Labassa Capital Credit Fund Update April 2024

The Fund returned 0.77% in April, equating to 12.46% annualised performance since inception, net of fees. As of 30 April, the LVR of the Fund was 65.33%. The Fund settled on a residual stock facility after receiving repayment from the previous senior and mezzanine facilities on the property. The Fund is now available on Netwealth and is in the process of activation on all major investment platforms, under APIR LCL3034AU.

April marked the fifteenth consecutive month of Australian median home value increases, as the CoreLogic National Home Value Index (HVI) rose by 0.6%. The national median value now sits at $841,328 for houses and $644,758 for units. Perth, Brisbane and Adelaide led the capital cities in median annual house value growth, increasing by 21.3%, 15.9% and 13.9%, respectively. The three cities led in median annual unit value growth in the same order, achieving a growth of 19.6%, 17.4% and 14.5% in the 12 months to April. The Reserve Bank of Australia maintained the cash rate at 4.35% as inflation still sits above the target range. NAB, CBA, ANZ and Westpac maintain their prediction that rates will be cut in late 2024. However, there is an increase of discussion in the market opposing these predictions, as Judo Bank’s Warren Hogan and Bendigo’s David Robertson believe the rate will maintain or increase this year.

Labassa Capital's project pipeline was $845 million in April, encompassing 28 projects with an average value of approximately $30 million each. The majority of these projects were located in New South Wales, Queensland, and Victoria.

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