Tech Surge and Real Estate Rally Drive ASX Outlook Higher

3 min read | July 02, 2025 10:22 AM AEST | By Team Kalkine Media

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Tech Surge and Real Estate Rally Drive ASX Outlook Higher — Image source: shutterstock

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Highlights

ASX expected to rise amid strength in tech and real estate sectors

NASDAQ rally lifts local tech names; real estate recovers from recent retreat

Investors await retail sales data ahead of the RBA's July decision

The Australian share market is poised for a positive start today, supported by gains in the technology and real estate sectors. As of 8:30 am AEST, S&P/ASX 200 futures were up by 18 points or 0.21%, signaling a stronger open.

On Tuesday, the S&P/ASX 200 Index finished virtually flat, ending 1 point lower at 8,541. An early rally that pushed the index to an intraday high of 8,576 faded later in the session. Market activity remained light due to end-of-financial-year adjustments and public holidays, creating thin trading conditions.

Sector performance was mixed. Utilities advanced by 0.92%, followed by real estate with a 0.79% rise, and consumer staples edging up 0.45%. On the other hand, declines in industrials (-0.60%), telecommunications (-0.26%), and materials (-0.16%) capped broader gains.

The standout performers were in the tech space, buoyed by the NASDAQ reaching another record high. Among the leaders, DroneShield (ASX:DRO) surged 12.28% to A$2.56. ZIP (ASX:ZIP) climbed 4.56% to A$3.21, Life360 (ASX:360) gained 4.38% to A$33.45, and Appen (ASX:APX) rose 3.57% to A$1.16.

Real estate stocks staged a recovery after recent losses. Scentre Group (ASX:SCG) moved up 2.81% to A$3.66, while GPT Group (ASX:GPT) added 2.07% to close at A$4.94. Meanwhile, Commonwealth Bank of Australia (ASX:CBA) dropped 1.17% to A$182.58 amid sector rotation. Peer lenders showed strength, with ANZ Group (ASX:ANZ) rising 2.50% to A$29.89 and National Australia Bank (ASX:NAB) advancing 0.86% to A$39.70.

Investor attention now shifts to upcoming retail sales data, a key release ahead of the Reserve Bank of Australia's meeting scheduled for July 8. A modest 0.4% month-on-month increase is forecasted, and current market pricing reflects a 92% probability of a rate cut in July.

On Wall Street, equities pulled back with the S&P 500 and NASDAQ retreating ahead of key U.S. jobs data. Tesla (NASDAQ:TSLA) fell 5.34%, and Nvidia (NASDAQ:NVDA) slipped 2.97%, while healthcare names such as UnitedHealth (NYSE:UNH) and Amgen (NASDAQ:AMGN) saw gains.

Commodities posted gains, particularly gold, which jumped 1.3% to US$3,349.80 per ounce. Brent crude oil rose to US$67.11 per barrel. The Australian dollar softened slightly, trading near US65.80 cents.

As global economic signals continue to evolve, market participants remain focused on upcoming data releases and central bank policy cues, both at home and abroad.

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