The last five months have been one of the most challenging periods since the start of COVID-19, with significant contraction in the economy, in line with the severe lockdowns that started from July. This continued through to November with confidence down, borders restrictions in place, and people more focussed on saving rather than spending their money through this uncertain period. Also, corporate business went back to a majority of work from home practice which reduced spending, particularly in Auckland Central.

Within our business, we do see a lingering uncertainty around the outlook which is resulting in precautionary saving, households paying down debt, and concerns over our health and wellbeing in the first half of 2022, particularly as Omicron continues to spread. This is going to depress confidence slightly and we expect to see lower consumption but ultimately improve household savings which we expect to strengthen the economy in the second half of the new year.

With the corporate market, we expect to be challenged going forward into next year as large companies continue to promote a work from home ethos. As a result of that, there will be a shortfall in corporate travel which produces low demand for high-end rentals.

So, what does that mean for us? Our business is performing well in the current market and our market share is strong.

As always, we value you as our clients, and we are doing everything to ensure our apartment business is looking the best and performing the best it can be. It is always our goal to give you consistent and the best returns in the market and also to provide you with the best care for your investments.

I would really like to thank you for your continued support during this COVID period. I know for many of us it has been a strain personally and/or professionally and I know for me personally this has been the most difficult period to work and lead through.

On behalf of all of my team, I want to thank you once again and wish you the best for the festive season and hope that you can spend this important time of the year with your family and loved ones.

Merry Christmas and Happy New Year.