Narrative Update • Jun 24
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New Zealand (NZX) Real Estate Sector Analysis
UpdatedAug 22, 2026
DataAggregated Company Financials
Companies12
- 7D-1.3%
- 3M-1.4%
- 1Y-10.2%
- YTD-10.0%
Over the last 7 days, the Real Estate industry has dropped 1.3%, driven by a pullback from Kiwi Property Group of 3.2%. Overall the industry is down 10% in 12 months. Looking forward, earnings are forecast to grow by 19% annually.
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 |
|---|---|---|---|---|---|---|
| Sun, 23 Aug 2026 | NZ$11.8b | NZ$1.7b | NZ$620.3m | 17.3x | 19.1x | 6.8x |
| Tue, 21 Jul 2026 | NZ$12.3b | NZ$1.7b | NZ$626.7m | 17.2x | 19.6x | 7.1x |
| Thu, 18 Jun 2026 | NZ$12.1b | NZ$1.7b | NZ$641.3m | 15.9x | 18.9x | 7x |
| Sat, 16 May 2026 | NZ$12.1b | NZ$1.7b | NZ$457.6m | 17.6x | 26.4x | 7.1x |
| Mon, 13 Apr 2026 | NZ$11.9b | NZ$1.7b | NZ$457.6m | 17.4x | 25.9x | 6.9x |
| Wed, 11 Mar 2026 | NZ$12.3b | NZ$1.7b | NZ$457.6m | 19.4x | 26.9x | 7.2x |
| Fri, 06 Feb 2026 | NZ$12.7b | NZ$1.8b | NZ$544.5m | 15.2x | 23.2x | 7.2x |
| Sun, 04 Jan 2026 | NZ$13.2b | NZ$1.8b | NZ$490.8m | 15.5x | 26.8x | 7.5x |
| Tue, 02 Dec 2025 | NZ$13.2b | NZ$1.8b | NZ$490.8m | 15.9x | 26.9x | 7.5x |
| Thu, 30 Oct 2025 | NZ$13.5b | NZ$1.7b | NZ$453.3m | 22.3x | 29.9x | 7.8x |
| Sat, 27 Sep 2025 | NZ$13.1b | NZ$1.7b | NZ$453.3m | 22x | 29x | 7.6x |
| Mon, 25 Aug 2025 | NZ$12.6b | NZ$1.7b | NZ$344.1m | 27.2x | 36.6x | 7.3x |
| Wed, 23 Jul 2025 | NZ$12.3b | NZ$1.7b | NZ$330.9m | 27.5x | 37.1x | 7.1x |
| Fri, 20 Jun 2025 | NZ$11.8b | NZ$1.7b | NZ$330.9m | 25.3x | 35.7x | 6.9x |
| Sun, 18 May 2025 | NZ$11.8b | NZ$1.7b | -NZ$244,435,000.00 | 22.5x | -48.2x | 7.1x |
| Tue, 15 Apr 2025 | NZ$11.1b | NZ$1.7b | -NZ$234,959,000.00 | 33x | -47.1x | 6.7x |
| Thu, 13 Mar 2025 | NZ$11.5b | NZ$1.7b | -NZ$234,959,000.00 | 32.8x | -49.1x | 6.9x |
| Sat, 08 Feb 2025 | NZ$12.0b | NZ$1.6b | -NZ$391,846,000.00 | 34.8x | -30.6x | 7.4x |
| Mon, 06 Jan 2025 | NZ$11.9b | NZ$1.6b | -NZ$391,846,000.00 | 36.4x | -30.4x | 7.3x |
| Wed, 04 Dec 2024 | NZ$12.1b | NZ$1.6b | -NZ$391,846,000.00 | 36.9x | -30.8x | 7.4x |
| Fri, 01 Nov 2024 | NZ$12.4b | NZ$1.6b | -NZ$878,950,000.00 | 18.7x | -14.1x | 7.9x |
| Sun, 29 Sep 2024 | NZ$12.0b | NZ$1.6b | -NZ$878,950,000.00 | 19.4x | -13.7x | 7.6x |
| Tue, 27 Aug 2024 | NZ$12.7b | NZ$1.6b | -NZ$1,054,450,000.00 | 20.6x | -12x | 8.1x |
| Thu, 25 Jul 2024 | NZ$12.1b | NZ$1.6b | -NZ$1,149,480,000.00 | 14.2x | -10.5x | 7.6x |
| Sat, 22 Jun 2024 | NZ$11.6b | NZ$1.6b | -NZ$1,149,480,000.00 | 14.8x | -10.1x | 7.4x |
| Mon, 20 May 2024 | NZ$11.9b | NZ$1.5b | -NZ$1,162,174,000.00 | 14.8x | -10.3x | 7.8x |
| Wed, 17 Apr 2024 | NZ$12.6b | NZ$1.5b | -NZ$1,289,591,000.00 | 16.6x | -9.7x | 8.2x |
| Fri, 15 Mar 2024 | NZ$12.2b | NZ$1.5b | -NZ$1,289,591,000.00 | 17x | -9.4x | 7.9x |
| Sun, 11 Feb 2024 | NZ$12.4b | NZ$1.5b | -NZ$1,253,498,000.00 | 14.3x | -9.9x | 8.1x |
| Tue, 09 Jan 2024 | NZ$12.5b | NZ$1.5b | -NZ$1,253,498,000.00 | 15.2x | -10x | 8.2x |
| Thu, 07 Dec 2023 | NZ$11.9b | NZ$1.5b | -NZ$1,253,498,000.00 | 14.1x | -9.5x | 7.8x |
| Sat, 04 Nov 2023 | NZ$11.6b | NZ$1.5b | -NZ$1,043,221,000.00 | 14x | -11.1x | 7.5x |
| Mon, 02 Oct 2023 | NZ$11.9b | NZ$1.5b | -NZ$1,043,221,000.00 | 13.6x | -11.4x | 7.8x |
| Wed, 30 Aug 2023 | NZ$12.6b | NZ$1.5b | -NZ$1,043,221,000.00 | 13.2x | -12.1x | 8.2x |
Price to Earnings Ratio
-12.1x
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 19.1x which is higher than its 3-year average PE of -0.41x.
- 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 4.4% 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 Market | 0.87% | |
| Real Estate | -1.31% | |
| Specialized REITs | 3.89% | |
| Health Care REITs | -0.54% | |
| Industrial REITs | -0.94% | |
| Office REITs | -1.44% | |
| REITS | -1.57% | |
| Retail REITs | -2.35% | |
| Real Estate | -2.40% | |
Industry PE
- Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio of 68.3x.
- 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 76% per year.
- In contrast, the Industrial REITs industry is expected to see its earnings grow by 5.7% 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 | |
|---|---|---|---|---|---|
| NZL New Zealand Rural Land | NZ$0.94 | 3.9% +NZ$5.1m | -11.0% | PB0.6x | |
| ARG Argosy Property | NZ$1.03 | 0.5% +NZ$4.4m | -13.8% | PB0.6x | |
| IPL Investore Property | NZ$1.06 | 1.0% +NZ$3.8m | -10.2% | PB0.7x |