Commercial property confidence on rise
Commercial property investors and professionals are more confident than a year ago.
A Colliers survey found confidence for the year ahead increased from a net positive 11% in the September quarter to a net positive 15% in the December quarter.
Respondents in eight out of 11 centres surveyed showed an improvement in confidence compared to last quarter.
The exceptions were Christchurch, Palmerston North and Tauranga/Mt Maunganui.
Christchurch for the first time since June 2011 experienced a drop of 1% in confidence in the December quarter. However, it is still the highest among all the centres at a net positive 53%.
Investor confidence in Auckland increased the most, by 9% to 33%, Napier/Hastings rose 7% to a net negative 10% in this quarter, after dropping the most in the September quarter.
Overall confidence in Tauranga/Mt Maunganui fell the most, by 6%, over the past three months to a net positive 13%.
Palmerston North is still the most pessimistic centre at a net -26% overall.
By sector in the three main centres, Auckland retail investors show the most improvement in confidence, up from 2% to 14%. Wellington office and retail investors remained the most pessimistic at -18% and -12%, respectively.
The survey received 4485 responses.