Equity raisings and IPO activity in Australia’s $87 billion listed real estate sector have fallen off a cliff this year, taking deal volumes in this segment of the market back to levels last seen at the tail end of the global financial crisis.

Research by UBS shows new issuance for the first nine months of 2014 stands at a paltry $500 million, compared to $3.5 billion in 2013 when investors leapt at a rash of initial public offerings.