Why Bruce
Growth-led, low cashflowpopulation +9.1% (5y), 6.8%/yr capital growth.
Drivers
- Population growth+9.1% (5y)
- Capital growth6.8%/yr
- Tight rentals1.4%
- Supply tightening-3.0% YoY
Risks
- Thin gross yield (2.4%)
- No major construction project in this state