A wise old head of Australian investment markets recently reminded Chanticleer that there is a difference between price and value. The property portfolio revaluations announced on Wednesday by commercial property giant Dexus are a perfect case study.

Citi analyst Howard Penny notes Dexus shares are trading at a 33 per cent discount to the value of its net tangible assets (NTA), as investors price in a sharp deterioration in property valuations due to rising interest rates, softer economic conditions and, in the case of the office property that makes up the bulk of its portfolio, the shift to remote work.