Labassa Capital Credit Fund Update September 2024

The Fund returned 0.81% in September, equating to 10.89% p.a. 12 month rolling performance, net of fees. As of 30 September 2024, the LVR of the Fund was 64.0%. The Fund increased its allocation to a Queensland-based facility, with the four other facilities spread across Sydney. 93% of the Fund is allocated to capitalised facilities and the remaining 7% to serviced facilities.

The residential market stands steady on an upward trend in value gain in most states despite an increase in home listings. The number of new listings is 3.2% higher than 12 months ago and 8.8% higher than the previous five-year average for September. Residential home values increased by a further 0.4% in September, the 20th consecutive monthly value increase recorded by CoreLogic’s Home Value Index . Lower quartile home values have increased by 12.4% in the 12 months to September, compared to the 3.8% rise experienced by the upper quartile, demonstrating strength in the affordable end of the market. In terms of national median values, houses rose by 7.2% in the 12 months to September to $873,000 and units rose by 5.0% to $663,000.

Labassa’s project pipeline in September 2024 was $601 million, encompassing 37 projects with an average facility value of approximately $16.2 million each. 

If you would like to receive a copy of the latest newsletter, please enter your details into the Insights form below.