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New Zealand (NZX) Real Estate Sector Analysis
UpdatedDec 23, 2025
DataAggregated Company Financials
Companies12
- 7D-1.0%
- 3M-5.3%
- 1Y3.3%
- YTD3.8%
Over the last 7 days, the Real Estate industry has remained flat. The past year has been better, since the industry has gained 3.3% in that time. As for the next few years, earnings are expected to grow by 22% per annum.
Sector Valuation and Performance
Has the New Zealand Real Estate Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Wed, 24 Dec 2025 | NZ$13.0b | NZ$1.8b | NZ$490.8m | 15.2x | 26.4x | 7.4x |
| Fri, 21 Nov 2025 | NZ$13.2b | NZ$1.7b | NZ$483.7m | 21.5x | 27.2x | 7.6x |
| Sun, 19 Oct 2025 | NZ$13.2b | NZ$1.7b | NZ$453.3m | 21.9x | 29.2x | 7.7x |
| Tue, 16 Sep 2025 | NZ$13.2b | NZ$1.7b | NZ$453.3m | 22.4x | 29.1x | 7.6x |
| Thu, 14 Aug 2025 | NZ$12.4b | NZ$1.7b | NZ$331.7m | 27.2x | 37.2x | 7.2x |
| Sat, 12 Jul 2025 | NZ$12.5b | NZ$1.7b | NZ$330.9m | 27.9x | 37.8x | 7.3x |
| Mon, 09 Jun 2025 | NZ$11.8b | NZ$1.7b | NZ$330.9m | 25.6x | 35.8x | 6.9x |
| Wed, 07 May 2025 | NZ$11.5b | NZ$1.7b | -NZ$234,959,000.00 | 31.7x | -49.1x | 6.9x |
| Fri, 04 Apr 2025 | NZ$11.4b | NZ$1.7b | -NZ$234,959,000.00 | 31.9x | -48.3x | 6.8x |
| Sun, 02 Mar 2025 | NZ$11.6b | NZ$1.7b | -NZ$323,405,000.00 | 41.3x | -35.9x | 7x |
| Tue, 28 Jan 2025 | NZ$11.8b | NZ$1.6b | -NZ$391,846,000.00 | 35.8x | -30.2x | 7.3x |
| Thu, 26 Dec 2024 | NZ$12.1b | NZ$1.6b | -NZ$391,846,000.00 | 35.8x | -30.8x | 7.4x |
| Sat, 23 Nov 2024 | NZ$12.3b | NZ$1.6b | -NZ$547,640,000.00 | 28.4x | -22.4x | 7.7x |
| Mon, 21 Oct 2024 | NZ$12.6b | NZ$1.6b | -NZ$878,950,000.00 | 20.1x | -14.4x | 8x |
| Wed, 18 Sep 2024 | NZ$12.4b | NZ$1.6b | -NZ$878,950,000.00 | 20.6x | -14.1x | 7.9x |
| Fri, 16 Aug 2024 | NZ$12.5b | NZ$1.6b | -NZ$1,030,300,000.00 | 15.2x | -12.2x | 7.9x |
| Sun, 14 Jul 2024 | NZ$11.7b | NZ$1.6b | -NZ$1,149,480,000.00 | 14.2x | -10.1x | 7.4x |
| Tue, 11 Jun 2024 | NZ$11.8b | NZ$1.6b | -NZ$1,149,480,000.00 | 14.6x | -10.3x | 7.5x |
| Thu, 09 May 2024 | NZ$12.2b | NZ$1.5b | -NZ$1,289,591,000.00 | 15.5x | -9.4x | 7.9x |
| Sat, 06 Apr 2024 | NZ$12.7b | NZ$1.5b | -NZ$1,289,591,000.00 | 16.7x | -9.8x | 8.2x |
| Mon, 04 Mar 2024 | NZ$12.0b | NZ$1.5b | -NZ$1,289,591,000.00 | 14.8x | -9.3x | 7.8x |
| Wed, 31 Jan 2024 | NZ$12.5b | NZ$1.5b | -NZ$1,253,498,000.00 | 14.6x | -10x | 8.2x |
| Fri, 29 Dec 2023 | NZ$12.5b | NZ$1.5b | -NZ$1,253,498,000.00 | 15x | -10x | 8.2x |
| Sun, 26 Nov 2023 | NZ$11.9b | NZ$1.5b | -NZ$1,335,120,000.00 | 14.1x | -8.9x | 7.7x |
| Tue, 24 Oct 2023 | NZ$11.8b | NZ$1.5b | -NZ$1,043,221,000.00 | 13.7x | -11.3x | 7.7x |
| Thu, 21 Sep 2023 | NZ$12.0b | NZ$1.5b | -NZ$1,043,221,000.00 | 13.6x | -11.5x | 7.8x |
| Sat, 19 Aug 2023 | NZ$12.8b | NZ$1.5b | -NZ$735,643,000.00 | 13.8x | -17.4x | 8.5x |
| Mon, 17 Jul 2023 | NZ$12.8b | NZ$1.5b | -NZ$514,260,000.00 | 12x | -24.9x | 8.3x |
| Wed, 14 Jun 2023 | NZ$12.2b | NZ$1.5b | -NZ$514,260,000.00 | 11.8x | -23.7x | 7.9x |
| Fri, 12 May 2023 | NZ$12.2b | NZ$1.6b | NZ$576.8m | 12.9x | 21.2x | 7.8x |
| Sun, 09 Apr 2023 | NZ$12.3b | NZ$1.6b | NZ$576.8m | 12.8x | 21.3x | 7.8x |
| Tue, 07 Mar 2023 | NZ$12.5b | NZ$1.6b | NZ$605.9m | 12.8x | 20.6x | 8x |
| Thu, 02 Feb 2023 | NZ$12.4b | NZ$1.5b | NZ$1.0b | 10.2x | 11.9x | 8.2x |
| Sat, 31 Dec 2022 | NZ$12.2b | NZ$1.5b | NZ$1.0b | 10.2x | 11.7x | 8x |
Price to Earnings Ratio
11.7x
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 26.4x which is higher than its 3-year average PE of -4.6x.
- The industry is trading close to its 3-year average PS ratio of 7.6x.
Past Earnings Growth
- The earnings for companies in the Real Estate industry have declined 22% per year over the last three years.
- Meanwhile revenues for these companies have grown 5.0% per year.
- This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.
Industry Trends
Which industries have driven the changes within the New Zealand Real Estate sector?
| NZ Market | 0.82% | |
| Real Estate | -0.96% | |
| Specialized REITs | 3.85% | |
| Real Estate | 0.70% | |
| Office REITs | -0.43% | |
| Health Care REITs | -0.50% | |
| Retail REITs | -0.73% | |
| Industrial REITs | -1.31% | |
| REITS | -2.51% | |
Industry PE
- Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio.
- Analysts are expecting annual earnings growth of 23.5% 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 92% over the next 5 years.
- This is better than its past earnings growth rate of 5.2% per year.
- In contrast, the Specialized REITs industry is expected to see its earnings decline by 8.4% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| KPG Kiwi Property Group | NZ$1.04 | 1.0% +NZ$16.5m | 12.5% | PB0.9x | |
| PCT Precinct Properties NZ & Precinct Properties Investments | NZ$1.18 | 0.4% +NZ$9.3m | -7.8% | PB1.1x | |
| NZL New Zealand Rural Land | NZ$1.09 | 5.8% +NZ$8.8m | 21.1% | PB0.7x | |
| WIN Winton Land | NZ$2.12 | 1.0% +NZ$5.9m | 11.6% | PE60.9x | |
| PFI Property For Industry | NZ$2.38 | 0.4% +NZ$5.0m | 9.2% | PB0.8x |