Listed property woes
While most attention has been directed at the turmoil within Centro Property Group, more than half the stocks making up a Mercer Property Survey index produced negative returns over the past year.
The latest Mercer Property Sector survey covering 2007 said that while the last two months of 2007 will be the period that people remember for poor returns in the property sector, the market actually began its fall in February.
It said that in total, there had been negative returns in seven of the past 12 months.
“Not since 1999 has the listed property sector produced a negative return for the calendar year and 2007 was the worst return in at least 25 years,” it said.
And it appears there was little relief for those investors looking at global listed property, with the Mercer data suggesting those who made the move into global LPTs may have experienced an even greater fall than if they had remained in the Australian market.
It said the median hedged global property fund fell by 13.9 per cent for the year, while the unhedged median fell 20.3 per cent due to the rise in the Australian dollar.
AUTHOR
Mike Taylor
Recommended for you
The Financial Services Council has appointed a new deputy chair for its board.
ASIC chair Joe Longo has told compliance professionals they need an “attitude of compliance” beyond written policies, how can AFSLs achieve this without alienating their advisers?
Peri and menopause training founder and TV journalist Shelly Horton has hit back at calls for businesses to introduce menopause leave.
Pendal has told investors it will start winding up its Enhanced Credit fund from December, its third fund closure this year.
