Equity markets rallied when Donald Trump was elected president in November 2016. For real estate securities, though, the environment has been more challenging.

There has been much discussion of the case for investing in alternative property; assets that are not the standard office, retail unit or industrial estate. So many column inches have been devoted toward the appeal of the leisure sector that investing in buildings like cinemas, restaurants, bowling alleys or stadia now feels almost mainstream!

In many ways, Australia remains a blessed and lucky country. This past April, Australia recorded 26 years of growth without a recession. Despite this, danger signs are ahead, especially for the residential sector.