Why Downer
Growth-led, low cashflowpopulation +9.1% (5y), incomes +18.0% (5y).
Drivers
- Population growth+9.1% (5y)
- Income growth+18.0% (5y)
- Capital growth7.0%/yr
- Supply tightening-4.0% YoY
Risks
- Thin gross yield (2.0%)
- No major construction project in this state