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%.