Farm prices have fallen to the lowest level since 2003, says the Real Estate Institute of New Zealand.
The median price per hectare for all farms for the three months ended July was $14,649 - compared to $17,901 in the same period last year the lowest point since September 2003, the institute said.
A total of 301 farms were sold during the three months ended July, down from 393 in the period ended June, although higher than the 262 sold during the same period last year.
Institute rural market spokesman Brian Peacocke said the drop in sales reflected the time of year and the focus on seasonal workloads.
"Farmers are keenly watching events in financial markets and the trend in the New Zealand dollar," Peacocke said.