Vanguard Australian Property Securities Index ETF (ASX: VAP) $84.20

Any member reading the financial press at present will be well aware that property prices are falling, cracks are emerging in private credit, and bonds are trading around multi-year lows as yields push higher. The VAP ETF carries a large exposure to sector heavyweight Goodman Group (GMG), but the 14% drop since its June swing high has been due to weakness across the broad sector, which feels friendless at the moment. With downside momentum still building, we believe it’s too early to don our contrarian hat. However, as falling prices push yields to increasingly attractive levels, we certainly wouldn’t rule out increasing our exposure down the track.

• We can see another test of $80 in the coming weeks, or 5% lower, where we will be monitoring the space and bonds carefully.