Colliers International’s latest Commercial Property Investor Confidence Survey shows that confidence among most of the country’s investors is at its highest level for two years.

Investor sentiment surveyed for the first quarter of this year has built on the growth in confidence achieved late last year and is now at a two-year high. Overall the number of optimists outnumbered pessimists by a margin of 27% in March, up from 26% in December 2015. However, not all investors expect a clear run ahead.

Auckland has given up its first place mantle over the past year, now firmly in third place for the first time in nearly three years. Confidence in Auckland rarely falls below this rank, but when it does it is usually in response to strong investment activity in Queenstown, Tauranga and Hamilton and/or high expectations around Christchurch rebuild activity.

Queenstown and Tauranga are currently number one and two respectively. Hamilton is in fourth spot surging to its highest recorded confidence since this survey began with a net positive 38% i.e. optimists outnumbered pessimists by a margin of 38%. Moderation in Christchurch’s rebuild activity has sent investor confidence there to seventh place.

In the office sector, Auckland and Wellington investors have never been more confident. However, Christchurch investors have fallen out of favour with this sector recording the lowest confidence rate since the 2010/11 earthquakes: negative 3.9%. This is the only sector in the three main centres to have more pessimists than optimists.

3,032 responses were utilised to construct the survey results.