Offshore buying value indicator
NZPA Wellington Recent increased acquisitions by offshore buyers is the real indicator of the underlying value of the property sector, according to a valuation company. The managing director of Rolle Associates, Mr Mike O’Sullivan, said while traditionally the New Zealand market had been led by the purchasing activity of the locally based institutional investors, this was not now the case. “The institutions are currently inactive and are net sellers of property,” he said. But private investors should not turn away from the genuine long-term opportunities available simply because property was not generally seen as a popular investment.
Well-timed counter-cyclical buying ensured the best possible medium and long term returns from property investments.
Banks were beginning to lend again for the right property and there were some attractive opportunities available now.
The “right” criteria included: location, a strong cash flow available to meet the debt servicing, and reliable tenants committed to long-term leases.
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Press, 21 October 1989, Page 38
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156Offshore buying value indicator Press, 21 October 1989, Page 38
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