Why does one city have vacancy figures of both 2.3% and 4.5%?

Different samples and bases: CBRE's prime basis (quality stock) against Colliers' overall basis (the whole market, including new deliveries). A large new warehouse shows up as vacancy first in the overall basis, and may not yet be in the prime sample. Usage: negotiate with the other side's basis, price with the worse one.

Against Australian small industrial (entry No. 51), what does New Zealand add and lack?

It adds: the cleanliness of a no-CGT exit under current law, and a same-city listed alternative for comparison. It lacks: market depth and research coverage (Australia has CBRE's graded series; New Zealand must be read through two houses' dispute). The derived nets are close (4.3–5.5% versus 4.5–5.5%) — the choice is more about which institutions and currency you trust.

NZ$5–10M is not small for an individual — why call the gates low?

Because "gates" here means approval gates, not capital: in most countries this amount band is either consented or banned (New Zealand's own residential is banned), while Auckland industrial at this size usually needs no consent at all. This site never disguises the capital requirement — it is printed, priced, in the capital line.

Opportunity rank #54 (cash-flow board) · New Zealand (Auckland)

Auckland industrial direct: surprisingly low gates (neither is triggered), with a derived net of about 4.3–5.5%

Our take: Do, with conditions

4.3–5.5% Auckland industrial direct derived net yield (this site's derivation) · Operator estimate · Data as of: 2025-12-31

Composite-board score: 5.2 · Where it is strong: Net cash flow, Tax friendliness · methodology

Data updated: 2026-11-08

New Zealand's institutional shape is clearest in direct investment: residential is welded shut by the ban, while a NZ$5–10M Auckland urban industrial asset typically triggers neither gate for a foreign individual — the OIO significant-business-assets consent line sits at NZ$100M (NZ$200M for Singaporean and other CPTPP investors), and urban industrial land is generally not sensitive land (that class triggers on parcel attributes with no value threshold, so whether a parcel adjoins reserve or coastal categories must be checked case by case). The numbers: CBRE Q1 2026 puts prime indicative yields at 4.80–6.00% and secondary at 5.40–7.10%, with prime vacancy of 2.3% — but Colliers' basis must be read alongside: overall vacancy has risen to 4.5% (August 2026, the highest since 2012, including one large delivery's distortion). Two research houses giving 2.3% and 4.5% for the same city in the same year is itself information: a delivery wave is landing. The largest full-cost deduction has an independent source: Auckland industrial outgoings average about NZ$38 per sqm, up about 11.8% in six months (Colliers) — near a fifth of gross rent leaking away on a gross basis. This site's derivation: secondary assets at 5.4–7.1% gross, less unrecoverable items, net about 4.3–5.5%, with the chain printed. CBRE also notes improving liquidity in the NZ$5–10M small-asset band, with some transactions in the high-4s to low-5s yield range. Verdict: do, on conditions — read it as the trans-Tasman pair to Australian small industrial (entry No. 51): the same "residential shut, commercial open" and the same derivation discipline, plus two extra assignments — the research houses' basis dispute, and the post-election CGT tail.

In short: four lines first

What it costs to get in

Mid-sized Auckland industrial about NZ$5–10M (the improving-liquidity band)

Roughly what it earns

4.3–5.5%（Auckland industrial direct derived net yield (this site's derivation)）

How much work for you

Medium burden (net-lease-led; outgoings and tenant matters remain yours)

The biggest catch

The numbers that matter

Auckland industrial direct derived net yield (this site's derivation)

4.3–5.5%

Operator estimate As of: 2025-12-31 Source: CBRE Auckland Figures Q1 2026 (data to Dec 2025)

Why we think it makes money

The gate structure is among the cleanest of any direct market on this site: not a case-by-case exemption, but an institutional design in which small commercial capital simply sits outside the consent regime's range — while residential, one street over, carries this survey's hardest ban. The precision of that boundary deserves its own entry.

The tenant market can be read in two bases: the CBRE–Colliers divergence lets readers watch a delivery wave in progress — anyone who can read a divergence is closer to this market's real state than anyone reading a single figure.

Improving liquidity in the NZ$5–10M band (CBRE) gives exits a discussable basis for the first time: the buyer pool is local private capital and syndications, with transaction counts (about 254 Auckland industrial deals in H1 2026) on record.

How to actually get in

Direct purchase of a mid-sized Auckland industrial property (NZ$5–10M) through a local agent and lawyer, with an OIO category check (parcel sensitivity confirmed case by case); the business-assets threshold applicable to Singapore investors is NZ$200M.
Indirect route: the listed LPVs of entry No. 53 (Goodman NZ is, in substance, an Auckland industrial portfolio) — surrendering direct control for liquidity and small tickets.

What it costs, what it earns

Entry amount: Mid-sized Auckland industrial about NZ$5–10M (the improving-liquidity band)
How much work for you: Medium burden (net-lease-led; outgoings and tenant matters remain yours)

Costs & taxes, item by item:

The unrecoverable share of outgoings (about NZ$38 per sqm, rising about 11.8% in six months): the first leak in any gross-basis quotation.
Management, vacancy allowance and insurance; commercial buildings lost depreciation deductions in April 2024 — the tax shield is thinner than older guides describe.

Basis: this site uses full-cost net returns only — income minus vacancy, management, maintenance, taxes and insurance, then financing interest, with entry costs in the denominator. See the methodology。

Identity & tax

Status (residency / citizenship)

Active Investor Plus（2025-04 重设）

This asset does not count toward the channel Residency channel

Threshold: Growth 类 NZ$5M 起（生产性资产）

AIP 两类：Growth 类最低 500 万新元、投资期 ≥36 个月，限管理基金与新西兰企业直接投资，全期居留 ≥21 天；Balanced 类 1,000 万、60 个月、标的更宽，居留 ≥105 天；英语要求已取消，期满可转永居。关键设计：买房不计入投资额——2026-03 起投资者签证持有人可另行申请买一处 500 万新元以上的自住房（仍不计入 AIP）。本站新西兰条目（上市地产、工业）都不构成 AIP 合资格投资，请勿混同。

Source: 新西兰移民局（INZ）

Tax (investor level)

无全面资本利得税；住宅 bright-line 测试 2 年（2024-07 起）；非居民预扣税法定股息 30%、利息/版税 15%，新加坡协定下股息 5%/15%、利息 10%、版税 5%。【政策状态 2026-11-08：大选初步结果国家党联盟领先一席，官方结果 11-27；工党 28% CGT 主张非现行政策。】

公司税 28%；上市 PIE 内部税率 28%，分配对多数投资者不再叠加。住宅租金利息抵扣 2025-04-01 起恢复 100%，但租金亏损 ring-fencing 仍在；商业建筑折旧已取消（2024-04）。
OIO 门槛：重大商业资产批准线为交易额 >1 亿新元（新加坡等 CPTPP 投资者 2 亿）；sensitive land 独立触发、无金额门槛（非城市土地 >5 公顷、滨海/保护地等）——城市工业地一般不属敏感土地。

Double-tax treaties: 新加坡—新西兰税收协定：股息预扣 5%/15%、利息 10%、版税 5%（PwC 汇总口径）；PIE 分配对非居民的实际扣税随载体与持有人身份而异，逐条目标注。

Source: 新西兰税务局（IRD IR291）；LINZ

This section is general information only — not immigration or tax advice. Program rules change frequently; before acting, rely on the official texts and a licensed adviser.

Risks: what could go wrong

The research-house divergence is itself the risk signal: behind the 2.3% versus 4.5% vacancy dispute sits a delivery wave (about 255,000 sqm under construction) — which basis you price on decides how much room you leave for 2027 rents. This site's discipline: price on the worse basis. If these happen, our take changes: If the two houses' vacancy bases reconverge below 3%, the supply judgment downgrades.

If outgoings keep rising at 11.8% per half-year, net rent erodes compoundingly: council rates, insurance and maintenance are all climbing — in long leases, read the outgoings recovery clauses word by word before the rent figure. If these happen, our take changes: None (cost discipline).

The policy tail: Labour's proposed 28% CGT explicitly includes commercial property — if the official result (27 Nov) and coalition talks flip the government, this entry's exit-tax assumptions are rewritten wholesale. This site updates on the official result; until then carry it as a priced tail risk, not as a non-event. If these happen, our take changes: Revised once the election result and the new government's legislative agenda are set.

What we have not verified yet

The following key figures have not yet been verified; the reason is noted for each item.

The 4.3–5.5% net is this site's derivation (CBRE yield bands plus Colliers' outgoings basis): cases must be re-run on the actual lease and outgoings schedule.
"Neither gate triggered" is a legal-framework inference: sensitive land triggers on parcel attributes, and the final word belongs to LINZ/OIO's reading of the specific parcel and to legal advice.

FAQ

Why does one city have vacancy figures of both 2.3% and 4.5%?: Different samples and bases: CBRE's prime basis (quality stock) against Colliers' overall basis (the whole market, including new deliveries). A large new warehouse shows up as vacancy first in the overall basis, and may not yet be in the prime sample. Usage: negotiate with the other side's basis, price with the worse one.
Against Australian small industrial (entry No. 51), what does New Zealand add and lack?: It adds: the cleanliness of a no-CGT exit under current law, and a same-city listed alternative for comparison. It lacks: market depth and research coverage (Australia has CBRE's graded series; New Zealand must be read through two houses' dispute). The derived nets are close (4.3–5.5% versus 4.5–5.5%) — the choice is more about which institutions and currency you trust.
NZ$5–10M is not small for an individual — why call the gates low?: Because "gates" here means approval gates, not capital: in most countries this amount band is either consented or banned (New Zealand's own residential is banned), while Auckland industrial at this size usually needs no consent at all. This site never disguises the capital requirement — it is printed, priced, in the capital line.

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Data dates are marked per metric; page updated 2026-11-08. This site publishes information and is not investment advice; the corrections channel is in the Disclaimer。