Figures from a CBRE investment report shows strong increases in the number and volume of transactions for the New Zealand market.

CBRE New Zealand senior director of research Zoltan Moricz​ said that in the last six months of 2015, 136 commercial properties changed ownership, with transaction volumes totalling $2.831 billion. 

"The second half of 2015 was a particularly buoyant period for commercial property transactions across the country.

The retail sector saw the most and highest value of transactions during the last half 2015, with almost $1.1b worth of sales.

Retail property made up 39 per cent of sales volume, with office sales representing 30 per cent and industrial contributing 17 per cent of sales. 

There were 39 office properties sold in the second half of last year, including several major transactions with the sale of 125 The Terrace for $65m, the Symonds Centre for $50m, Datacom House for $46m and Fonterra for $45m, bringing the combined total to $853m.  

Four major hotel transactions were recorded during the same period, including the Novotel/Ibis Ellerslie Hotel for $55m, Moricz said.

Local syndicates and private investors made their presence felt in the investment market during the last half of 2015, Moricz said.

A number of other purchaser and vendor groups increased their levels of activity during the final six months of last year, including institutions which, as purchasers, increased to 40 per cent. 

Overseas investors injected $1.01b in the New Zealand property market in the second half of 2015, and sold $1.15b worth of property.

Australia was the most active offshore buyer and vender, selling $595m worth of property and purchasing $844m during that same period. Britain, the USA and China were the next most active in the offshore investment market.  

The latest market research shows upward pressure on prices, with transactions on the lower end of the value scale on the decline, Moricz said.

"The median transaction price for 2014 was $10.6m and in 2015, that median had shot up to $11.2m which displays a clear growth trend in the period following 2008.