Rising Bond Yields Squeeze Australian Commercial Property Values -- Market Talk

Dow Jones04-07

0045 GMT - Rising bond yields prompt Macquarie to pare price targets on most Australian real-estate investment trusts. Macquarie cuts assumptions around asset values by some 6% to reflect the 40bp expansion in real bond yields since end-February. "We continue to assume tighter capitalization rate spreads to real bonds than the long-term average (excluding office which we assume in line with long-term average) to reflect a structural re-rating for retail and industrial," Macquarie says. It also thinks share prices of office landlords are at risk of being marked lower due to growing concerns about AI's potential impact on demand for floor space. Macquarie cuts price targets on Charter Hall by 16% to A$20.71 and Dexus by 8% to A$6.91, among other changes. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

April 06, 2026 20:45 ET (00:45 GMT)

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Macquarie cuts assumptions around asset values by some 6% to reflect the 40bp expansion in real bond yields since end-February. \"We continue to assume tighter capitalization rate spreads to real bonds than the long-term average (excluding office which we assume in line with long-term average) to reflect a structural re-rating for retail and industrial,\" Macquarie says. It also thinks share prices of office landlords are at risk of being marked lower due to growing concerns about AI's potential impact on demand for floor space. Macquarie cuts price targets on <a href=\"https://laohu8.com/S/CTOUF\">Charter Hall</a> by 16% to A$20.71 and <a href=\"https://laohu8.com/S/DXS.AU\">Dexus</a> by 8% to A$6.91, among other changes. (david.winning@wsj.com; @dwinningWSJ) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  April 06, 2026 20:45 ET (00:45 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Rising Bond Yields Squeeze Australian Commercial Property Values -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRising Bond Yields Squeeze Australian Commercial Property Values -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-04-07 08:45</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0045 GMT - Rising bond yields prompt <a href=\"https://laohu8.com/S/MQG.AU\">Macquarie</a> to pare price targets on most Australian real-estate investment trusts. Macquarie cuts assumptions around asset values by some 6% to reflect the 40bp expansion in real bond yields since end-February. \"We continue to assume tighter capitalization rate spreads to real bonds than the long-term average (excluding office which we assume in line with long-term average) to reflect a structural re-rating for retail and industrial,\" Macquarie says. It also thinks share prices of office landlords are at risk of being marked lower due to growing concerns about AI's potential impact on demand for floor space. Macquarie cuts price targets on <a href=\"https://laohu8.com/S/CTOUF\">Charter Hall</a> by 16% to A$20.71 and <a href=\"https://laohu8.com/S/DXS.AU\">Dexus</a> by 8% to A$6.91, among other changes. (david.winning@wsj.com; @dwinningWSJ) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  April 06, 2026 20:45 ET (00:45 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MGR.AU","symbol_name":"MIRVAC GROUP","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2625887939","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2625887939","pubTimestamp":1775522700,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0045 GMT - Rising bond yields prompt Macquarie to pare price targets on most Australian real-estate investment trusts. 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