Australian Secure Capital Fund - Market Update Australian Secure Capital Fund October 2024 For the 20th consecutive month, headline national home values increased by a modest 0.4%, signalling that the strong momentum is beginning to leave the market. This is demonstrated by housing values rising just 1% for the September quarter, the lowest over a rolling three-month period since March 2023. Perth continues to be the strongest performer, growing by 1.6% for the month, followed by Adelaide and Brisbane with increases of 1.3% and 0.9%, respectively. Sydney and Darwin were the only other markets to see increases, rising by 0.2% and 0.1% for the month, while Melbourne, Canberra, and Hobart all saw housing values ease, with decreases of 0.1%, 0.3%, and 0.4%, respectively. Property Values as at 30th of September 2024 Median Dwelling Values as at 30th of September 2024 Quick Insights Rate hold slows buyers, but investor confidence remains strong Profits from home sales nationwide climbed to a record high of $285,000 on average in the June quarter. The RBA's decision to keep interest rates steady has left many homebuyers waiting, as borrowing power remains limited. While a future rate cut is anticipated, it won't significantly boost demand until it happens. Meanwhile, investors are showing renewed interest, particularly in Melbourne, where the market is stabilising despite an increase in listings. A rate cut could lead to a faster recovery than expected. Source: Australian Financial Review   Australia's housing market soars to record $11 trillion Australia's housing market hit a record $11 trillion in September, with home values rising 6.7% over the past year, adding $900 billion in wealth. Despite higher interest rates, new listings and strong investor activity continue to drive the market. Over the past decade, house prices surged by 85.9% nationwide, with suburbs in Sydney, Brisbane, and Melbourne leading long-term growth. While price growth is expected to slow, strong demand and new housing developments will continue to support the market. Source: Australian Financial Review Author: Filippo Sciacca, Director - Investor Relations, Asset Management and Compliance Funds operated by this manager: ASCF High Yield Fund, ASCF Premium Capital Fund, ASCF Select Income Fund

Australian Secure Capital Fund - Market Update Australian Secure Capital Fund July 2024 Property prices across the capital cities have risen yet again, bringing the 17th consecutive month of price growth with June's 0.7% increase, taking growth to 8% across the nation for the 2023-24 Financial year. Yet again, Perth has experienced the largest growth with a further 2% increase, followed closely by Adelaide with 1.7% and Brisbane with a 1.2% increase. Sydney, Canberra and Hobart also experienced growth, albeit it to a lesser degree, with 0.5%, 0.3% and 0.1% respectively. Property prices in Darwin remained stable, whilst Melbourne saw a reduction of 0.2%. The financial year data is nearly all positive, with all capital cities experiencing growth, excluding Hobart which received a small reduction of 0.1% for the year. Perth, Brisbane and Adelaide all experienced growth well into the double digits, with Perth leading the way with a mammoth 23.6% increase, followed by Brisbane and Adelaide with 15.8% and 15.4% respectively. Sydney, Darwin, Canberra and Melbourne also finished the year in the positive, with 6.3%, 2.4%, 2.2% and 1.3% respectively. Growth wasn't just experienced in the capitals, with the regions also increasing by 7%. Property Values as at 30th of June 2024 Median Dwelling Values as at 30th of June 2024   Quick Insights Larger Loans The average new owner-occupier home loan is at $626,055 nationally, hitting a record high, as the growth housing markets of Perth, Brisbane and Adelaide surge higher, according the latest official lending figures. "It's astounding to think owner-occupiers are, on average, taking out larger loans than ever before despite the fact the cash rate is sitting at a 12-year-high.", said Sally Tindall, research director at comparison website, RateCity.com.au. Source: Australian Financial Review   Construction Costs & Increasing Interest Rates High interest rates and construction costs are now choking off the supply of new housing. High construction costs in particular are being singled out amid a complex mix of factors that have pushed up the cost of building in most capital cities. "There has been some relief in access to inputs and labour, and in the prices of some early-stage inputs, but labour costs remain elevated and the regulatory burden high.", investment banking firm Barrenjoey's chief economist Jo Masters said. Source: Australian Financial Review Author: Filippo Sciacca, Director - Investor Relations, Asset Management and Compliance Funds operated by this manager: ASCF High Yield Fund, ASCF Premium Capital Fund, ASCF Select Income Fund

Australian Secure Capital Fund - Market Update Australian Secure Capital Fund June 2024 For the 16th consecutive month, property prices across the capital cities have risen, with CoreLogic's Home Value Index reporting a 0.8% increase for the month of May, the largest monthly gain since October 2023. The regions also continue to experience growth, with a combined 0.6% increase. Perth continues to be the highest performing market, increasing by a whopping 2% for the month, with Adelaide and Brisbane also recording strong growth of 1.8% and 1.4% respectively. Sydney, Canberra and Melbourne also experienced growth for the month, increasing by 0.6%, 0.5% and 0.1% respectively, whilst only Hobart and Darwin recorded a reduction in dwelling values, of 0.5% and 0.3% respectively. The RBA is scheduled to next meet on the 18th of June. Whilst we believe a further increase to interest rates is unlikely, the undersupply of new housing and low tenancy vacancy rates should, in our view, ensure property prices remain strong regardless of the RBA decision. Clearance Rates & Auctions week of 2nd of June 2024   Property Values as at 1st of June 2024   Median Dwelling Values as at 1st of June 2024 Quick Insights Investor's Rush Loans in the investment property market spiked in April, new home loan commitments to investors jumped 5.60% from March, the fastest rate of gain since November 2021. Commonwealth Bank senior economist Belinda Allen said, "There's no end to price impacts from the lack of supply and strong demand. It's economics 101″. Source: Australian Financial Review Australian Apartments Up Again There has been a 26% national increase in apartment selling prices, primarily benefiting higher-end developments, this surge alone is driving the rise in new home completions to 28,000 this calendar year. This figure marks the highest in four years, compared to the previous total of 32,000. However, Urbis director Mark Dawson emphasized that without a corresponding decrease in borrowing or materials costs to make lower-priced unit projects financially feasible, the current spike in completions might taper off in the future. Source: Australian Financial Review Author: Filippo Sciacca, Director - Investor Relations, Asset Management and Compliance Funds operated by this manager: ASCF High Yield Fund, ASCF Premium Capital Fund, ASCF Select Income Fund