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Thursday, 23 September 2021
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Blink and it happened. If announcements in this sector were made by a producer of iron ore, gas, copper or some new tech, the news would have been splashed across the front pages. Have we witnessed a major change?
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.
The listed property market, or A-REITs, is far from homogeneous, with low rates and industry trends producing winners and losers. There's more to investing here than chasing property yields.
Managing listed real estate investments on a global basis allows opportunities to be taken anywhere, and as demographics affects property, move into different sectors and countries. But ultimately, all property is local.
With a vast array of property choices across retail, industrial, office and commercial, where does the head of one of Australia's largest property managers see the best opportunities, and where are the warnings?
A quick name-by-name summary from the latest round of A-REIT (listed property) results with most trusts doing well as management teams deliver on their strategies.
There is more to listed property than the top eight in the A-REIT Index with many strong performing smaller trusts outside the top 80% of the index, and other A-REITs not even included in the index.
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.
The RBA Governor says rising house prices are due to "the design of our taxation and social security systems". The OECD says "the prolonged boom in house prices has inflated the wealth of many pensioners without impacting their pension eligibility." What's your view?
It's a remarkable statistic. In any year since 1875, if you had invested in the Australian stock index, turned away and come back eight years later, your average return would be 120% with no negative periods.
Never stand between Australian households and an uncapped government programme with $3 billion in ‘free money’ to build or renovate their homes. But excess supply is coming with an absence of net migration.
Picking macro trends is difficult. What may seem logical and compelling one minute may completely change a few months later. There are better rewards from focussing on identifying the best companies at good prices.
Critics of franking credits are missing the main point. The taxable income of shareholders/taxpayers must also include the company tax previously paid to the ATO before the dividend was distributed. It is fair.
Wet streets cause rain. The Gell-Mann Amnesia Effect is a name created by writer Michael Crichton after he realised that everything he read or heard in the media was wrong when he had direct personal knowledge or expertise on the subject. He surmised that everything else is probably wrong as well, and financial markets are no exception.