Silver lining for property managers

The deterioration to a net 43.9% of respondents who expect the economy to worsen, reflects further increases in petrol prices, along with weaker sales activity reported in most industries. Businesses are increasingly noting layoffs are needed and few expect positive surprises in the near future.

However, among the clouds of economic gloom, BNZ’s Tony Alexander reports some industries, including property management, have found a silver lining.

Although not all respondents in the property management sector were positive, several said business is looking good as property investors look away from selling towards renting.

One property manager on Auckland’s North Shore commented that the rental market had softened with rents still 5% above the last quarter.