NZ listed property (NZX LPVs): one market, two poles at 3.3% and 6.4% — the buyable story sits at the discount pole
Composite-board score: 6.4 · Where it is strong: Net cash flow, Stability & rule of law · methodology
New Zealand has only eight listed property companies, and their internal spread is too wide for any "sector average" — this site presents both poles, every yield computed from company-declared distributions (cps) divided by price. The quality pole is Goodman NZ, the Auckland industrial champion: an FY26 cash distribution of 6.825 cents (+5.0%) with FY27 guidance of 7.17 cents, but at about NZ$2.10–2.15 per share its trailing cash yield is only about 3.2–3.3%, below this site's cash-flow bar. The discount-and-yield pole is Argosy: FY26 dividend guidance of 6.65 cents makes about 6.4% at roughly NZ$1.04, on a portfolio contract yield of 5.93% and a share price at about a 34% discount to NTA. The sector overall trades at an average discount of about 21% (Stride about −31%, with a compiled gross distribution yield of about 8.21%). The PIE structure keeps distribution tax treatment clean (28% inside the vehicle). A warning on the same screen: free aggregator sites have shown figures such as a "13.5% TTM yield" that directly contradict company guidance — aggregator artefacts; on this site every yield is recomputed from cps guidance, the survival skill for a market this thin. Verdict: do, on conditions — buy only on the discount pole's logic (distributions around 6% plus a discount option), accept the NZX liquidity reality (a thin book, wide spreads, and discounts that close on market sentiment rather than management action), and do not buy Goodman as a cash-flow instrument, which is the wrong pole entirely.
In short: four lines first
Listed shares, any amount (NZX access required)
3.3–6.4%(NZX listed property distribution yields, both poles (company cps basis))
Very hands-off (listed route; stage trades on a thin book)
Discounts may never close: NZX depth makes the discount part of the structure rather than a mispricing — if the holding logic is only "wait for the close", the investment has no calendar. The roughly 6.4% distribution must stand alone, with the discount treated purely as an option.
The numbers that matter
Why we think it makes money
The discount is real entry economics: buying Argosy's net assets at roughly 66 cents on the dollar means taking over a basket of contract-rented property at a second-hand price — the discount need not close for the roughly 6.4% distribution to stand on its own; closing is a free option.
Distributions are highly checkable: PIE companies' cps guidance sits in NZX announcements, and readers can complete the entire "guidance divided by price" computation themselves — in a thin market, self-computable is defensible.
Against Auckland industrial direct (entry No. 54) it is the same-country contrast: the same underlying assets, where the listed form gives liquidity and a discount and the direct form gives control and a threshold story — the two New Zealand entries are two ways to buy one lesson.
How to actually get in
- Listed route: buy LPV shares (with attention to the discount pole) through a broker with NZX access; individual holdings sit far below the NZ$100M OIO threshold and trigger no consent. Stage entries and exits, and budget the spread.
What it costs, what it earns
Entry amount: Listed shares, any amount (NZX access required)
How much work for you: Very hands-off (listed route; stage trades on a thin book)
- Bid-ask spreads and market impact on a thin NZX book: a real cost, counted in advance.
- Distribution withholding: the actual deduction on PIE distributions to non-residents varies with vehicle and holder status (statutory NRWT on dividends is 30%, treaties and imputation reduce it) — follow each company's and your broker's withholding statements rather than any single figure.
- NZD currency exposure.
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)
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
What we have not verified yet
The following key figures have not yet been verified; the reason is noted for each item.
- Each LPV's latest cps guidance follows its NZX announcements: this page's Goodman and Argosy figures are the companies' FY26-basis numbers at research time, and later announcements may update them.
- The sector yield range (3.28–8.21%) and discounts are compiled bases (July 2026 snapshot): used for panorama, never as a substitute for per-company computation.
FAQ
- Goodman is so good — why does this site say not to buy it for cash flow?
- Because the price has already paid for the quality: a 3.2–3.3% distribution yield sits below this site's bar. It is a quality/growth holding (fully let assets, distributions growing about 5% a year), not a cash-flow instrument. Buying it is fine; buying it for the wrong stated reason guarantees disappointment on day one.
- Why can aggregator-site yields not be trusted?
- In a market as thin as the NZX, aggregator price snapshots and distribution bases routinely misalign (ex-dates, special distributions, cps versus total return all get mixed), and the 13.5% figure against 6.65 cents of guidance is the live specimen. This site's rule: always compute yields yourself (guidance cps divided by today's price); use aggregator numbers only as leads.
- What is a PIE, and why does this site care?
- A Portfolio Investment Entity is New Zealand's collective-investment tax regime: the vehicle is taxed internally at 28% and distributions are not stacked again at most investors' personal rates — which makes listed property's distributions closer to "what you see is what you get" than in many markets. Non-resident deductions follow separate rules to verify per case, but the structure's cleanliness is this sector's backdrop.
Related opportunities
Get the free one-page brief
Get the one-page brief / subscribe for updates
Leave a contact and this page will immediately show a time-limited download link for the brief (valid 24 hours). This site only sends information — it will never pitch you a specific project or pass your contact to any project party.
Received — thank you.
Your brief download link: Download the one-page brief (PDF/HTML) (valid for 24 hours; submit again after it expires).
Updates are sent only after the monthly briefing launches, and every email carries an unsubscribe link. To have your contact details deleted, contact us as described in the Privacy Policy.