Axis stocks pocket for more buying
Thursday 29 April 2004
Hanover Group subsidiary Axis Property has sold $22.2 million worth of Auckland property this month, but says it has now switched to buying mode.
By The LandlordBoasting of a $1 billion asset base, with $200 million-plus of it in property, Hanover said it had sold two large properties but wanted to reinvest the funds.
Chief executive Kerry Finnigan yesterday announced the $9 million sale of 160 Grafton Rd, a four-level, 6354sq m office building tenanted by Datacom, which has naming rights.
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There’s a major housing market downturn coming and it’s likely to reduce the number of investors in the market, according to ANZ economists.
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
Economists say that the Reserve Bank has left the door open to lower or even negative rates, as it kept the official cash rate on hold in its Monetary Policy Statement (MPS) today.