Hi Parker,

I don't hold any CDI at present, but I also find their asset-backing of interest. Though I don't see them as being a "punt" because the liquidity is very low and has been that way for many years.

I've often thought they'd be a good vehicle for younger investors saving for a first house - put a few $k into CDI every now and then and the value should be somewhat benchmarked to residential property values. Plus might get some benefit from the fact that you are investing in current land holdings at about half the value you could supposedly buy them.

If this was to trade at 15% discount to NAV based on updated market valuations like most other listed property generally does, the price would be about 61cps. Then again, CDI doesn't have the advantage of rental income in a quiet market.

It's hard to be sure when the next boom time will come along for CDI. Possibly a few years away. The shares lagged the residential construction market quite markedly in the last building cycle which made it a very low risk buy at the last low (from memory, about 15cps). Not sure that will happen again though.