Share prices of many ASX shares have fallen recently due to worries about bond yields, private credit uncertainties, AI, the Middle East, inflation and rising interest rates. There's a lot to worry about for investors.
With all of the above in mind, it's not surprising that some interest rate-sensitive ASX shares are down (close) to their 52-week lows.
Below are two of my favourites right now at a low point.
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Centuria Industrial REIT (ASX: CIP)
Interest rates act like gravity on property prices – when rates go down, interest costs fall, and property values are likely to rise. The reverse is also true. With interest rates anticipated to rise this year, the market has pushed the Centuria Industrial REIT share price down 20% in the past year to a 52-week low.
This business owns a portfolio of industrial properties across Australia. I think it's appealing to be able to buy a slice of so many properties in just a single transaction.
Property values do change over time, and it's hard to know exactly what the ASX share's property portfolio is worth without actually going to sell it, which the business isn't going to do.
However, we can look at the REIT's distribution as a way to see how attractive it is.
The business grew its annual distribution by 3% in FY26 and expects to grow its payout by another 3% to 17.3 cents per unit. That's a forward distribution yield of 6.1%. To me, that's an excellent yield from a business like this.
When rates do eventually come down, I think this valuation could make it seem like a cheap ASX share.
JB Hi-Fi Ltd (ASX: JBH)
JB Hi-Fi is another name that has seen a sell-off. The JB Hi-Fi share price has dropped 44% in the past year, and it's now close to its 52-week low.
Inflation of living costs and higher interest rates are already causing headwinds, and investors are feeling negative. I think it's been heavily oversold.
For July 2026 (the first month of FY27), the business provided a sales update showing total sales dropped 0.5% for JB Hi-Fi Australia and declined 1.7% for The Good Guys. Positively, JB Hi-Fi New Zealand's sales growth was 20.9%.
At this stage, sales are only slightly down in Australia.
I believe JB Hi-Fi Australia is well-placed to serve customers with its scale benefits, very competitively priced products, a wide product range, a productive sales floor, and an expanding network of locations in Australia and New Zealand.
Using the projection on CommSec, the JB Hi-Fi share price is valued at under 15 times FY27's estimated earnings, with earnings growth projected in FY28 and FY29. That makes it look like a cheap ASX share to me.
