A-REIT June Monthly: $7.8bn of commercial property changes hands as REITs outperform

Research evidence excerpt

A-REIT June Monthly: $7.8bn of commercial property changes hands as REITs outperform

J P M O R G A N Asia Pacific Equity Research

03 July 2026

A-REIT June Monthly

$7.8bn of commercial property changes hands as

REITs outperform

ASX200 REITs (+1.7%) outperformed the broader market in June (ASX200 index Australia

+0.7%) for a third consecutive month as the 10-year yield continued to decline (-11bp)

Australian REITs

to 4.72%. Expectations for further hikes continued to soften during the month (market

now pricing in a ~21% chance of a November hike vs. a ~43% chance one month ago) Richard Jones, CFA AC

following a de-escalation of conflict in the Middle East and a soft inflation print. June (61-3) 9633-4038

richard.b.jones@jpmorgan.com

saw the largest monthly volume of transactions since Dec-21 with $7.8bn of assets

Connor Eldridge

changing hands, with Goodman the most active, divesting Moorabbin Airport for (61-2) 9003-6415

$1.5bn and exercising pre-emptive rights to acquire Brickworks’ JV interests in BGAI connor.eldridge@jpmorgan.com

and Oakdale West Trust for a combined $2.65bn ($2.3bn GAIP, $350m GMG). All Adam West

REITs ex GMG, DXS and ARF moved higher in June, led by INA (+15.7%) which (61-2) 9003-8010

provided a positive operational update at the beginning of the month. adam.west@jpmorgan.com

J.P. Morgan Securities Australia Limited

• Macro drivers: AU 10-year bond yields fell in June (-11bp) to 4.72%,

continuing to normalise with de-escalation of conflict in the Middle East.

Unemployment fell -10bp to 4.4% during May, albeit largely expected, with a ASX200 REITs vs. ASX200 index

soft inflation print continuing to taper rate hike expectations during the month ASX 200 ASX 200 REITs

(market now pricing in a ~21% chance of a November hike vs. ~43% chance 20.0%