The quarterly commercial property index compiled by IPD NZ for the Property Council is a movable feast – returns presented in Auckland yesterday show quite different gains a year ago from those presented last year.
The latest return shows the index for all property has declined for the second quarter, most steeply in the retail sector.
IPD’s latest index for all property showed a total ungeared return of 11.4% over 12 months, on a rolling basis to the June & September quarters 2013, dropping to 1% in the December quarter & 10.4% in the March 2014 quarter.
Those figures are at odds with the index presented last September, which showed a total return of 12.4% for the June 2013 year, rising from 9.2% a year earlier.
The index for the retail sector last year showed the total return rising from 11.6% in the June 2012 quarter to 13.1% in June 2013. However, the returns released yesterday showed retail at 11.9% in June 2013, steadily falling to 10.8% in September, 9.9% in December, 8.8% in March.
The office sector made the biggest gain last year, according to the index then – from 7.5% in the June 2012 year to 12% in June 2013. The June 2013 gain is now put at 11.4%, rising to 12.2% in September then falling to 12% in December, 11.6% in March.
Attribution: Index release.