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22 January 2025
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It's no secret that Australian commercial property has endured its most challenging period since the GFC. Yet, there are encouraging signs that the worst may be over and industry returns should improve in the medium term.
Charter Hall has rising margins, decreasing capital requirements, proven earnings growth, and business quality. 2024 earnings guidance is conservative, yet the company trades at a large discount to the ASX 200.
The billions and trillions in the funds management industry show the extent of its influence, but who controls the money, and how do platforms, managed funds, superannuation, listed and unlisted funds fit together?
A-REITs have been hit hard by this year’s sell off, underperforming the market by over 18%. The RBA prioritisation of growth over inflation could provide the catalyst for a turnaround in performance in 2023.
Property funds are not only offices and malls. Australia is at the forefront of sophisticated warehousing but lags on build-to-rent. What about logistics, technology hubs, data centres, self storage and health care?
Global real estate can deliver competitive returns despite inflation and rising rates provided the property comes with attractive supply and demand trends, strong balance sheets and quality management teams.
Residential property attracts little interest from institutional investors and the listed market. Here are three reasons why retail investors have an advantage over well-resourced institutional investors.
Many listed property stocks were hard hit by COVID, especially in retail, but foot traffic outside Victoria has held up relatively well. Some sectors are now good value for the recovery and less working from home.
Property funds are finding new assets in companies making better capital management decisions by selling their properties and leasing them back. It also gives investors strong long-term returns.
Investors should not assume all property leases are the same, and long WALE funds have the advantages of tenant quality and term, plus look for the highly-desirable 'triple net leases'.
Structural differences tied into the same asset class can provide divergent performance and investors need to be clear about their objectives when choosing the vehicle through which they take exposure.
Last year, I wrote an article suggesting returns from ASX stocks would trample those from housing over the next decade. One year later, this is an update on how that forecast is going and what's changed since.
The housing market was subdued in 2024, and pessimism abounds as we start the new year. 2025 is likely to be a tale of two halves, with interest rate cuts fuelling a resurgence in buyer demand in the second half of the year.
This examines the performance of key asset classes and sub-sectors in 2024 and over longer timeframes, and the lessons that can be drawn for constructing an investment portfolio for the next decade.
The renowned investor has penned his first investor letter for 2025 and it’s a ripper. He runs through what bubbles are, which ones he’s experienced, and whether today’s markets qualify as the third major bubble of this century.
Key lessons include expensive stocks can always get more expensive, Bitcoin is our tulip mania, follow the smart money, the young are coming with pitchforks on housing, and the importance of staying invested.
Check out the most-read Firstlinks articles from 2024. From '16 ASX stocks to buy and hold forever', to 'The best strategy to build income for life', and 'Where baby boomer wealth will end up', there's something for all.