REAL ESTATE INVESTMENT TRUSTS & FUNDS
CHINA’S reopening and the return of tourists and international students to Australia presents potential upside for CBD retail and...
The Reserve Bank of Australia again lifted interest rates at yesterday’s board meeting, making for a record ninth straight consecutive lift to...
UBS expects 3.35% to be the peak and a soft landing, it said in its 2023 APAC Real Estate Outlook, but that is still expected to...
“As a theme, the broader China reopening and return of tourists and international students presents upside potential for CBD retail and...
Grant McCasker head of APAC real estate research at UBS.
“However, we believe this will not be enough to offset the weakness of the domestic consumer on the back of materially higher mortgage rate...
McCasker said UBS’s more positive stance on residential in 2022 was predicated on an immigration rebound supporting demand for housing...
“Investors have warmed to this view since September despite weaker activity levels (sales/settlements) with an acknowledgement that trough activity levels are...
Overseas apartments buyers are now “largely non-existent” as a result of travel restrictions, increases in stamp duty and land taxes, and scrutiny on capital flows.
“We maintain a favourable view on diversified/resi developers with a preference for Stockland over Mirvac (FY23 earnings uncertainty and capital required for developments).
“We have moderated our view on retail relative to 2022 (Scentre Group is rated neutral, and Vicinity Centres sell) as we head into a more difficult retail sales growth...
“We continue to take a cautious stance on office markets but increasingly this is reflected in share prices.” Dexus has a neutral rating.
UBS said it is increasing exposure to logistics, with buy ratings on Goodman Group, Centuria Industrial REIT and GPT and Stockland’s diversified portfolios.