In a comparison between Australian and United Kingdom property markets this paper re-examines the sensitivity and importance of interest rates and stock market price behaviour on securitised property by decomposing their long-run impact between transient and permanent effects. This is achieved in a framework that accounts for endogenously determined structural breaks. The results provide a different perspective on the relationship securitised property has with these markets and sheds new light on their long-run interaction. The literature has produced mixed results on whether interest rates or stock market performance drive long run behaviour in securitised property markets. The results from this research show that, once structural breaks are accounted for, securitised property in Australian and UK property markets is driven by both interest rate and stock market changes.