The latest Real Estate Institute figures have revealed that farm prices were down 43 per cent to a median of $1 million in the three months to August, compared with the same period last year.

Nationwide, 183 farms were sold, down from 516 in the three months to August last year, and 229 in the same period to July, for a median price of $1.2 million.

Prices rose in five of the 14 regions — Auckland, Gisborne, Hawke's Bay, Manawatu-Wanganui and Otago. Prices were unchanged in Canterbury which was the most active region with 27 sales.

No dairy farms changed hands in August after 40 sales in the three months to June.

But institute rural spokesman Peter McDonald said August and September were expected to be slow, due in part to the fact that the average national price of milksolids was $44 a kilogram.

Mr McDonald is also reported to have said that lifestyle properties had held their value during the downturn with the median price in the three months to August unchanged at $430,000 last year, and $10,000 up on thee months to July.