A-REIT Survey 2023

This survey explores the dynamic listed Australian property industry.

In FY23, the Australian economy grappled with subdued market conditions, high inflation, and significant surges in the cash rate. Australia’s Real Estate Investment Trusts (A-REITs) were susceptible to these challenges and experienced notable fluctuations in their returns throughout FY23.

While A-REITs delivered a positive return of 3.1 per cent, a significant improvement from FY22’s negative return of 15.4 per cent, it remains a stark contrast to FY21’s remarkable positive return of 31 per cent.

A-REIT Survey 2023

This survey explores the dynamic listed Australian property industry by ranking the S&P/ASX 200 A-REIT Index trusts based on key financial and investment indicators over the 2023 financial year.

This year’s A-REIT Survey uncovered pockets of strength across the sector, with three key themes:

  1. Alternative real estate assets are becoming the cornerstone for profits
  2. Stronger REITs are capitalising on higher borrowing costs to acquire undervalued assets
  3. A-REITs are walking the line between conflicting investor mandates.


Download 2023 A-REIT Report

Performance overview

The S&P/ASX A-REIT 200 Index returned 3.1 per cent in FY23, underperforming the broader market index (ASX 200 Index) by 6.6 per cent by year end. 

S&P/ASX A-REIT 200 Accumulation Index VS S&P/ASX 200 Index

All categories outperformed their FY22 result in FY23, and although industrial and diversified produced positive returns, both the office and retail categories had negative returns.

2023 A-REIT sector price returns

FY 23 Top 10 A-REITS

Every year, BDO in Australia provides a ranking of the top ten best-performing A-REITs. For more information about our ranking method, download the report or read our method summary.

Sebastian Stevens
The Australian REIT market is remarkable and even in the darkest of times, it always finds a way to innovate, uncover a new niche, or explore an opportunity that others haven’t yet considered.

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