If you're looking for blue chip shares to add to your portfolio, then you're in luck because the Australian share market certainly isn't short of high quality blue chips.
To narrow things down I've picked out three blue chip shares which I think are amongst the best on the local share market right now. They are as follows:
REA Group Limited (ASX: REA)
I think that REA Group is one of the best blue chip shares available for investors to buy on the local market right now due to the potential rebound in the housing market in FY 2020. Given that REA Group has still managed to deliver strong profit growth in FY 2019 despite the downturn, I believe the company's earnings growth is likely to accelerate this financial year if house prices recover and drive strong listings growth.
ResMed Inc. (ASX: RMD)
Another blue chip share I would buy this month is ResMed. I'm bullish on the global developer of sleep treatment products due to its leading position in a lucrative market that continues to grow in size. In addition to this, I believe the company's focus on software could be a key driver of growth over the next decade and support its core business.
SEEK Limited (ASX: SEK)
A final blue chip share to consider buying this month is SEEK. Although the job listings company has underperformed this year, this is largely down to its high level of investment in future growth opportunities. I believe it is well worth looking beyond this and focusing on the bigger picture. Especially given the strength of its core ANZ business and its fast-growing Chinese operations. Overall I think the long term gain will make it well worth dealing with this short term pain.
