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New Zealand (NZX) Real Estate Sector Analysis

UpdatedNov 01, 2025
DataAggregated Company Financials
Companies12
  • 7D0.7%
  • 3M7.8%
  • 1Y7.8%
  • YTD11.4%

In the last week, the Real Estate industry is up 1.5%, with Vital Healthcare Property Trust up 2.8%. This takes the industry's 12 month performance to a gain of 6.1%. As for the next few years, earnings are expected to grow by 25% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 01 Nov 2025NZ$13.6bNZ$1.7bNZ$453.3m22.2x30.1x7.9x
Mon, 29 Sep 2025NZ$13.1bNZ$1.7bNZ$453.3m22x29x7.6x
Wed, 27 Aug 2025NZ$12.5bNZ$1.7bNZ$407.7m14.4x30.8x7.2x
Fri, 25 Jul 2025NZ$12.3bNZ$1.7bNZ$330.9m27.3x37x7.1x
Sun, 22 Jun 2025NZ$11.8bNZ$1.7bNZ$330.9m25.3x35.7x6.9x
Tue, 20 May 2025NZ$11.7bNZ$1.7b-NZ$244,435,000.0022.4x-47.9x7x
Thu, 17 Apr 2025NZ$11.0bNZ$1.7b-NZ$234,959,000.0032.3x-46.6x6.6x
Sat, 15 Mar 2025NZ$11.5bNZ$1.7b-NZ$234,959,000.0032.7x-49x6.9x
Mon, 10 Feb 2025NZ$11.9bNZ$1.6b-NZ$391,846,000.0034.8x-30.4x7.3x
Wed, 08 Jan 2025NZ$12.0bNZ$1.6b-NZ$391,846,000.0035.8x-30.6x7.4x
Fri, 06 Dec 2024NZ$11.8bNZ$1.6b-NZ$391,846,000.0035.8x-30.2x7.3x
Sun, 03 Nov 2024NZ$12.3bNZ$1.6b-NZ$878,950,000.0018.8x-14x7.8x
Tue, 01 Oct 2024NZ$12.1bNZ$1.6b-NZ$878,950,000.0019.4x-13.7x7.6x
Thu, 29 Aug 2024NZ$12.6bNZ$1.6b-NZ$888,842,000.0020.6x-14.1x8x
Sat, 27 Jul 2024NZ$12.1bNZ$1.6b-NZ$1,149,480,000.0014.5x-10.5x7.6x
Mon, 24 Jun 2024NZ$11.6bNZ$1.6b-NZ$1,149,480,000.0014.8x-10.1x7.4x
Wed, 22 May 2024NZ$12.0bNZ$1.5b-NZ$1,162,174,000.0015x-10.3x7.8x
Fri, 19 Apr 2024NZ$12.4bNZ$1.5b-NZ$1,289,591,000.0016.6x-9.6x8.1x
Sun, 17 Mar 2024NZ$12.3bNZ$1.5b-NZ$1,289,591,000.0016.6x-9.5x8x
Tue, 13 Feb 2024NZ$12.3bNZ$1.5b-NZ$1,253,498,000.0014.5x-9.8x8x
Thu, 11 Jan 2024NZ$12.7bNZ$1.5b-NZ$1,253,498,000.0014.9x-10.1x8.3x
Sat, 09 Dec 2023NZ$12.0bNZ$1.5b-NZ$1,253,498,000.0014.2x-9.6x7.8x
Mon, 06 Nov 2023NZ$11.6bNZ$1.5b-NZ$1,043,221,000.0014x-11.1x7.5x
Wed, 04 Oct 2023NZ$11.9bNZ$1.5b-NZ$1,043,221,000.0013.8x-11.4x7.8x
Fri, 01 Sep 2023NZ$12.4bNZ$1.5b-NZ$1,043,221,000.0013.2x-11.9x8.1x
Sun, 30 Jul 2023NZ$13.1bNZ$1.5b-NZ$514,260,000.0012.1x-25.4x8.5x
Tue, 27 Jun 2023NZ$12.4bNZ$1.5b-NZ$514,260,000.0012x-24x8x
Thu, 25 May 2023NZ$12.3bNZ$1.6bNZ$34.7m13.1x354.7x7.8x
Sat, 22 Apr 2023NZ$12.4bNZ$1.6bNZ$576.8m12.9x21.5x7.9x
Mon, 20 Mar 2023NZ$2.8bNZ$560.5mNZ$224.7m9.3x12.2x4.9x
Wed, 15 Feb 2023NZ$12.6bNZ$1.5bNZ$1.0b10.2x12.1x8.3x
Fri, 13 Jan 2023NZ$12.2bNZ$1.5bNZ$1.0b10.2x11.7x8x
Sun, 11 Dec 2022NZ$12.6bNZ$1.5bNZ$1.0b10.4x12.1x8.3x
Tue, 08 Nov 2022NZ$12.6bNZ$1.5bNZ$2.2b6.1x5.8x8.3x
Price to Earnings Ratio

5.8x


Total Market Cap: NZ$12.6bTotal Earnings: NZ$2.2bTotal Revenue: NZ$1.5bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Real Estate Sector Price to Earnings3Y Average -5.5x202320242025
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 29.9x which is higher than its 3-year average PE of -5.5x.
  • The industry is trading close to its 3-year average PS ratio of 7.7x.
Past Earnings Growth
  • The earnings for companies in the Real Estate industry have declined 41% per year over the last three years.
  • Meanwhile revenues for these companies have grown 4.2% 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 Market1.00%
Real Estate0.65%
Health Care REITs2.76%
Real Estate2.53%
REITS1.08%
Retail REITs0.82%
Office REITs0.40%
Industrial REITs-0.46%
Specialized REITs-1.77%
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 44.9% 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?

CompanyLast Price7D1YValuation
VHP Vital Healthcare Property TrustNZ$2.232.8%
+NZ$40.8m		13.2%PB0.9x
PFI Property For IndustryNZ$2.542.0%
+NZ$25.1m		16.0%PB0.9x
WIN Winton LandNZ$2.243.7%
+NZ$23.7m		1.8%PE64.4x
KPG Kiwi Property GroupNZ$1.080.9%
+NZ$16.5m		15.5%PB1x
SPG Stride Property GroupNZ$1.471.4%
+NZ$11.2m		8.9%PB0.9x

Latest News

ARG
NZ$1.29
Argosy Property
7D
0.8%
1Y
17.4%
NZL
NZ$1.11
New Zealand Rural Land
7D
-1.8%
1Y
24.7%
KPG
NZ$1.08
Kiwi Property Group
7D
0.9%
1Y
15.5%

Drury's Development Progress And Mackersy Investment Will Expand Future Opportunities

Analysts have maintained their price target for Kiwi Property Group at $1.05, citing minimal changes in key valuation inputs and reaffirming the company's stable outlook. Valuation Changes Fair Value Estimate remains unchanged at NZ$1.05 per share.
PFI
NZ$2.54
Property For Industry
7D
2.0%
1Y
16.0%
PCT
NZ$1.24
Precinct Properties NZ & Precinct Properties Investments
7D
0.4%
1Y
0.8%
GMT
NZ$2.12
Goodman Property Trust
7D
-1.4%
1Y
1.7%
WIN
NZ$2.24
Winton Land
7D
3.7%
1Y
1.8%
SPG
NZ$1.47
Stride Property Group
7D
1.4%
1Y
8.9%
VHP
NZ$2.23
Vital Healthcare Property Trust
7D
2.8%
1Y
13.2%
IPL
NZ$1.26
Investore Property
7D
0.4%
1Y
3.7%
CDI
NZ$0.81
CDL Investments New Zealand
7D
-0.6%
1Y
12.5%