Australia outguns NZ in property market

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Wednesday 14 April 2004

A survey of listed property investments has found New Zealand's companies and trusts being outgunned by their Australian counterparts.

By The Landlord

The study, by BDO Corporate Finance, rated 44 property trusts and companies on both sides of the Tasman on financial and non-financial criteria including return on investment, return on net assets, and lease expiry.

Only one New Zealand business is in the overall top 10 - Capital Properties New Zealand at number eight - and the average performance of New Zealand's eight businesses in the survey was below the survey average in all criteria.

But despite the bleak overall picture, the study found some strong individual performances.

Wellington company Capital Properties had the third highest return on weighted average net assets at 12.94 per cent, beaten only by Australia's Abacus Property Group and Mirvac Group.

Colonial First State Property Trust, now Macquarie Goodman Property Trust ranked seventh on that measure at 11.26 per cent.

General investment criteria were a New Zealand strength and three businesses - Kiwi Income Property Trust, Capital Properties and Trans Tasman Properties - ranked in the top 10.

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