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New Zealand (NZX) Real Estate Sector Analysis

UpdatedSep 05, 2025
DataAggregated Company Financials
Companies12
  • 7D3.6%
  • 3M10.4%
  • 1Y3.8%
  • YTD9.6%

Over the last 7 days, the Real Estate industry has risen 3.6%, driven by gains from Goodman Property Trust of 5.4%. This means that the industry has gained 3.8% over the past year. 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
Fri, 05 Sep 2025NZ$13.1bNZ$1.7bNZ$453.3m22.3x28.9x7.6x
Sun, 03 Aug 2025NZ$12.3bNZ$1.7bNZ$330.9m27.4x37.3x7.2x
Tue, 01 Jul 2025NZ$11.8bNZ$1.7bNZ$330.9m25.6x35.6x6.8x
Thu, 29 May 2025NZ$11.7bNZ$1.7b-NZ$134,927,000.0020.7x-86.9x7x
Sat, 26 Apr 2025NZ$11.0bNZ$1.7b-NZ$234,959,000.0031.9x-46.8x6.6x
Mon, 24 Mar 2025NZ$11.4bNZ$1.7b-NZ$234,959,000.0032.9x-48.5x6.8x
Wed, 19 Feb 2025NZ$11.9bNZ$1.6b-NZ$391,846,000.0034.8x-30.3x7.3x
Fri, 17 Jan 2025NZ$12.0bNZ$1.6b-NZ$391,846,000.0038.2x-30.7x7.4x
Sun, 15 Dec 2024NZ$11.8bNZ$1.6b-NZ$391,846,000.0036x-30.2x7.2x
Tue, 12 Nov 2024NZ$12.4bNZ$1.6b-NZ$884,852,000.0019.7x-14x7.8x
Thu, 10 Oct 2024NZ$12.6bNZ$1.6b-NZ$878,950,000.0020.7x-14.3x7.9x
Sat, 07 Sep 2024NZ$12.5bNZ$1.6b-NZ$878,950,000.0020.6x-14.2x7.9x
Mon, 05 Aug 2024NZ$12.0bNZ$1.6b-NZ$1,149,480,000.0014.2x-10.5x7.6x
Wed, 03 Jul 2024NZ$11.4bNZ$1.6b-NZ$1,149,480,000.0015x-9.9x7.2x
Fri, 31 May 2024NZ$11.6bNZ$1.6b-NZ$924,280,000.0015.1x-12.6x7.3x
Sun, 28 Apr 2024NZ$12.3bNZ$1.5b-NZ$1,289,591,000.0016.3x-9.5x8x
Tue, 26 Mar 2024NZ$12.0bNZ$1.5b-NZ$1,289,591,000.0016x-9.3x7.8x
Thu, 22 Feb 2024NZ$12.1bNZ$1.5b-NZ$1,311,643,000.0016.8x-9.2x7.9x
Sat, 20 Jan 2024NZ$12.4bNZ$1.5b-NZ$1,253,498,000.0015.3x-9.9x8.1x
Mon, 18 Dec 2023NZ$12.2bNZ$1.5b-NZ$1,253,498,000.0014x-9.7x7.9x
Wed, 15 Nov 2023NZ$11.8bNZ$1.5b-NZ$1,091,970,000.0013.8x-10.8x7.7x
Fri, 13 Oct 2023NZ$12.0bNZ$1.5b-NZ$1,043,221,000.0013.4x-11.5x7.8x
Sun, 10 Sep 2023NZ$12.0bNZ$1.5b-NZ$1,043,221,000.0013.4x-11.5x7.9x
Tue, 08 Aug 2023NZ$13.0bNZ$1.5b-NZ$514,260,000.0011.7x-25.2x8.4x
Thu, 06 Jul 2023NZ$12.6bNZ$1.5b-NZ$514,260,000.0011.7x-24.6x8.2x
Sat, 03 Jun 2023NZ$12.2bNZ$1.6b-NZ$514,260,000.0011.7x-23.7x7.7x
Mon, 01 May 2023NZ$12.4bNZ$1.6bNZ$576.8m13.1x21.4x7.9x
Wed, 29 Mar 2023NZ$12.2bNZ$1.6bNZ$576.8m12.6x21.2x7.8x
Fri, 24 Feb 2023NZ$12.4bNZ$1.5bNZ$853.4m8.8x14.5x8x
Sun, 22 Jan 2023NZ$12.4bNZ$1.5bNZ$1.0b10.4x11.9x8.2x
Tue, 20 Dec 2022NZ$12.5bNZ$1.5bNZ$1.0b10.3x12.1x8.3x
Thu, 17 Nov 2022NZ$12.4bNZ$1.5bNZ$2.2b6x5.8x8.2x
Sat, 15 Oct 2022NZ$12.3bNZ$1.5bNZ$2.2b6x5.7x8.1x
Mon, 12 Sep 2022NZ$13.8bNZ$1.5bNZ$2.2b6.6x6.4x9x
Price to Earnings Ratio

6.4x


Total Market Cap: NZ$13.8bTotal 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 -6.7x202320242025
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 28.9x which is higher than its 3-year average PE of -6.7x.
  • 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 Market1.60%
Real Estate3.59%
Real Estate10.70%
Industrial REITs4.48%
Health Care REITs4.18%
REITS3.23%
Office REITs2.37%
Retail REITs0.56%
Specialized REITs-3.92%
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 21.8% 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
GMT Goodman Property TrustNZ$2.165.4%
+NZ$169.3m		3.1%PB1.1x
WIN Winton LandNZ$2.4016.5%
+NZ$100.8m		26.3%PE69x
VHP Vital Healthcare Property TrustNZ$2.155.4%
+NZ$74.7m		11.1%PB0.9x
ARG Argosy PropertyNZ$1.245.1%
+NZ$51.7m		6.0%PB0.8x
PFI Property For IndustryNZ$2.494.2%
+NZ$50.2m		10.7%PB0.9x

Latest News

WIN
NZ$2.40
Winton Land
7D
16.5%
1Y
26.3%
NZL
NZ$1.00
New Zealand Rural Land
7D
-2.0%
1Y
6.4%
PFI
NZ$2.49
Property For Industry
7D
4.2%
1Y
10.7%

Lease Reversions And Sustainable Projects Will Transform Industrial Markets

Key Takeaways Vacancy rates remain low while lease resets and high tenant demand are expected to drive continued rental income and asset value growth. Strong financial flexibility and a growing development pipeline position the company to benefit from increased demand for sustainable industrial properties.
KPG
NZ$1.03
Kiwi Property Group
7D
-1.0%
1Y
6.7%
ARG
NZ$1.24
Argosy Property
7D
5.1%
1Y
6.0%
PCT
NZ$1.28
Precinct Properties NZ & Precinct Properties Investments
7D
1.6%
1Y
-0.4%
VHP
NZ$2.15
Vital Healthcare Property Trust
7D
5.4%
1Y
11.1%
GMT
NZ$2.16
Goodman Property Trust
7D
5.4%
1Y
3.1%
IPL
NZ$1.15
Investore Property
7D
-0.9%
1Y
-2.5%
CDI
NZ$0.81
CDL Investments New Zealand
7D
0.6%
1Y
1.9%
APL
NZ$0.21
Asset Plus
7D
-2.3%
1Y
-8.7%