A wave of write-downs is in full swing across the commercial property sector – office landlord Dexus alone took a $1.2 billion hit to its portfolio – as soaring interest rates tear through landlords’ bottom lines, with further falls expected.
Major ASX-listed property players including Dexus, diversified developer Mirvac and shopping mall owner Vicinity Centres booked in portfolio losses in their annual financial results on Wednesday, amid warnings more devaluations are likely.
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Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts. Connect with Nick on Twitter. Email Nick at nlenaghan@afr.com
Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
Campbell Kwan covers commercial and residential real estate for The Australian Financial Review, based in the Sydney newsroom. He was previously the breaking news reporter. Email Campbell at campbell.kwan@afr.com
