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Values emerging Down Under?
Signs of bottoming in Australia
Investor optimism seems to be returning to the Australia real estate market if the listed market is anything to go by. So far this year, Australia REITs (AREITs) have outperformed relative to both regional peers and its national stock index. Year-to-April, AREITs’ share prices have increased 7%, trumping APAC REITs (Japan 0%, Singapore -12% and Hong Kong -25%) and S&P/ASX 200 (flat). While the index heavyweight Goodman Group (+25%) drove bulk of this outperformance, we note the…