Why Semaphore
Growth-led, low cashflow9.4%/yr capital growth, tight 1.1% vacancy.
Drivers
- Capital growth9.4%/yr
- Tight rentals1.1%
- Supply tightening-4.0% YoY
- Income growth+17.0% (5y)
Risks
- Thin gross yield (1.8%)
- No major construction project in this state