Why Phillip
Growth-led, low cashflowpopulation +9.1% (5y), 7.0%/yr capital growth.
Drivers
- Population growth+9.1% (5y)
- Capital growth7.0%/yr
- Tight rentals1.3%
- Supply tightening-3.0% YoY
Risks
- Thin gross yield (2.4%)
- No major construction project in this state