Property Sector Worth Over $420 Billion
Property Sector Worth Over $420 Billion New Zealand Property Institute President Tells Cocktail Function
New Zealand’s business and government sectors have a capital investment in land and improvements of some $420 billion. From this investment base these sectors consume some 10 to 15 billion per annum in property, construction, advisory, asset management and support services, New Zealand Property Institute President, Anthony Robertson explained at a packed Institute cocktails event in Wellington.
The estimated breakdown of this investment by New Zealand’s business and government sectors as presented by Robertson was:
Commercial $45 billion
Community Services $44 billion
Industrial $25 billion
Residential $229 billion
Rural $85 billion
Mr.Robertson was speaking at a cocktail event attended by ministers, politicians, business, state sector and property leaders which was co hosted by Australasian law firm Phillips Fox.
“This investment profile makes the property industry and of course the professionals who operate within the sector a vital and significant player in New Zealand’s economy”, Mr.Robertson said.
“The role of the property professional in adding value to business is becoming increasingly important. This is especially the case given improved asset management performance goes straight to a businesses bottom line and is often far more easily realisable than achieving the same net benefit via increased sales.
“That is why the New Zealand Property Institute is important to business in this country. Its 3000 members cover a range of disciplines and services from capital and debt equity supply, property advisory, valuation and technical services through to asset acquisition, management and divestment services The contribution to New Zealand’s economy made by the members of this Institute is enormous and the profession needs a strong vibrant responsive Institute to support the sector. That’s what we plan to be for our members,” Mr. Robertson concluded.