After almost two decades of sharemilking, saving and building equity, Aaron and Marcia Flay this year realised their long-held dream of settling on their first dairy farm
After several unsuccessful attempts to buy a farm of their own, the Waikato couple this season purchased a 68-effective-hectare farm at Te Kawa near Te Awamutu, where they milk about 200 Friesian and crossbred cows.
"It always felt like the end goal," Marcia says.
The couple entered farming together nearly 20 years ago and progressed through contract milking and sharemilking roles while raising three children and steadily building their financial position.
Aaron grew up on a dairy farm near Te Awamutu before spending several years landscaping, while Marcia, with an accounting background, helped oversee the financial side of the business as they worked toward ownership.
Getting there proved harder than they expected.
"We've had a proper go at buying farms for the last couple of seasons," Marcia says.
"There was definitely a point where we thought it wasn't going to happen."
The pair inspected numerous properties and were regularly outbid by neighbouring farmers and existing landowners seeking to expand.
"You put in what you think it's worth and then someone else comes in and really wants it," Aaron says. "At that point you just can't compete."
The farm they eventually bought was one they had initially overlooked.
The property had been offered to them the previous year, but at the time they thought it was too small and were focused on larger opportunities.
After another year of searching, they took a second look.
"We probably got to the point where we had to be a bit more flexible," Marcia says.
"You can't just keep saying, 'I want exactly this size farm' or 'I want exactly this location'. You need to open your mind up to other options."
The condition of the farm ultimately proved decisive.
Unlike many properties they looked at, the infrastructure was tidy, drainage systems were well maintained and there was no lengthy list of capital expenditure waiting for a new owner.
"It was ready to go," Marcia says. "We weren't walking into a situation where we had to spend a lot more money straight away."
The purchase caps years of financial discipline.
The Flays built much of their equity through residential property investment, beginning with a modest house Aaron bought at 21 and expanding into several rental properties over time.
Those investments, combined with farming income, debt reduction and consistent saving, eventually provided the platform needed to buy a farm – but that strategy required sacrifices.
"We haven't really done holidays," Marcia says. "We've been pretty tight on the budget over the years."
The family prioritised paying down debt and building equity, with the couple spending several years debt-free as sharemilkers before stepping into ownership.
Aaron says aspiring farm owners should focus on building a long-term plan rather than looking for a shortcut.
"It's going to take longer than you'd probably like," he says.
"You need a plan and you need your money working for you somehow. You're not going to get there purely through saving."
Marcia says seeking advice early was equally important.
Long before they were in a position to buy, the couple regularly met with bankers and advisers to understand how much equity they would need and what progress looked like.
"We'd go back and ask, 'How close are we now?'" she says.
"Knowing what the target actually was helped a lot."
Jared Eyes, ANZ’s Regional Manager for Greater Waikato, King Country and Taranaki, said 2026 had been one of the busiest settlement seasons for quite some time for farms changing hands.
"This year alone we've helped 42 people into their first farm across 22 separate transactions in the Waikato, and that's fantastic to see.
"Strong commodity prices across much of the sector have helped improve confidence and strengthen farm businesses, and we're seeing good operators who have spent years building equity and experience finally finding opportunities to step into ownership.
"The Flays have put in the hard yards over many years, and we've supported them with advice, guidance and finance as they worked towards their goal of owning their own farm. It’s been a great partnership.
“A strong farming sector depends on good people being able to progress, and we're proud to play a part in helping make that happen."
Now settled into their first season as farm owners, the Flay’s focus has shifted from buying the farm to making it work.
"There are no big plans," Aaron says.
"We just want to manage the debt, keep farming well and make improvements where we can."
After years spent farming for others, ownership still feels unfamiliar.
"I still walk around and think, 'This is actually ours,'" Marcia says.
"I don't think it's properly sunk in yet."