SYDNEY, June 10, 2026, 00:16 AEST
- Scentre closed Tuesday at A$3.72, rising 1.64%. Trading volume finished above its recent average.
- Westfield’s owner released new details on its A$240 million Bondi redevelopment.
- Real estate stocks gained, while the broader Australian market fell.
Scentre Group shares traded higher on Tuesday, beating the wider ASX. The move came as the Westfield owner gave investors more information about its A$240 million upgrade at Bondi Junction and real-estate stocks had a stronger session.
Scentre ended at A$3.72, up 1.64%. The REIT traded from A$3.67 to A$3.75. Volume hit 17.14 million, topping its average 13.27 million. The group’s market cap was about A$19.43 billion. Vicinity Centres rose 2.88%, while Stockland added 0.78%. Scentre tracked other retail-property names higher.
Australian property stocks caught a bid while miners dragged the overall market. The S&P/ASX 200 slipped 0.2% to 8,604.2, having been down as much as 1.6% earlier in the day. Real estate names gained 1.2%, according to Reuters via Business Recorder.
Scentre said work has started on the level-six upgrade at Westfield Bondi, bringing more lifestyle, entertainment, and dining to the well-known Sydney mall. Chief Executive Elliott Rusanow said the focus is on “growing the economic activity” at its sites by getting customers to come back and stick around longer. Scentre Group
The company said the project brings in a refreshed dining and entertainment area, a new valet connection to the upper level, and new flagship stores from ALO and On. This comes after Scentre’s level-one revamp at Bondi, which the company said boosted centre visits 8.5% in 2025.
Scentre faces a straightforward challenge as higher borrowing costs and persistent inflation hit households: can its malls still draw shoppers? In April, the company reported 160 million visits to its 42 Westfield centres from the start of the year through April 19, a 3.1% lift. Business partner sales for the first quarter rose 5.0% to A$7.0 billion.
Scentre Group is aiming for funds from operations of at least 23.73 Australian cents per security in 2026, which would be an increase of at least 4.0%. The company told its annual meeting it expects distributions to go up 4.0% as well, to 18.43 cents per security.
Property stocks got a lift Tuesday as rate bets shifted. NAB chief economist Sally Auld said the bank has dropped its call for an RBA hike in August. “The next move in the cash rate is likely to be down, but the timing is uncertain,” she said. Business Recorder
Scentre remains exposed to consumer trends. The company has already flagged that geopolitical uncertainty could hit the wider economy and weigh on spending, affecting leasing, retailer sales and returns on major projects like Bondi. More delays in rate cuts would just make things tougher.
Scentre runs 42 Westfield malls across Australia and New Zealand—37 are in Australia, five in New Zealand—which puts it among the largest retail landlords in the region.
