May 2026
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Largest Real Estate Development Public Companies in Australia
Benchmark revenue and EBITDA valuation multiples for public comps like
Goodman Group, Stockland, GPT Group, Mirvac Group and Dexus.
 | Goodman Group owns, manages, and develops industrial properties in 13 countries, historically in Australia but increasingly worldwide. Around half of its operating earnings come from development, a third from management, and the rest from property investment. Most developments are undertaken on behalf of third parties or fund investors. Goodman earns fees in return for development management services. Completed projects are either sold or reside in one of Goodman’s funds or partnerships. Goodman typically retains ownership stakes in the investment vehicles and continues to manage the sites after completion, collecting investment management base fees, performance fees, property services fees, and a share of rental income. | $22 | -1% | $45B | $45B | 24.8x | 28.9x | ||
| Stockland is one of Australia’s largest residential property developers, specializing in masterplanned communities. Earnings from residential and commercial development are lumpy and averaged about 40% of the group’s funds from operations over the past five years. Revenue from masterplanned communities makes up the majority of development income. While land lease assets contribute only a fraction of the total development revenue, the sector is growing. The investment management business, around two thirds of the group’s earnings, generates rental income and investment management fees from a portfolio of retail, logistics, office, and land lease assets. The portfolio mix is evolving, with less retail, and increasing exposure to logistics and office in recent years. | $3 | -24% | $7B | $11B | 4.7x | 14.8x | ||
| GPT Group, formerly known as General Property Trust, is Australia’s first property trust. GPT has an ownership interest in, manages, and develops a diversified portfolio of retail, office, and logistics assets predominantly located in Sydney and Melbourne. Retail and office, including contributions from their respective funds management, each account for about two-fifths of group funds from operations. The rest of the earnings come from logistics. GPT manages third-party assets and mandates of AUD 28 billion as of December 2025. | $3 | +2% | $6B | $10B | 13.9x | 11.6x | ||
| Mirvac started off as a residential property developer and over time expanded into property investment, funds management, and commercial property development. Investment is the major earnings driver, generating about two-thirds of group earnings. The investment portfolio, by book value, is made up of 50% office, 20% retail, 15% industrial and the rest is build-to-rent and land lease assets. Longer term, Mirvac aims to increase exposure to the industrial and living sectors and own fewer offices and retail centers. Development income is volatile and was around one-fourth of fiscal 2025 group earnings. Besides developing apartments and houses, which Mirvac is best known for, it is also involved in commercial and mixed-use precinct developments. | $1 | -23% | $5B | $8B | 4.3x | 15.4x | ||
| Dexus has ownership interest in, manages, and develops a portfolio of office and industrial assets, about half located in Sydney. The office portfolio contributes nearly two-thirds of group earnings, and industrial assets account for about 15%. Dexus also manages third-party assets and has a funds management platform with AUD 36 billion in funds under management as of Dec. 31, 2025, spanning office, industrial, retail, healthcare, infrastructure, and their adjacent sectors. The REIT has stakes in many of the pooled funds, earning distribution income. Management is internalized, in contrast to some of its peers. | $4 | -9% | $5B | $8B | 12.1x | 15.4x | ||
| Abacus Storage King is a self-storage REIT. It owns, operates, and manages a self-storage operating platform and an investment portfolio comprising self-storage properties and other investments across Australia and New Zealand. | $1 | -4% | $1B | $2B | 12.2x | 9.0x | ||
| GemLife is a vertically integrated operator of land lease communities for residents over 50 years old. Revenue comes from developing and selling manufactured homes and collecting rent on the underlying land. The group has about 2,000 settled homes generating rental income and a pipeline of around 8,000 homes in development or planning. It currently operates 10 active communities across Queensland, New South Wales, and Victoria, typically located in coastal and outer metropolitan areas. | $3 | -- | $1B | $2B | 7.8x | 20.2x | ||
| Growthpoint Properties Australia is an internally managed real estate investment trust. The REIT operates a portfolio of office and industrial assets, with an earnings split of roughly 65%/35% between the two sectors. Vast majority of Growthpoint’s offices are located on the eastern seaboard, predominantly in city fringe and metropolitan locations. The industrial portfolio is concentrated, with nearly half the income from the supermarket behemoth Woolworths. Growthpoint also manages a small property funds management platform, with over AUD 1 billion assets under management. Growthpoint Properties Australia is majority owned by South African property giant Growthpoint Properties, which is listed on the Johannesburg Stock Exchange. | $2 | -10% | $1B | $3B | 10.9x | 16.2x | ||
| DigiCo is a data center REIT and developer operating across Australia and North America. The company was created by Australian-based asset management firm HMC Capital, which arranged the acquisition of the seeding assets in late 2024. The company owns 13 assets, ranging from mature facilities to early stage developments, and from colocation to hyperscale. | $2 | -18% | $1B | $2B | — | — | ||
| HMC Capital Ltd is a property group focused on ownership, development, and management. The company's operating segment includes Real Estate which comprises of HMC Capital managed HomeCo Daily Needs REIT, HealthCo Healthcare and Wellness REIT, HMC Wholesale Healthcare Fund and the Last Mile Logistics Fund; Private Equity which includes the HMC Capital Partners Fund I, a high conviction strategic stakes fund; and Corporate properties which includes unallocated costs and Capital Solutions activities which includes short term investments undertaken relating to non-HMC managed funds. It generates maximum revenue from the Real Estate segment. The company portfolio comprises mainly retail and services centers. | $2 | -38% | $889M | $847M | 3.2x | 3.9x | ||
| Aspen Group Ltd is an Australia-based company, engaged in the business of investment in commercial and non-core development assets. It operates through the segment being investment properties within Australia. | $3 | +61% | $796M | $942M | 12.2x | 15.3x | ||
| Abacus Group is the owner and manager of real estate assets in Australia. The property portfolio mainly comprises modern high-grade office towers in city centers and metropolitan locations, with some small retail assets. Rents collected from these property holdings are the major earnings for Abacus. The group also has considerable exposure to the self-storage sector through Abacus Storage King. In 2023, Abacus de-stapled its self-storage portfolio and created a stand-alone Australian real estate investment trust, namely Abacus Storage King. Post de-staple, Abacus is the manager of the self-storage REIT and remains invested in it with a 20% stake. Through this structure, Abacus earns distribution income and also management fees. | $1 | -12% | $651M | $1B | 11.1x | 15.4x | ||
| Peet Ltd acquires, develops, and markets residential land, predominantly under a capital-efficient funds management model. The company earns revenue from the sale of land, underwriting, capital raising, and asset identification services; Ongoing project-related fees mainly include project management, selling fees, and performance fees. It operates in the following segments: Funds management; Company-owned projects; Joint arrangements, Inter-segment transfers, and other unallocated. The Company-owned projects segment accounts for the majority of revenue. | $1 | +4% | $555M | $713M | 2.4x | 11.8x | ||
| Cedar Woods Properties Ltd is an Australian property development company. The company's principal interests are in urban land subdivision and built-form development for residential, commercial, and retail purposes. The firm offers a range of housing lots, apartments, townhouses, and commercial properties. Its portfolio of assets is located in Western Australia, Victoria, Queensland, and South Australia. | $5 | +12% | $438M | $571M | 1.7x | 9.2x | ||
| Lifestyle Communities is an Australian real estate company with a property portfolio in land lease housing for residents over 50 years old. Revenue is earned through developing and selling manufactured homes, and charging rent for the land they occupy. The firm’s portfolio consists of about 3,000 settled homes, from which it collects rent, and a further 2,000 homes in development or planning. It has more than 30 communities in Australia’s second-most populous state of Victoria, with a focus on coastal and outer metropolitan regions. | $4 | -28% | $427M | $660M | 4.5x | 14.8x | ||
| Finbar Group Ltd develops and invests in properties in Australia. The company develops medium to high density residential apartments and commercial properties, as well as rents its properties in Western Australia. It operates through the following segments: Residential apartment development, Commercial office/Retail development, Rental of property, and Corporate. The majority of the group's revenue is generated through the Residential apartment development segment in Western Australia. Geographically the group operates in Western Australia. | $1 | +5% | $145M | $117M | 0.6x | 7.0x | ||
| Tian An Australia Ltd is engaged in the development and sale of residential, land, and built-form products. The company has interests in developments on the east coast of Australia and developments in the Mandurah/Peel Region of Western Australia. The vast majority of the company's reoccurring revenue relates to the sale of developed land and completed apartments. | $0 | +20% | $12M | $142M | 2.3x | 6.7x | ||
| Median | $2 | -6% | $1B | $2B | 6.3x | 14.8x |
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