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www.propertynz.co.nz
“The role/relationship between local government and commercial property development (and where it’s heading)An update of the sectorEQB and seismic strengtheningLocal government amalgamationPlanning (including RMA reform, housing supply issues and infrastructure)”
www.propertynz.co.nz
IPD INDEX RESULTS TO OCT 2014
12.9%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14
Total return for direct commercial propertyannual return on quarterly periods to September 2014
Capital return Income returnTotal return Long-run average Source: IPD
www.propertynz.co.nz
IPD INDEX RESULTS TO OCT 2014
0%1%2%3%4%5%6%7%8%9%
10%11%
Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14
Commercial property cap rate vs bond rateperiod ending September 2014
spread NZ: All property TB rate
Source: IPD.
GFC
Lehman Broscollapse
cap rate: c7.6%average spread: c370bps
cap rate: c7.0%spread: c55bps
cap rate: c9.0%spread: c300bps