Prospective farm buyers are willing to pay a good price...for the right property

The Real Estate Institute says there were 60 fewer farm sales for the three months ended July, than the same period a year ago.

But some regions actually saw an increase in farm sales - the most noticeable being West Coast and Bay of Plenty.

REINZ rural spokesman Shane O'Brien says there's cautious optimism in the market - despite the upcoming election, increasing interest rates and a drop in the forecast milk payout.

He says overall there's some caution in the market - but that isn't always a bad thing.