Kiwi property firms outperform Aussies
New Zealand listed property does better than Australian counterpart.
New Zealand listed property companies and trusts have recovered well compared with their Australian counterparts.
While the Australian real estate investment trust sector’s recovery from the global financial crisis continues slowly, “their Trans-Tasman neighbours have recovered well”, according to the third annual REIT Monitor released by PKF chartered accountants and business advisers today.
According to Ed Psaltis, author of the study and head of property and REIT Group at PKF, said although New Zealand has a much smaller real estate investment trust market compared with neighbour Australia, it has fared much better in the post-global financial market crisis.
On average New Zealand listed property companies are trading at a small discount to their net tangible assets of 2%.
“This is a substantial improvement for most New Zealand REITs compared to the significant discounts to net tangible assets that prevailed at the height of the global financial crisis,” he said.
But their Australian counterparts are trading at heavy discounts to and rank last out of all Asia-Pacific countries, trading at an average discount to net tangible assets of 24%.
Read more about the reasons for the different performances in the NBR NZ Property Investor next Monday.
Chris Hutching
Thu, 01 Dec 2011
Thu, 01 Dec 2011
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Kiwi property firms outperform Aussies
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