If you're searching for some blue chip ASX shares to add to your portfolio this month, then the three listed below could be worth considering.
I believe these blue chip ASX shares have the potential to provide strong returns for investors over the next few years. Here's why I would buy them in August:
Goodman Group (ASX: GMG)
The first blue chip ASX share to consider buying is Goodman Group. I'm a big fan of the integrated commercial and industrial property group due to its high quality portfolio of assets. Many of its assets have exposure to structural tailwinds such as ecommerce through agreements with Amazon and DHL. I believe these will be in demand for a long time and are likely to drive strong rental income growth over the next decade and beyond.
REA Group Limited (ASX: REA)
Another blue chip ASX share to consider buying is REA Group. I think the property listings company has an outstanding business model and have been very impressed with the way it has performed through both the housing market and coronavirus crises. And although trading conditions may remain tough for the next couple of quarters, I believe its growth will accelerate materially once things return to normal. Especially given its strong market position, growing global operations, potential price increases, and cost cutting.
Wesfarmers Ltd (ASX: WES)
A final blue chip share to consider is Wesfarmers. I think it is a great blue chip share to buy due to its positive long term outlook. I believe the conglomerate is well-positioned to deliver solid earnings and dividend growth over the next decade. This is thanks to the quality and diversity of its portfolio which includes the key Bunnings brand and the likes of Kmart, Catch, Officeworks, and several chemicals and industrials businesses. The company also has a hefty cash balance which is likely to be used for acquisitions in the near future.
