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New Zealand (NZX) Real Estate Sector Analysis

UpdatedJul 08, 2026
DataAggregated Company Financials
Companies12
  • 7D0.8%
  • 3M2.8%
  • 1Y-6.6%
  • YTD-7.1%

Over the last 7 days, the Real Estate industry has remained flat. Unfortunately though, the industry is down 6.6% over the past 12 months. Earnings are forecast to grow by 20% annually.

Sector Valuation and Performance

Has the New Zealand Real Estate Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 09 Jul 2026NZ$12.2bNZ$1.7bNZ$626.7m18.2x19.5x7.1x
Sat, 06 Jun 2026NZ$12.1bNZ$1.7bNZ$573.9m15.5x21.1x7x
Mon, 04 May 2026NZ$12.2bNZ$1.7bNZ$457.6m17.2x26.6x7.1x
Wed, 01 Apr 2026NZ$11.8bNZ$1.7bNZ$457.6m17.9x25.9x6.9x
Fri, 27 Feb 2026NZ$12.7bNZ$1.7bNZ$452.1m17.7x28.1x7.5x
Sun, 25 Jan 2026NZ$12.9bNZ$1.8bNZ$544.5m16.4x23.6x7.3x
Tue, 23 Dec 2025NZ$13.0bNZ$1.8bNZ$490.8m15.2x26.4x7.4x
Thu, 20 Nov 2025NZ$13.2bNZ$1.7bNZ$456.4m21.5x28.9x7.6x
Sat, 18 Oct 2025NZ$13.2bNZ$1.7bNZ$453.3m21.9x29.2x7.7x
Mon, 15 Sep 2025NZ$13.1bNZ$1.7bNZ$453.3m22.2x28.9x7.6x
Wed, 13 Aug 2025NZ$12.3bNZ$1.7bNZ$330.9m27x37.2x7.1x
Fri, 11 Jul 2025NZ$12.5bNZ$1.7bNZ$330.9m27.9x37.8x7.3x
Sun, 08 Jun 2025NZ$11.8bNZ$1.7bNZ$330.9m25.6x35.8x6.9x
Tue, 06 May 2025NZ$11.5bNZ$1.7b-NZ$234,959,000.0032.4x-48.9x6.9x
Thu, 03 Apr 2025NZ$11.2bNZ$1.7b-NZ$234,959,000.0031.6x-47.6x6.7x
Sat, 01 Mar 2025NZ$11.6bNZ$1.7b-NZ$325,738,000.0041.3x-35.6x7x
Mon, 27 Jan 2025NZ$11.8bNZ$1.6b-NZ$391,846,000.0035.2x-30.2x7.3x
Wed, 25 Dec 2024NZ$12.1bNZ$1.6b-NZ$391,846,000.0035.8x-30.8x7.4x
Fri, 22 Nov 2024NZ$12.3bNZ$1.6b-NZ$547,640,000.0029.2x-22.4x7.7x
Sun, 20 Oct 2024NZ$12.6bNZ$1.6b-NZ$878,950,000.0020.1x-14.4x8x
Tue, 17 Sep 2024NZ$12.5bNZ$1.6b-NZ$878,950,000.0020.6x-14.2x7.9x
Thu, 15 Aug 2024NZ$12.3bNZ$1.6b-NZ$1,030,300,000.0015.2x-12x7.8x
Sat, 13 Jul 2024NZ$11.7bNZ$1.6b-NZ$1,149,480,000.0014.2x-10.1x7.4x
Mon, 10 Jun 2024NZ$11.8bNZ$1.6b-NZ$1,149,480,000.0015.2x-10.3x7.5x
Wed, 08 May 2024NZ$12.1bNZ$1.5b-NZ$1,289,591,000.0015.6x-9.4x7.9x
Fri, 05 Apr 2024NZ$12.7bNZ$1.5b-NZ$1,289,591,000.0016.6x-9.9x8.3x
Sun, 03 Mar 2024NZ$12.0bNZ$1.5b-NZ$1,289,591,000.0014.8x-9.3x7.8x
Tue, 30 Jan 2024NZ$12.5bNZ$1.5b-NZ$1,253,498,000.0014.6x-10x8.2x
Thu, 28 Dec 2023NZ$12.5bNZ$1.5b-NZ$1,253,498,000.0014.9x-10x8.2x
Sat, 25 Nov 2023NZ$11.9bNZ$1.5b-NZ$1,335,120,000.0014.1x-8.9x7.7x
Mon, 23 Oct 2023NZ$11.8bNZ$1.5b-NZ$1,043,221,000.0013.7x-11.3x7.7x
Wed, 20 Sep 2023NZ$11.8bNZ$1.5b-NZ$1,043,221,000.0013.4x-11.4x7.7x
Fri, 18 Aug 2023NZ$12.8bNZ$1.5b-NZ$735,643,000.0013.7x-17.4x8.5x
Sun, 16 Jul 2023NZ$12.8bNZ$1.5b-NZ$514,260,000.0012x-24.9x8.3x
Price to Earnings Ratio

-24.9x


Total Market Cap: NZ$12.8bTotal Earnings: -NZ$514,260,000.00Total Revenue: NZ$1.5bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Real Estate Sector Price to Earnings3Y Average -2.1x202420252026
Current Industry PE
  • Investors are pessimistic on the New Zealander Real Estate industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 19.5x which is higher than its 3-year average PE of -2.2x.
  • The industry is trading close to its 3-year average PS ratio of 7.5x.
Past Earnings Growth
  • Total earnings for the Real Estate industry have gone up over the last three years, and the industry is now profitable. Revenues have grown 4.0% per year.
  • This means that more sales are being generated by the industry overall, and subsequently profits are increasing too.

Industry Trends

Which industries have driven the changes within the New Zealand Real Estate sector?

NZ Market0.59%
Real Estate0.75%
Industrial REITs2.25%
Retail REITs1.65%
Health Care REITs0%0
Office REITs-0.48%
REITS-0.70%
Specialized REITs-1.03%
Real Estate-2.61%
Industry PE
  • Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio of 52.4x.
    • Analysts are expecting annual earnings growth of 25.5% and investors are willing to pay a premium for that growth.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate industry, expecting annual earnings growth of 103% over the next 5 years.
  • This is better than its past earnings growth rate of 78% per year.
  • In contrast, the Specialized REITs industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
KPG Kiwi Property GroupNZ$0.951.1%
+NZ$16.5m		0%PB0.9x
SPG Stride Property GroupNZ$1.161.8%
+NZ$11.2m		-3.8%PB0.7x
PFI Property For IndustryNZ$2.420.8%
+NZ$10.0m		3.2%PB0.8x
IPL Investore PropertyNZ$1.072.4%
+NZ$9.4m		-8.2%PB0.7x

Latest News

SPG
NZ$1.16
Stride Property Group
7D
1.8%
1Y
-3.8%
GNZ
NZ$2.06
Goodman Property Trust
7D
-1.4%
1Y
2.0%
WIN
NZ$1.35
Winton Land
7D
-2.9%
1Y
-32.5%
Narrative Update • Jun 26

WIN: Ayrburn Screen Hub Approval Will Support Future Undervalued Upside

Analysts have lowered their price target on Winton Land to NZ$1.70 from NZ$2.40, reflecting revised assumptions around fair value, discount rate, revenue growth, profit margin and future P/E expectations. What’s in the News for Winton Land Winton Land received approval, subject to conditions, for the Ayrburn Screen Hub under the Fast-track Approvals Act 2024, following a final decision by the Expert Panel, source: Key Developments.
ARG
NZ$1.03
Argosy Property
7D
-1.4%
1Y
-9.3%
KPG
NZ$0.95
Kiwi Property Group
7D
1.1%
1Y
0%
Narrative Update • Jun 24

KPG: New CFO Appointment Will Support Future Repricing Upside

Analysts have kept their NZ$1.08 price target for Kiwi Property Group unchanged, citing only very small adjustments to inputs such as the discount rate and future P/E assumptions that do not materially change their view of fair value. What’s in the News for Kiwi Property Group Kiwi Property Group appointed Sarah Theodore as Chief Financial Officer, bringing over 20 years of experience across banking, infrastructure, property and retirement living in New Zealand and Australia.
APL
NZ$0.17
Asset Plus
7D
-1.7%
1Y
-11.5%
IPL
NZ$1.07
Investore Property
7D
2.4%
1Y
-8.2%
NZL
NZ$0.96
New Zealand Rural Land
7D
-1.0%
1Y
3.2%
PFI
NZ$2.42
Property For Industry
7D
0.8%
1Y
3.2%
CDI
NZ$0.69
CDL Investments New Zealand
7D
-3.5%
1Y
-15.4%
VHP
NZ$1.90
Vital Healthcare Property Trust
7D
-1.3%
1Y
-6.2%