CBRE NZ executive chair Brent McGregor won the Property Institute’s supreme award at its conference in Wellington last week, and valuer Anisha Segar added to the consultancy’s success, being crowned young professional of the year.
Building homes for long-term rental went out of favour decades ago, aside from stop-start Housing NZ programmes. Now it’s back in New Zealand, but in its infancy, while overseas it’s become a recognised asset class for portfolio trading.
The US – without the same public sector dominance that has occurred in the UK, Australia & New Zealand since the Second World War – has a long-established corporate-built & -owned rental housing sector, commonly called multifamilies.
Without some of the support structure which exists in the US & UK, CBRE head of research Zoltan Moricz said it might be futile to throw them up as useful precedents for a similar evolution here.
Using local & US statistics, the CBRE research on build-to-rent development shows it can stack up on vacancy, diversification, cashflow, rental growth, yield & total returns.
Barfoot & Thompson won the award for best real estate company in the world at International Property Media Ltd’s awards in London on Monday.