Property Downturn Weighs on ASX 200 Banks and REITs
The S&P/ASX 200 fell 0.8% to 9,072.8 points on Friday as analysts issued mixed ratings on Resmed, Goodman Group and Commonwealth Bank of Australia.
Updated on Nov. 13, 2026 in Investing
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Red Leaf Securities analyst John Athanasiou rated Resmed a buy, Goodman Group a hold, and Commonwealth Bank of Australia a sell. The S&P/ASX 200 Index was down 0.8% to 9,072.8 points on Friday, with all four major banks reporting lower loan applications.
Why it matters
Five interest rate rises this year are an obvious driver behind the national property market downturn, and changes to capital gains tax and negative gearing announced in the Federal Budget in May are also playing a role. Together they shape lending conditions across the Australian banking and property sectors.
Commonwealth Bank reported a cash net profit after tax of $10.982 billion in full year 2026, up 7 per cent, while Resmed first quarter revenue of $US1.4 billion rose 6 per cent year on year. Analysts have not yet quantified how far lower loan applications will affect future bank earnings.
The players
Red Leaf Securities
Red Leaf Securities is an Australian securities firm whose analyst John Athanasiou issued the buy, hold and sell ratings on Resmed, Goodman Group and Commonwealth Bank of Australia.
Commonwealth Bank of Australia
Commonwealth Bank of Australia is one of Australia's four major banks and the country's largest by market capitalisation.
Resmed
Resmed is a US-listed medical device company specialising in sleep apnoea and respiratory care equipment.
Goodman Group
Goodman Group is an Australian industrial property group that owns and develops logistics and business parks worldwide.
The details
Lending to new residential investors has fallen substantially since changes to capital gains tax and negative gearing were announced in the Federal Budget in May. Management at Resmed is targeting operating earnings per share growth of 9 per cent in full year 2027, while Resmed adjusted earnings per share of $US2.91 was up 14 per cent.
Timeline
May 2026: Federal Budget announces changes to capital gains tax and negative gearing.
Since May 2026: Lending to new residential investors falls substantially.
13 November 2026: Buy, hold and sell ratings are published on Friday.
Market Dynamics
The May 2026 Federal Budget changes to capital gains tax and negative gearing are now showing up in lending data alongside five interest rate rises this year. Together these policy and rate moves are reshaping conditions for the major banks and property groups listed on the ASX 200.
Investors holding shares in the major banks or property groups should review exposure to rate-sensitive sectors given five rate rises this year. Higher loan defaults at Commonwealth Bank remain a possibility that could affect dividend expectations.
The takeaway
Review how your portfolio is weighted toward rate-sensitive banks and property stocks before making changes, since five rate rises and new tax settings are both weighing on the sector.
Further reading
For more on how these moves affect portfolios, explore Investing coverage for Australian readers.
Source note: This article includes information reported by Motley Fool Australia.
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