INSIDE Harcourts 27 NewZealandUpdate The Commercial and Industrial market across NewZealand continues to attract good interest from investors, particularly for quality industrial stock. Like other investment classes, however, increases in interest rates, hardened lending criteria and business challenges from international supply chain issues have seen some reduction from the freneticmarket conditions of the last 24months. There is no question a flight to quality continues with properties presented to themarket with challenges facing push back from the buyer pool. Auction continues to be the preferredmethod of sale for our leading teams with both our North Shore and Hamilton NAI Harcourts teams continuing to drive regular auction catalogues tomaximise results for our sellers. A recent commercial agency forumheld over zoom reinforced the power of our network with open sharing of ideas and skills, coupledwith specific requests regarding current listings leading to opportunities being generated. Australia Update Into the face of a handful of interest rate rises and the commercial market sector shows amature handling of themarket conditions. The Australian Financial year came to a close with NAI Harcourts biggest settlement month in over two years and overall a very strong first quarter. Stock levels remain tight and as suchwill be our challenge, but they also support more strong activity when available. WA and Victoria led the way with some surprising trends. Hospitality, Hotels and Business sales were all particularly buoyant, and after all the delays and lockdowns the Victorian Industrial market started settling some of its long-awaited construction deals. Ultimately the biggest highlight was John Georgiou (NAI Harcourts Platinum) and his clean sweep at the Victorian State awards for Q1. As we head into spring, we are looking forward to the NAI Harcourts conference day, rescheduled for 5 October in Aucklandwhere a bench of both internal and external speakers will provide a significant professional growth opportunity. Around the network there is plenty to talk about, and our people have been leading some great conversations. • Consolidation of the Tasmanian Commercial business under Warwick Hobart • A newRegional NAI Harcourts offering inWAwith Oliver and Angela Kietzmann at the helm • NAI Harcourts Sunshine Coast joining the Property Centre team working the Brisbane Southside • NAI Harcourts Southern Division joining the teamover in Hastings (VIC) at Harcourts JT & Co • A newmain street office in Tenterfield Andwatch for more news in comingmonths withmore openings set in Queensland, Victoria and NSW. In themedia we have seen great coverage of Albert Fontana (NAI Harcourts Metro) and his “matchmaking abilities”, demonstrating how effective a bit of good PR can be, with his story being picked upmultiple times. In Queensland, Phil Grant and Nathan O’Neill joinedme in a Real Estate Institute function that we ledwith help from realestate.com.au, drawing a crowd of our peers and putting the NAI Harcourt’s name on everyone’s lips as we discussed the commercial market outlook. INDUSTRIAL to remain strong with high occupancy around the country and limited newproduct coming on (and slowly). OFFICE Still facing challenges, especially in CBD locations. But quality product is still highly regarded. RETAIL Deals are price sensitive, and food service remains the “on trend” category. Staffing levels continue to plague recovery efforts. LEASING activities are holding upwell, particularly due to low vacancies and limited new supply. Caution around inflationmeans that higher levels of negotiation are required. BUSINESS SALES strong settlements in recent times asmany in the workforce re-evaluate what they want. Jason Luckhardt National Manager Australia, NAI Harcourts jason.luckhardt@naiharcourts.net INCOMMERCIAL John Georgiou (NAI Harcourts Platinum)
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