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The Fund returned 0.80% in October, equating to 10.76% p.a. 12 month rolling performance, net of fees. As of 31 October 2024, the LVR of the Fund was 63.80%. 92.50% of the Fund is allocated to capitalised facilities and the remaining 7.50% to serviced facilities.
The Australian economy continues to remain resilient despite cost of living pressures and global uncertainties. The unemployment rate remained at 4.1% whilst the participation rate increased to 67.2%. Consumer sentiment increased by 6.2% from September to October, largely driven by consumers’ house price and interest rate expectations. Westpac pushed back its forecast for the first cash rate cut of 2025 from February to May, following in the footsteps of NAB. Australian real estate values rose by 0.3% in October, marking the 21st month of continuous growth. As of 31 October, the median national value is $874,000 for houses and $668,000 for units.
Labassa’s project pipeline in October 2024 was $1.1 billion, encompassing 42 projects with an average facility value of approximately $26.2 million each.
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