Listed property soars in September
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The listed property sector gained 9.8 per cent in September, resulting in a more than 55 per cent gain since the sector hit its low in May this year.
September’s gains were on the back of a 16 per cent rise in August, according to Colonial First State’s (CFS') most recent economic report.
CFS head of investment markets research Stephen Halmarick said large capital raisings and debt reductions had returned confidence to the recently beleaguered listed property sector.
Winners in the month of September were the ING Industrial Fund (up by almost 25 per cent), Abacus Property Group (up 22 per cent) and Charter Hall Group (up by almost 19 per cent).
“Diversified was the best performing sub-sector over the month, rising 11.4 per cent,” Halmarick said. He noted, however, that concerns “remain about the outlook for commercial property, with credit still tight in the sector”.
Global property markets also moved higher in September, Halmarick said, with Germany recording the strongest performance. However, Italy, China and Japan failed to record positive listed property returns in September.
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