PGG Wrightson has issued a press release stating that it sold Real Estate sold $2.3 billion worth of property during the 12 months to 31 March 2008, up 65 per cent on the previous 12 months figure of $1.4 billion. General manager of PGG Wrightson Real Estate Stuart Cooper says the buoyancy of dairying is one factor in the success, but not the whole story.

PGG Wrightson report that while they have sold a large number of dairy properties, they have also achieved increases in the number of sales in the wider rural real estate sector, in residential and in lifestyle property sales.

"For example, we sold 19 rural properties worth $10 million or more during the period, as well as a further 63 properties in excess of $5 million. These premium value farms include all land uses, not just dairy, but arable, horticulture, viticulture, high country stations and grazing farms.

"Our rural property sales totalled $1.813 billion for the period, which is up 85.4 per cent on the previous year."

In the lifestyle sector the national market overall declined slightly during the 12 months to the end of March. However, PGG Wrightson sold lifestyle properties worth ten per cent more than for the same period in 2006/07.

Similarly, in residential real estate, overall the market has seen a downturn. "However, this is not reflected in our sales figures for residential property, which have risen in value by approximately 21 per cent," Mr Cooper said.