the five properties sold in February, meaning there were still at least 15 motivated buyers in the market.
“There is no shortage of competition for the very best properties, and now is the optimum time to sell, with the crop just hanging there,” Robb said, adding that other orchards of the same or superior quality had since come up for sale and market activity should continue at a similar level into autumn.