Wellington's central business district was the best office property performer in 2003, says the Property Council of New Zealand.
Sunday, March 14th 2004, 1:03PM
by The Landlord
The investment performance index showed Wellington's CBD office market gave a return of 12.95 per cent return during the year – more than Auckland's 8.33 per cent return and higher than the total New Zealand average of 9.96 per cent.
Christchurch's industrial property market, however, topped all categories of the index with a 17.12 per cent return for the 12 months to December 31.
That compared with a 10.21 per cent in 2002, and showed a "very significant" increase in capital value, research chairman Alan McMahon said.
The figures also confirmed the rise Christchurch's industrial market had seen in the past 12 to 18 months, and brought its performance into line with Auckland and Wellington.
