REA has been a strong performer through this recent market conniption.
Banks going belly up strikes fear across the investment community. Banks are heavyweights on our stock market so confidence in equities suffers and money actually in the bank doesn’t even look 100% safe all of a sudden (beyond what the government guarantees anyway)
All this has investors shifting their sights back to the tried and tested safety of good old fashioned bricks and mortar.
After a period of declining prices, property is looking comparatively attractive again and an anticipated pick up in the property market will feed through to interest in REA stock.
As the equity market is an anticipatory beast those that wait for the actual property market to pickup will miss the anticipatory uptick in the REA stock price….which is what has possibly been happening not only this past week but since Jan 1.
Many ASX stocks have now given back all or most of their 2023 gains. REA is up from $110.80 (closing price on last trading day of 2022) to $128.89 at close of trade today….up 16%
More recently during this March sell off the ASX has retreated 5% while REA has surged nearly 7%.
REA surely looking like one of the better 2023 bets on the ASX right now.
REA Price at posting:
$128.89 Sentiment: Buy Disclosure: Held
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