The listed property sector had a stellar 2014, up 25.4% and outperforming the NZX50 which was up 19.2%, Forsyth Barr broker Andrew Rooney says.
The fall in longer-term interest rates, revaluation gains, increased investment activity and generally solid results were the major drivers of the 2014 property returns.
A large amount of development activity continued to be undertaken by the listed property vehicles (LPVs), funded through the recycling of capital rather than the issuing of equity, he said.
In the three months ending December, listed property was up 10.3% compared to the 6.2% rise for the NZX50.
In the year, the best performing LPVs were: Augusta, up 37.1%; DNZ Property Fund, up 33.9; and Vital Healthcare, up 31.1%.
The worst performing were: CDL, up 1.3%; NPT, up 11.1% and Kiwi Property Group (formerly KIP), up 21.5%.
