The disconnect in value between real estate held in public markets and commercial property in the direct market has fuelled concerns that a correction is coming.
While the listed market may well have overshot, the disconnect in value between real estate securitised in stockmarkets and prices ascribed to properties on the direct market and held in portfolios has prompted concerns that a correction is looming for commercial property.
Instead, there has been a significant pause in deal making in global property markets, including Australia’s, where the volume of deals nationally reached“I don’t think anybody is selling in today’s market that doesn’t need to,” Mr Doyle said. “Then we’ll be into another cycle and, [for] deal people as we are, the markets will reopen. But between now and then we are going to go through a period of price exploration.”There is plenty of “dry powder” in funds held by institutional investors sitting on the sidelines waiting for the correction to work through, Mr Doyle said. The next challenge is to identify where the investment opportunities will lie in the rebound.
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