Despite a stabilisation in property yields, valuation scores fell again in Q2 on the back of further rises in alternative asset yields. Apartment and industrial pricing look most stretched, but also offer the best rental upside for investors. That leaves the relative outlook for the four main sectors delicately balanced. At a metro level, pricing in some sunbelt markets is beginning to look concerning when compared to historic norms and we will be examining this further in a future Update.
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