National Property Trust has seen the valuation of its property portfolio decline by nearly 3 percent in the last six months.An independent valuation shaved about 2.8 percent, or $5.49 million, off the trust's property values for the six months since Septe
National Property Trust has seen the valuation of its property portfolio decline by nearly 3 percent in the last six months.
An independent valuation shaved about 2.8 percent, or $5.49 million, off the trust's property values for the six months since September, contributing to an annual decline of 4.8 percent, or $10.4m.
The trust's portfolio was worth about $191m at the end of the March financial year.
"The easing in valuations is indicative of softening rental rates particularly in central Auckland and Wellington where the office market outlook continues to be largely negative," trust general manager John Crone said.
Rental growth across the trust's properties rose 5 percent for the year.
