Growth means strong market forecast for 2014

Last updated 12:58 04/12/2013
Gerald Rundle
Bayleys research manager Gerald Rundle

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Next year is expected to be a very strong one for New Zealand's property market, researchers have told investors in Christchurch.

Speaking at their annual market presentation, researchers from real estate firm Bayleys said both the domestic and global economies were continuing to boost the commercial property market.

Bayleys research manager Gerald Rundle said that with lower unemployment, improved consumer confidence and the Canterbury rebuild under way, New Zealand's economic figures were the best since 2006.

This was "starting to feed into property", he said.

The growth of China and its demand for New Zealand products as our biggest trade partner was also having a major effect, he said.

Bayleys senior analyst Ian Little told the group the rest of New Zealand still had a view that the Canterbury rebuild had not started.

In fact the region's building consent valued has doubled and enough ready-mix concrete to fill almost 300 Olympic swimming pools had come into Christchurch in the past year, he said.

While fringe areas around the central business district were seeing the most property development and strong tenant interest, the core had the advantage of 20 government departments with 1700 staff planning to move back in.

About two-thirds of the land needed for the anchor projects had been bought and there were good investment opportunities ahead, he said.

As well, there was a burst of housing development.

Little forecast more offshore activity in the city's property market in the next year.

"We expect to see a lot of the overseas interest we have seen in New Zealand coming through to Christchurch."

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- © Fairfax NZ News


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