Business

Today's business news: What you need to know

14:36 pm on 3 April 2019

Latest - The price of New Zealand's most crucial exports continues to rise, despite a gloomy economy overseas.

ANZ bank's World Commodity Price Index rose 1.4 percent in March, keeping up this year's positive trend.

However, the index remains down for the year, by 2.1 percent.

Growth has been driven by a strong lift in dairy prices recently, with the global dairy trade price index rising 0.8 percent overnight.

The rise in dairy prices is coupled with more demand for New Zealand beef in the United States and increased demand for forestry logs in China.

Kiwi Property's portfolio value increases

The country's biggest listed property company, Kiwi Property, has reported a 1.5 percent rise in the value of its portfolio to $3.2 billion.

Strongest growth was in the office sector, which are its four large buildings in Auckland and Wellington CBDs - their collective value was up more than 6 percent.

Its mixed-use properties, which have a range of activities from commercial and office through to retail, rose just over 1 percent - they make up just under half of the group's portfolio.

The worst performing class was retail - the value of Kiwi's shopping centres fell 4.5 percent - reflecting lower capitalisation and high seismic strengthening related costs.

Farmer confidence improving

Photo: 123RF

The latest Rabobank confidence survey shows a net 9 percent of respondents think the outlook will get worse, down from the 15 percent pessimism level at the end of last year.

The improvement has been driven by the steady rise in dairy prices which has buoyed overall sentiment.

Dairy prices continue to rise

Dairy prices have risen slightly in the latest global auction to their highest level in nearly two years.

The average price was up just under one percent to US$3483 a tonne, and is the ninth consecutive price gain.

The previous auction showed a 1.9 percent rise.

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House price growth continues to cool

Growth in New Zealand's property prices continues to cool, as prices fall in Auckland and rise at a slower rate in the regions.

Quotable Value's monthly House Price Index was up by 2.6 percent in the year to March, and by 0.5 percent for the quarter.

This time last year, annual growth was at 7.3 percent.

The national average house price in the quarter was $686,523, rising from $682,938 in February.

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