New Zealand Transaction Monitor August 2025

Key points:

• Seasonally adjusted, the investment market appears to have turned a corner with the first half of 2025 achieving a 50% increase in sales volume on H1 2024.
• In H1 2025, New Zealand's total value of commercial investment transactions, focused on the main centres, totalled almost $1.86 billion, with 82 sales. This was similar to the transaction volume registered in H2 2024, and is 50% above H1 2024.
• The industrial sector led the market in H1 2025, with the highest investment sale value since 2021, followed by retail, development site/land, and hotel/commercial accommodation sales.
• In contrast to the recent trend of private investor dominance, during H1 managed funds were the most active buyers and listed property companies were the most active vendors for transactions over $20 million. Syndicates were net sellers, an unusual position in the context of their activity patterns in the past 10 years.
• Overseas investment remained positive in the first half of the year, with the highest level of activity since H2 2023. International institutions, including listed property companies and managed funds, accounted for nearly 90% of the total transaction volume of overseas purchasers.