US-based Joseph Smith, who oversees $US12 billion in property stocks through CBRE Investment Management, is quietly confident listed real estate will bounce back into positive territory next year as the cycle of rising interest rates finally levels out.
The Australian REIT sector is down about 20 per cent for the year so far, one of its worst yet. It’s no surprise to Mr Smith, given that capital-intensive sectors such as real estate are highly sensitive to rate changes.
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Yeah right, next year.