Relative optimism was the theme at Property Council New Zealand’s Auckland Market Outlook Breakfast this week, attended by our Auckland-based Directors and Auckland Planning Manager Daniel Brown (along with 400 others).
Speakers Nick Tuffley (chief economist at ASB Bank) and Chris Dibble (director of strategic advisory at Colliers) shared their insights into the state of New Zealand’s economy and property market, discussing that while times may be tough financially with property values falling and a possible mild recession looming, this follows unprecedented growth in property values and interest rates are close to their predicted peak.
They noted that the rebuild following the floods and Cyclone Gabrielle will keep the market busy but also keep inflation high for longer, but opportunities will arise. The commercial property space has seen substantial sales activity which is promising, and there’s an off-balance in supply and demand of industrial land in Auckland.
Thanks to the Property Council for putting on an informative event!
Photo credit: Property Council New Zealand
