The Mirvac Group (ASX: MGR) share price had a solid 2019, climbing 44.55% higher to close the year at $3.18 per share.
That positive momentum has continued into 2020 with the group's shares up 2.98% in today's trade to hit a new 52-week high. Mirvac shares are trading at $3.46 per share at the time of writing, up 8.81% since the start of January.
So, what's driving the real estate group's shares higher and is there still time to buy?
Why the Mirvac share price is at a 52-week high
The Mirvac share price is one of the ASX 200's strong gainers today despite no market-moving announcements since December.
Mirvac's operations are diversified across office, retail, industrial and residential real estate.
One of the big tailwinds helping the Mirvac share price last year was the Reserve Bank of Australia's (RBA's) interest rate cuts.
The RBA slashed rates 3 times from 1.50% p.a. to the current 0.75% p.a. record low. There's still talk that the central bank could lower rates even further in response to the GDP impact the devastating bushfires could have on Australia.
However, lower interest rates have also meant more borrowing and higher property valuations.
The Mirvac share price climbed higher after the group announced a $200 million purchase in Melbourne as it looks to expand its office portfolio.
Earnings per share is tipped to climb higher in FY20 as the growth continues for Mirvac. That's propelled the group's shares to their current 52-week high in a solid start to the year.
What about the rest of Mirvac's portfolio?
It's not just Mirvac's residential real estate that's performing well either. Commercial real estate has been performing well despite some concerns around the Aussie retail sector.
Fellow real estate investment trust (REIT) Stockland Corporation Ltd (ASX: SGP) has enjoyed similarly strong starts to the new decade.
The Stockland share price is up 7.09% this year, while Scentre Group (ASX: SCG) shares are underperforming, up just 1.82% in 2020.
Foolish takeaway
As long as interest rates remain low, Mirvac's strong residential exposure looks likely to perform well.
Despite some wobbles in Aussie retail, the group's diversified commercial assets are continuing to hold steady and deliver income to shareholders.
