Real Estate Institute of New Zealand president Peter McDonald is calling for changes to the way potential farm buyers are assessed for finance.

Mr. McDonald’s comments follow sales statistics showing that only 210 farms sold to the end of March, compared to 717 in the same period two years ago.

The national median farm sale price for that period also slipped below the million dollar mark, to $970,000.

Mr. McDonald says farmers’ prosperity seems to have little bearing on whether they meet the conditions of lending. He says while local farmers are denied the chance to grow their businesses, overseas investment in our farmland becomes much more likely.