Over the last two years listed property has been the top performing sectors on the ASX 200 outperforming the broader equity market. While Australian other sectors in the equity market have faced concerns about a rising and then falling AUD, falling commodity prices, Eurozone issues and bank capital raisings, listed property has seemingly sailed under the radar up until mid-July 2016 and has since fallen 12% over the past quarter. In this note, we will look at what has caused this fall, what is going on in listed property together with our positioning in the Aurora Property Buy-Write Income Trust (AUP) in the various property sectors.