Growth means strong market forecast for 2014

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

Relevant offers

Your Property

Cracks starting to show in hunt for home Council tags $50m to stimulate housing 'As-is' sales top $1m Prices follow rising building demand Govt pledge 180 'affordable' homes in Chch Council-govt housing plan may be revealed First home offer ends in disappointment Development levies add up to $45k to new homes Christchurch house prices 'levelling off' House sales stats

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."

Ad Feedback

- © Fairfax NZ News

Comments

Special offers

Featured Promotions

Sponsored Content