18 Mar 2009

Confidence in Auckland commercial property market at new low

11:30 am on 18 March 2009

Investor confidence in the commercial property market in Auckland is at its lowest level ever.

A survey by Colliers International shows confidence fell to -72% in the first three months of the year, compared with -57% the previous three months.

Investors in the Auckland office sector have a particularly dire outlook, with confidence falling from -49% to -74% over the two quarters.

Research director Alan McMahon says investor confidence is in tune with reality.

Confidence in the Auckland property market first went into single-digit negatives in September 2007.

The survey shows investors in Christchurch commercial property are the most optimistic, recording -22.5%.