The sheep and beef sector had been severely affected after demand from the forestry sector diminished.
That demand had been underpinning sheep and been values but had “disappeared in a hurry,” according to Newbold.
“The values that were there six, nine, ten months ago aren’t there [anymore].”
Therefore, vendors needed to reevaluate their pricing, or properties would not move - something made challenging by diminished returns to the sector, Newbold said.
“Maybe as we move into autumn, we’ll see some of that pricing being readdressed and some movement in that area.”
But, it wasn’t all bleak - Newbold said dairy was looking “encouraging” and “improving all the time”.
“I’d be lying if I said it’s booming, but definitely sales are picking up.
“There’s a lot more interest and I think...we’re going to see a lot of momentum in that space - the future looks good.”
Another industry looking positive was horticulture, which Newbold expected to see big changes in – particularly when it came to kiwifruit – during February and March next year.
“I think the pricing has settled and we will see some upside over the coming months,” Newbold said.
Also in today’s interview: Newbold and Mackay looked at the state of the livestock market - of which Newbold is also general manager.
Listen below:
