Commercial property investors are the latest group to show a significant fall in confidence, with their mood taking its biggest hit in seven years.
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Colliers International survey showed confidence had fallen 10 percent to a net 17 percent in the three months to September.
Collier's associate director of research and consultancy Chris Dibble said there was no surprise sentiment had fallen given volatile Chinese markets, New Zealand's slowing economy, and lower dairy incomes.
"When investors were thinking about how they were going to look about the next 12 months, they thought, maybe, not quite as positive as they were."
Mr Dibble said investors were still broadly optimistic about the economy.
Auckland had a 20 percent drop in confidence, though it was still a net positive 42 percent.