The latest IPF Consensus Survey was broadly unchanged from the previous forecast round. Total returns at the all-property level are forecast to be 8.0% p.a. over 2025-29, with views ranging from a high of 9.3% p.a. and low of 7.1% p.a. That puts our forecast for returns of 7.4% p.a. firmly toward the bottom of consensus. That reflects differences of opinion around the yield outlook rather than rental growth prospects. But the consensus has moved to our long-held view that retail, and in particular retail warehouses, will outperform over the next five years.
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