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Australian (ASX) Real Estate Sector Analysis

UpdatedMay 09, 2026
DataAggregated Company Financials
Companies58
  • 7D-0.8%
  • 3M-3.9%
  • 1Y-7.3%
  • YTD-10.2%

Over the last 7 days, the Real Estate industry has remained flat, although notably Vicinity Centres declined by 4.3%. Unfortunately though, the industry is down 7.3% over the past 12 months. Looking forward, earnings are forecast to grow by 9.1% annually.

Sector Valuation and Performance

Has the Australian Real Estate Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 10 May 2026AU$179.5bAU$31.6bAU$10.8b11.5x16.6x5.7x
Tue, 07 Apr 2026AU$169.5bAU$32.0bAU$10.8b11.6x15.6x5.3x
Thu, 05 Mar 2026AU$182.3bAU$32.0bAU$10.8b12.3x16.8x5.7x
Sat, 31 Jan 2026AU$197.5bAU$32.9bAU$7.8b15.4x25.4x6x
Mon, 29 Dec 2025AU$206.2bAU$32.9bAU$7.8b16.1x26.5x6.3x
Wed, 26 Nov 2025AU$200.8bAU$32.9bAU$7.8b16.4x25.8x6.1x
Fri, 24 Oct 2025AU$214.9bAU$32.9bAU$7.8b17.3x27.6x6.5x
Sun, 21 Sep 2025AU$212.7bAU$32.9bAU$7.8b17.4x27.3x6.5x
Tue, 19 Aug 2025AU$210.9bAU$32.4bAU$2.4b16.4x88.6x6.5x
Thu, 17 Jul 2025AU$198.5bAU$32.2bAU$937.1m16.9x211.9x6.2x
Sat, 14 Jun 2025AU$200.3bAU$32.1bAU$928.6m18.2x215.7x6.2x
Mon, 12 May 2025AU$193.3bAU$32.2bAU$929.0m16.1x208x6x
Wed, 09 Apr 2025AU$171.9bAU$32.2bAU$928.1m14.7x185.2x5.3x
Fri, 07 Mar 2025AU$186.6bAU$32.2bAU$927.8m15.7x201.2x5.8x
Sun, 02 Feb 2025AU$193.9bAU$29.6b-AU$4,022,879,380.0020.5x-48.2x6.5x
Tue, 31 Dec 2024AU$188.8bAU$29.6b-AU$4,022,879,380.0020.6x-46.9x6.4x
Thu, 28 Nov 2024AU$198.0bAU$29.6b-AU$4,022,762,041.0020.8x-49.2x6.7x
Sat, 26 Oct 2024AU$192.3bAU$29.6b-AU$4,032,224,011.0021.2x-47.7x6.5x
Mon, 23 Sep 2024AU$201.3bAU$29.7b-AU$3,965,515,011.0021.7x-50.8x6.8x
Wed, 21 Aug 2024AU$182.8bAU$29.7b-AU$4,504,085,685.0029x-40.6x6.2x
Fri, 19 Jul 2024AU$189.1bAU$29.0b-AU$3,107,859,685.0031x-60.9x6.5x
Sun, 16 Jun 2024AU$181.0bAU$28.9b-AU$3,108,292,685.0028x-58.2x6.3x
Tue, 14 May 2024AU$180.4bAU$28.9b-AU$3,139,425,437.0028.1x-57.5x6.2x
Thu, 11 Apr 2024AU$182.6bAU$28.9b-AU$3,139,449,437.0029x-58.2x6.3x
Sat, 09 Mar 2024AU$179.4bAU$29.4b-AU$3,139,449,437.0028.9x-57.1x6.1x
Mon, 05 Feb 2024AU$170.0bAU$31.8bAU$641.9m25.1x264.8x5.4x
Wed, 03 Jan 2024AU$165.6bAU$31.7bAU$633.8m26.7x261.3x5.2x
Fri, 01 Dec 2023AU$152.0bAU$31.8bAU$656.1m25.2x231.7x4.8x
Sun, 29 Oct 2023AU$137.6bAU$31.8bAU$658.2m22.9x209x4.3x
Tue, 26 Sep 2023AU$149.7bAU$31.8bAU$658.1m25.7x227.5x4.7x
Thu, 24 Aug 2023AU$156.1bAU$30.8bAU$2.3b25.9x67.4x5.1x
Sat, 22 Jul 2023AU$155.9bAU$33.7bAU$10.5b12.9x14.9x4.6x
Mon, 19 Jun 2023AU$152.8bAU$33.7bAU$10.5b13.2x14.6x4.5x
Wed, 17 May 2023AU$159.4bAU$33.7bAU$10.5b13.3x15.2x4.7x
Price to Earnings Ratio

15.2x


Total Market Cap: AU$159.4bTotal Earnings: AU$10.5bTotal Revenue: AU$33.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Real Estate Sector Price to Earnings3Y Average 169.6x202420252026
Current Industry PE
  • Investors are pessimistic on the Australian Real Estate industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 16.6x which is lower than its 3-year average PE of 170x.
  • The industry is trading close to its 3-year average PS ratio of 5.8x.
Past Earnings Growth
  • The earnings for companies in the Real Estate industry have remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have declined 2.1% per year.
  • This means that the cost of doing business could be reducing since sales have declined but profits have remained steady.

Industry Trends

Which industries have driven the changes within the Australian Real Estate sector?

AU Market0.20%
Real Estate-0.84%
Health Care REITs2.99%
Specialized REITs2.47%
Industrial REITs0.90%
Hotel and Resort REITs0%0
Office REITs-1.42%
Real Estate-1.67%
REITS-1.80%
Retail REITs-2.55%
Residential REITs-2.57%
Industry PE
  • Investors are most optimistic about the Real Estate industry which is trading above its 3-year average PE ratio of 11.9x.
    • Analysts expect its future annual earnings growth (39.3%) to be largely in line with prior year's earnings growth.
Forecasted Growth
  • Analysts are most optimistic on the Health Care REITs industry, expecting annual earnings growth of 100% over the next 5 years.
  • In contrast, the Retail REITs industry is expected to see its earnings decline by 8.0% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
GMG Goodman GroupAU$30.261.0%
+AU$613.4m		-3.5%PB2.6x
DGT DigiCo Infrastructure REITAU$2.7716.9%
+AU$221.4m		-12.3%PB0.6x
PXA PEXA GroupAU$12.843.0%
+AU$65.1m		8.7%PS5.5x
CMW Cromwell Property GroupAU$0.423.7%
+AU$39.3m		10.5%PB0.7x
LIC Lifestyle CommunitiesAU$4.873.6%
+AU$20.6m		-39.0%PS4.3x

Latest News

DGT
AU$2.77
DigiCo Infrastructure REIT
7D
16.9%
1Y
-12.3%
VCX
AU$2.43
Vicinity Centres
7D
-4.3%
1Y
-0.8%
DXS
AU$6.11
DEXUS
7D
-2.4%
1Y
-19.6%
LIC
AU$4.87
Lifestyle Communities
7D
3.6%
1Y
-39.0%
Narrative Update • May 07

LIC: Higher Discount Rate Will Support Future Upside Potential

Analysts have trimmed their price target for Lifestyle Communities to A$5.70 from A$6.34, citing updated assumptions that include a higher discount rate, different revenue growth and profit margin settings, and a slightly higher future P/E multiple. Valuation Changes Fair value estimate reduced from A$6.34 to A$5.70, reflecting the updated modelling assumptions.
CNI
AU$1.65
Centuria Capital Group
7D
-6.8%
1Y
-6.0%
Narrative Update • May 02

CNI: Lower Discount Rate And 2026 OEPS Guidance Will Support Earnings Visibility

The analyst fair value estimate for Centuria Capital Group has been adjusted modestly lower to A$2.10 from A$2.16. Analysts pointed to slightly softer revenue growth assumptions, a small uplift in profit margin expectations, a lower discount rate, and a marginally reduced future P/E multiple as the key drivers of the change.
CHC
AU$19.77
Charter Hall Group
7D
-1.6%
1Y
8.7%
Narrative Update • Apr 30

CHC: FY26 Earnings Guidance Will Support A More Positive Outlook

Analysts have revised their price target for Charter Hall Group from A$25.25 to A$23.47, citing updated assumptions for revenue growth, profit margins and future P/E multiples. What's in the News Charter Hall Group issued earnings guidance for fiscal year 2026 at 100.0 cents per security for post tax operating earnings per security, based on assumptions that include no performance fees in FY26 (company guidance).
SGP
AU$3.96
Stockland
7D
-2.2%
1Y
-29.4%
Narrative Update • Apr 30

SGP: Confirmed 2025 Distribution Will Support Upside Under Slightly Firmer Risk Settings

Analysts have trimmed their fair value estimate for Stockland from about A$5.32 to A$4.99, as a slightly higher discount rate and lower projected profit margins offset higher assumed revenue growth and a lower future P/E multiple. Analyst Commentary Recent valuation work on Stockland reflects a more cautious balance between growth expectations and execution risk, with the trimmed fair value estimate tying back to assumptions around margins, discount rates, and earnings multiples.
PXA
AU$12.84
PEXA Group
7D
3.0%
1Y
8.7%
Narrative Update • Apr 29

PXA: Stable Margins And Reset Guidance Will Support Future Upside Potential

Analysts have kept their A$16.53 price target for PEXA Group unchanged, while slightly adjusting assumptions such as the discount rate and future P/E. This reflects updated views on risk and earnings multiples without a material shift in overall valuation.
GMG
AU$30.26
Goodman Group
7D
1.0%
1Y
-3.5%
Narrative Update • Apr 29

GMG: Data Center Build Out And Asset Sale Will Drive Future Upside

Analysts have trimmed their price target for Goodman Group slightly to around A$34.46 from about A$34.79. This reflects updated assumptions on the discount rate, revenue growth, profit margin and future P/E multiples.
LLC
AU$3.14
Lendlease Group
7D
-5.7%
1Y
-42.0%
Narrative Update • Apr 28

LLC: Index Reclassification And 2026 Distribution Will Drive Future Upside

Analysts have trimmed their price target on Lendlease Group, cutting estimated fair value from A$5.38 to about A$5.26, citing slightly lower profit margin assumptions and a modestly reduced future P/E multiple. What's in the News Lendlease Group was dropped from the S&P/ASX 100 Index, shifting it out of the large cap benchmark (Key Developments).
GPT
AU$4.68
GPT Group
7D
-2.7%
1Y
-2.5%
Narrative Update • Apr 27

GPT: Higher Margin Outlook And 2026 Distribution Guidance Will Drive Repricing

Analysts have trimmed their price target for GPT Group from A$5.51 to A$5.41, citing updated assumptions around slightly lower revenue growth, a higher profit margin, and a lower future P/E multiple following recent research including the Jefferies downgrade. Analyst Commentary Recent research points to a more mixed view on GPT Group, with the lower price target reflecting both cautious and constructive elements in the updated assumptions.
SCG
AU$3.71
Scentre Group
7D
-1.6%
1Y
0%
Narrative Update • Apr 26

SCG: Distribution Outlook And Margin Assumptions Will Shape Future Income Visibility

Analysts have trimmed their price target for Scentre Group to A$3.99 from A$4.07, reflecting updated assumptions around discount rates, revenue trends, profit margins, and a higher expected future P/E multiple. Analyst Commentary Recent target price adjustments for Scentre Group revolve around how the market is weighing discount rates, revenue expectations, profit margins, and the valuation multiple the shares might command in the future.
CWP
AU$7.15
Cedar Woods Properties
7D
2.1%
1Y
12.8%
Narrative Update • Apr 24

CWP: Presold Revenue And Growing NPAT Guidance Will Support Future Dividends

Analysts have kept Cedar Woods Properties' fair value estimate steady at A$9.99 per share, with a slightly higher discount rate and marginally adjusted revenue growth, profit margin and future P/E assumptions supporting the unchanged price target. What's in the News Cedar Woods Properties issued new guidance indicating it anticipates 30% to 35% growth in full year NPAT in fiscal year 2026, giving investors a clearer view of its earnings plans (corporate guidance).
CMW
AU$0.42
Cromwell Property Group
7D
3.7%
1Y
10.5%
HCW
AU$0.69
HealthCo Healthcare and Wellness REIT
7D
3.0%
1Y
-16.9%
EGH
AU$0.58
Eureka Group Holdings
7D
2.6%
1Y
17.0%