Australian real estate firms extend losses; set for worst year ever

Stockland

29/12/2022 02:31

** A sub-index of Australian real estate stocks  .AXRE 
falls as much as 2.4%; set for its third session of losses 
    ** Sub-index is eyeing worst day since Dec. 20 and has hit
its lowest since Dec. 21
    ** Sub-index is on track to lose about 25% this year; set
for worst year ever
    ** Real estate firms tend to payout higher dividends but
have been vulnerable to interest rate hikes this year as they
depend on lendings to develop properties
    ** Property developers Dexus  DXS.AX  and Centuria Capital
Group  CNI.AX  fall as much as 4.7% and 4.8% respectively
    ** Biggest Australian REIT by market value, Goodman Group
 GMG.AX , falls as much as 2% with other property managers like
Charter Hall Group  CHC.AX  and Stockland Corp  SGP.AX  down as
much as 4.1% and 4% respectively
    ** Sub-index has fallen 23% this year as of last close
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))