Global listed property securities were hit hard in 2020, with developed market listed property (ex-Australia) down 13.6% over the year in Australian dollar hedged terms. Moreover, the Covid-19 pandemic exacerbated and accelerated secular trends, with a gulf between sector winners and losers. Overall, global listed property remains beaten down, but the recovery is underway, as […]
During the September 2020 quarter global infrastructure securities (+0.8% in AUD hedged terms) saw early gains almost negated and again underperformed the broader global equities index (+6.3% AUD hedged) for the fourth successive quarter. Unhedged infrastructure returns (-2.0%) were again held back by a stronger Australian dollar. For the calendar year to date, the returns […]
The Australian property securities market has seen most prices continue to recover during the September quarter 2020 as the reporting season was better than expected. However, the bifurcation between sub-sectors is similar to the global property securities markets. Industrial/Logistics, specialist, funds management, large format, and non-discretionary retail sectors have outperformed in calendar 2020. Discretionary retail […]
Traditionally a defensive asset class with yield, backed by leases delivering reliable income streams; global listed property appears to be better positioned than most asset classes for a post COVID-19 world. As at 31 May 2020, G-REITs appear to be attractively priced relative to other asset classes, trading at a -13% discount to Net Asset […]
In the wake of the large falls in listed market valuations for stocks, including listed property and infrastructure stocks which to date have seen pricing falls close to the same as broader equity markets, inevitably the disconnect with unlisted valuations rears its head. Even prior to the recent market falls, private property and infrastructure asset […]
Mention the property market to Australian investors and the first thing they probably think of is the collapse in residential property values. These price falls are the result of a number of factors, some of which have also negatively affected Australian listed property (or A-REITs), while themes such as low wages growth and higher household […]
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