New Zealand Transaction Monitor February 2025

Key Points

This report explores the key trends and insights from New Zealand’s commercial investment market in H2 2024. It highlights the most active sectors, the roles of private and institutional investors, and the resurgence of overseas investment. Below are the key findings.

Main points

• In H2 2024, New Zealand’s total value of commercial investment transactions totalled over $1.6 billion across 96 sales. The number and value of sales both showed an uplift from the first half of the year.
• The industrial sector led the market in H2 2024, with the highest investment sale value since H2 2021. It was followed by retail, development site/land, and office sales.
• Private investors are dominating market activity, driving both buying and selling. They were also net sellers for transactions over $20 million during this period. In contrast, institutional investors switched from net sellers in H1 2024 to net buyers in H2, with wholesale funds the most active.
• Longer-term cumulative net investment volume is led by institutional investors and syndicates. Since 2007, institutions have accumulated $3.8 billion, and syndicates $3.5 billion. Institutions also lead gross investment, with $19.2 billion of purchases since 2007, followed by privates at $15 billion.
• Overseas investment activity remained positive in the second half of the year, with a more active market compared to the first half.