7 figure Attraction Agent
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7 figure Attraction Agent
Real Estate Predictions for 2025 Across Australia | Louis Christopher, SQM Research
01:46 – Louis Christopher's Housing Boom & Bust Report 2025
02:33 – House price predictions for 2025 across Australia
07:00 – Why Melbourne has become a buyer’s market with an increase in distressed selling
12:15 – Why Louis is optimistic about Brisbane
16:25 – How the population decline in Hobart is affecting housing prices
19:05 – Interest rates, Migration, and Over Population
22:11 – How do you select the best agent?
30:16 – There are more ‘sold priors’ than ‘sold under the hammer’ in Sydney
31:08 – What are the best buys?
32:08 – How do you calculate the ‘Real Interest Rate”?
LOUIS CHRISTOPHER is the Founder and Managing Director of SQM Research and one of Australia’s most recognised and respected property analysts. Known for his accurate forecasts and in-depth market knowledge, Louis provides invaluable insights into the Australian property market to help you make your next move!
This episode is sponsored by Local Agent Finder
There's no motivation here, there's no rah-rah. This is all factual, brought to you today by local agent finder and we've got one of the best real estate forecasters if not the best forecaster in Australia, louis Christopher, who spends his days, his hours, studying real estate charts, and the timing could not be any better because he releases once every year a report on the housing marketplace that was released in the last couple of days. Their media outlets have all captured and commented on some of his findings and some of his forecasts, and I have with me that's Louis in the blue and I also have one of the executives of local agent finder, warwick Still, who is also here today as my co-pilot, and he's going to share a few insights in agent selection and how to go about picking the best agent in selling and whether you should be selling right now. That's probably something for Louis to handle. But, louis, thank you again for joining us An incredible year. Your report came out a couple of days ago. What's the official name of that report? Louis?
Louis Christopher:First up, well, nice to be with you, tom and Warwick, and, of course, nice to be with your audience as well. It should be a good session. The name of the report is called Christopher's Housing Boom and Bus Report. We, of course a lot of the media focuses on our capital city forecast, but we actually get right down to the postcode in terms of doing risk ratings and providing stats at the postcode level. The report goes on for about 135-odd pages and it's on our website right now for purchase for $60, sqnresearchcomau.
Tom Panos:Well, susan's actually put that into the chat box there so you can get a hold of it. Now, louis, if I'm a real estate owner at the moment and I'm watching this either live on Zoom or watching it on replay or watching it on social media because it's ongoing on Facebook as we speak If I'm on there and I'm an owner, should I be pumped about next year or should I actually think to myself? It's going to be hard.
Louis Christopher:Well, our forecast is for a mixed housing market, so it's going to depend where you live, tom. So we've got quite a variation in the forecast this year, depending on the city. So it ranges from, for example, perth, where we're most bullish about, where we believe housing prices will rise by another 14% to 19%, through to Canberra, where we believe housing prices are going to fall somewhere between minus 6% to minus 2%. And then, when we speak about our two largest capital cities, melbourne and Sydney, the forecast is a flat to falling market where we believe housing prices will slightly fall between minus 5% to minus 1%, depending 1% minus 1%, depending on where you are in those cities.
Tom Panos:Okay. So it's quite extraordinary. This run that Perth has got is unbelievable. Having said that, it was close to nearly two decades of nothing happening and then, all of a sudden, it's been the standout. Would you say it's been the standout? Would you say that's been the standout city above Adelaide in the last few years?
Louis Christopher:Absolutely On our numbers. Perth for 2024 will finish a year up 25% compared to 2023. Wow, 25%. Our values are up by a quarter in just one year. Quite incredible, really.
Tom Panos:Yeah, now Louis, melbourne I can't get over. I've been in real estate for 40 years. It was always Sydney first, melbourne second. There was a bit of a gap. Now the gap's got bigger. But what's more interesting is other areas have overtaken Melbourne. I mean, melbourne is a hub. You get off at Tullamarine, you actually can field, you go into the city. But it hasn't been happening for Melbourne. What are the reasons?
Louis Christopher:I think there's quite a few reasons for it, tom.
Louis Christopher:I think the economy overall in Victoria has been slowing. I think the land taxes introduced upon investors have discouraged a lot of investors, a lot of investor activity, in terms of investing into Melbourne. We've been noticing that the rental market's starting to slow as well. Now, in all this, population growth's still relatively strong, but I think there's a lack of confidence in the state economy right now and that's deterring a lot of investment, whether it be property, whether it be other businesses. There is caution with your average Melbourne investor and there is also caution with your average Melbourne home buyer, where you're a first-time buyer, an upgrader or a downgrader. When you see more uncertainty in the economy, you're losing confidence of what the state government's doing regarding the economy, and I think there's been a lot of loss in confidence in the state government's doing regarding the economy, and I think there's been a lot of loss in confidence in the state government surrounding the economy. People will sit on their hands, people will be more cautious, and I think that's what's going on.
Tom Panos:Now, louis, in the work that you do, you do a lot of graphs, you analyse a lot of data. I'd love to get you to and I'll hand over to you. We'll give you sharing rights. What sort of information this report that's just come out from you, some of the highlights, some of the things that are worth talking about. But it sounds like look, it sounds like to me right now. So if you're in Perth, adelaide and Brisbane, you're thinking of selling. You put it on next year. You'll probably get a great result. If you're in Sydney and Melbourne, if you're thinking to yourself oh wait, the market's going to take off. That's not necessarily the case. You might be selling at a lower figure, but I'll hand over to you with the data.
Louis Christopher:Yeah, look, tom, I think, since we're speaking of Melbourne, let's make that the first stop, because I think there's some interesting charts which will sort of illustrate why we're being more cautious on Melbourne. So I'm just going to share this chart right now. So just bear with me one moment.
Tom Panos:No problems.
Louis Christopher:Okay, now can you see this? This is a chart on the CBD of Melbourne and it represents total property listings, split by days, on market. Can you see that? Yes, I can. Okay, now you can see the chart goes back to 2010. That's when our series starts. Have a look at this period here.
Louis Christopher:This is a new high for the CBD area of Melbourne. Listings have been rising. Old listings have been rising. We're seeing a steady rise in new listings as well, but the thing is, total listings are well and truly up and we've actually got a record high in the CBD. We haven't seen it higher, except for maybe getting close to that point back in 2014.
Louis Christopher:This is a market in the inner city ring and this is an area where we're more negative on compared to the outer ring of Melbourne, where you know it's pretty obvious that things are becoming quite well supplied and you're seeing this increase in old listings. So, right now in the CBD, there's 896 dwellings that have been on the market for over six months. Wow, that's quite a lot. Now, you'll always, as you know, you'll always have properties that are old stock, which has been on the market for a while, because you might have a stubborn vendor or whatever it may well be, but when you start seeing a trend up, that's telling us something else altogether. It's telling us that the market is slowing down. Now what I'm going to do, just bear with me one moment. While we're talking about Melbourne, I'm just going to log in and show you something very interesting that we've been talking about.
Tom Panos:And as Lou is doing that to all our viewers, I've got to tell you that clearly shows to me that graph there that's a buyer's market. If I've ever seen it, this is a buyer's market and we know that an oversupply of listings is in fact the killer to capital growth, and that appears to be happening in that city centre of Melbourne. I'm fascinated to see what you're bringing up here, louis.
Louis Christopher:All right, can you see this up here, louis? All right, can you see this? Yes, I can Number of distress listings in Victoria. Okay, so we report on distress listings across the country. This is a relatively short series, so we need to keep that in mind. We've got this going during the start of COVID and what's interesting about it? It's a clear upward trend where we're recording more and more distressed listings on the market in Victoria, what's your definition of a distressed listing?
Louis Christopher:Yeah, I get that question often. Okay, so a distressed listing will be more than just a mortgaging and possession property. It will be more than just a mortgagee in possession property. It will be things such as a deceased estate. It will be things such as in the keywords of the listing bank for sale all offers considered bargain property price massively reduced, moving overseas. Yeah, there's about 47 different keywords there.
Tom Panos:A highly motivated vendor.
Louis Christopher:We're trying to capture highly motivated vendors. Yeah, okay, and whether people agree with some of the keywords we've put into that or not, that's fine. What's important here is the trend. Are there more distress listings in the market or are there less? And I think this chart tells a story quite clearly for Victoria. We're now recording more distress listings in Victoria than what we did during the early COVID period, and the trend is very apparent. It's very, very obvious. I'll just stop sharing that now so you can see my beautiful face once again.
Tom Panos:Okay.
Louis Christopher:All right. So these are just a couple of the things which have made us a little bit more negative on Melbourne at this point in time. The rise in the listings in the inner city ring, in particular, the rise in the number of distress listings in the marketplace, tells us that the community is doing it tougher and they're getting to the point now where it's like, okay, all offers considered, please, we need to sell now. Now, I must stress, this is not, you know, we're not talking about a crash or anything like that in Melbourne. There is still a shortage of real estate in Victoria. We're still reporting rental vacancy rates under 2% in Melbourne, though they have been climbing, you know, and there is still, you know, a nice diversified economy in Victoria, but clearly the situation's deteriorated over the past 12 months.
Tom Panos:Yeah, Brisbane. Why are you so bullish about Brisbane?
Louis Christopher:I'm bullish about Brisbane for a number of factors. Number one we're seeing very strong interstate migration flows into Queensland. Now, that's always been the story for Queensland, but the ante's been upped a bit. We're seeing the flows at an even greater rate than what we've seen in the last three to four years. Number two we're still recording rental vacancy rates at very tight levels. We're talking about 1% or less in many areas. Number three stock listings. Okay, stock listings are looking tight and, if you like, I can share a screen on this once again.
Tom Panos:Yes, please.
Louis Christopher:All right, just bear with me one moment. Okay, here we go. All right, can you see this chart?
Tom Panos:Yep Total property listing city Brisbane.
Louis Christopher:Yeah, so this is greater Brisbane, not the inner city area. Yep, okay. And here's your stock listings right, okay, we've got 17,000 properties. Through October we had 17,000 properties listed. Right Now.
Louis Christopher:Normally you start to see a bit of a rise towards the end of the year with the spring selling season. We're not really getting too much of that. Note old listings is falling. That trend is down. Okay, so less stock on the market for over 180 days. And then let's consider the wider trend for Brisbane here. Right, okay, if you looked at this chart and you say you take it all the way back to 2010,. So what's the average monthly listing count? You probably would put that somewhere around, say, around 20,000, right, if you looked at the longer term, and here we are sitting at 15,000. We're well and truly below the long-term trend and that's telling me that, okay, absorption rates are higher in Brisbane. There is no indicators of late that we've got to suggest that things are weakening or listings are rising. If anything, it's going the other way, particularly for the older stock. This tells me it's a tight market. It tells me that there's more buyers and sellers in the marketplace and the sellers are being relatively selective. Then I have a look at asking sale prices right.
Tom Panos:Yes.
Louis Christopher:So this is we measure asking prices because it's more timely and we think it's a really good measure of vendor confidence in the marketplace. Right yeah, now I'm just not seeing any weakness here. Vendors are becoming more confident of anything in the Brisbane marketplace. They're lifting their prices further. I don't know whether that's a wise idea or not, but nevertheless they're doing it and, given clearance rates are still pretty good, they're getting away with it, and that's right up until the week ending of the 26th of November. So that's like up till yesterday. I've got this data through to. There's just really no major. I can't see any weakness in these trends whatsoever.
Tom Panos:Well, I've got to say, your analysis of charts and my anecdotal feedback that comes direct from the real estate industry is aligned To give you an idea. So, warwick, you know I do a lot of training when I go to Melbourne. They ask me now to train on how you get a vendor to accept the reality of the market. They're not asking me to do training on bringing in more listings. Right, when I go into Perth which I've been going to Perth a lot what they want to hear is how do we get into more listings, how do we get more appraisals, how do we get more stock onto the market, the one that I'm unsure of, hobart? You're not feeling good about Hobart, louis.
Louis Christopher:Yeah, yeah, the forecast for Hobart is for prices to change somewhere between minus three to perhaps plus 2%. Now, I don't mind a Hobart economy. I think there's a good economy there. One thing that's seriously changed in the last two years is that the population growth rate has slowed once again. It's gone back down to about 0.4% per annum. At one stage it was running hot at about 2% per annum.
Louis Christopher:You may recall, back in the 1990s Tasmania had a net outflow of people for a period of time. People were leaving the state more than the state was growing, and so the overall population was going backwards, and that wasn't a great time to be a property owner. I'm concerned with the slowdown in the population growth rate. And then, when I looked at it more closely, I literally went into like forums about Hobart and the feedback I was getting that I could see from the community was younger people have been moving to the mainland, and have been moving to the mainland because they don't have a lot of choice when it comes to university or tertiary education in the great state of Tasmania. They're moving to the mainland to get more variety of courses Right, and so there's a bit of an outflow about younger people, from my anecdotal research, and so it's created this slowdown.
Louis Christopher:I think, overall too, hobart's had a huge run, a huge, huge run, especially between 2015 through to about 2022. It was a fantastic time to be a property owner at that time, and arguably, hobart got to the point of being relatively unaffordable for the locals, and so I think there's been more caution in the marketplace. I think interest rates have been biting the Hobart community a little bit more as well. We've also been recording a pretty solid rise in distressed listings activity in Hobart, albeit it's from very small levels, but nevertheless the trends are up. So I think Hobart's going to have a bit of a breather for a while until the state government works out what to do to get the population rising once again. Okay.
Tom Panos:Beautifully said. Now, Louis, I have to say, with the interest rates which more or less have tripled over the last couple of years, off the top of my head, it was May 2022 when we started getting the first of those increases. If I can recall, and would it be fair to say that, if we didn't have the migration that we've had, those interest rates would have had a far bigger impact on property values across Australia.
Louis Christopher:No question about it. No question about it. No question about it If the population wasn't expanding this is, the national population wasn't expanding at 2% plus. Let's say it was expanding at just 1%, right? No, those interest rates would have been a lot longer ago and we would have had a greater correction in the housing market. In my opinion I mean, it's a combination of factors. I've spoken in the past about the fact of, yes, interest rates have risen, but so has inflation, so the real interest rate has actually still been negative. Well, that's no longer the case. We've got a positive real interest rate now and I think that's affecting the economy. But yeah, it's no doubt it's been a very strong population growth rate.
Louis Christopher:I think for 2024, no one knows the final number yet the data from the Australian Bureau of Statistics has notoriously lagged Eventually I only got data through to the March quarter, but it's suggesting that we're going to have another strong year of population growth and that the federal government has not been able to in any way at all hit its target. They had a target of trying to reduce migration down to 260,000 people for 2025. I'm telling you now it's going to be near double that number for 2020. So for 2024, it's going to be near double that number for 2024. We will be expanding in 2024 by over 500,000 people.
Louis Christopher:So, Louis, that's concerning because I've got a funny feeling the targets they've also got on building new homes are behind track as well 100% and we've got more up-to-date data from the ABS on this, abs on this, and I can tell you now that we're most likely going to be completing across the country for 2024, about 160,000 dwellings.
Tom Panos:Right.
Louis Christopher:So the two don't go together too well, don't they? You have, say, 500-plus thousand people into 160,000 new homes. Those numbers don't match well.
Tom Panos:Doesn't stack up, doesn't stack up. Now I want to fast forward and I might bring you into the conversation, warwick, because if you're watching this now and you are a vendor and you have obviously registered with Local Agent Finder, you've got some sort of interest in putting your property on the market and I'm hoping that data has been able to help you make a decision on your timing. The next decision you're going to have to make is agent selection, and the truth of the matter is the agent that you do select will impact the final result. There is no question about it. A real estate agent that knows how to negotiate well, has got good marketing, has got a great buyer database, does the right thing, works hard, creates competition, all that stuff. If they do that really well, I think and I've been in the industry for 40 years I think the price differential can be around 10%. One of the biggest decisions a client's going to make is how they go about selecting an agent.
Tom Panos:Of course, one way is that you might play golf with the local agent. He's your mate. You might have gone to school with him. You might have gone to university. He might be your brother-in-law, and that's different. There's a relationship there, right, but I've got to say that I believe that and I'm curious, louie, you yourself, in you selecting an agent. What have you done in the past and have you selected which agent you would actually sell with if you've sold?
Louis Christopher:Well, what I did is I rang up a number which seemed to be closely correlated with Tom Panos' number.
Tom Panos:Right, that's right. You did too, you did too, you did too, you may recall that back in 2020.
Louis Christopher:Where was it 2020.?
Tom Panos:Where was that Louis 2020. It was before COVID, wasn't it?
Louis Christopher:Well, covid was just starting to brew up and my family my wife and I and kids we wanted to move home and we had a local agent who we did know well and we trusted. But I told that agent I wanted to use you as the auctioneer and, tom, you drew a good crowd that day. You drew a good crowd.
Tom Panos:I can't remember it wasn't good. It sold well, didn't it? It sold very well, it sold well. So when there's no relationship, I've got to say look, a local agent finder allows a consumer to go in and view a lot of things, including what they charge, and I urge every vendor who is thinking of selling to actually get multiple opinions, to get different views, and I also encourage them not necessarily to pick the cheapest, because the cheapest agent and the best agent is not necessarily the same agent.
Tom Panos:I think what you do is you've got to talk about what their strategy is. You've got to ask them about auction or for sale, because the method it matters, what marketing they're going to do. What you want to do is to look at what each agent brings to the table, and I do think that one of the things that's going to make a difference is how comfortable you feel. They come into your house for four, six, eight weeks. They are in your boundary, they are near your family. You've got to have a connection. When you're buying a property, I don't even think you've got to like that agent that much. You buy it, you put a deposit, you never see them again, right. But when you're actually selling an agent, it's a different kind of relationship. Warwick on the Local Agent Finder website where a lot of the people that have registered for this year. What are the advantages of being someone that registers on Local Agent Finder in agent selection?
Warwick Steele:Yeah, I think Local Agent Fer time is one of the only places where you can find all the information you would need to make an informed decision on choosing the right real estate agent for you. So the data available that you can look at in a dashboard that we'll provide you will tell you how many sales the agency's made in the suburb over the last 12 months to average days, on market median prices, commissions which you can't get anywhere else, marketing costs, et cetera, and with all the information we can provide, it makes it really easy for a mum and dad couple to be able to do the research and the homework at home at arm's length. Maybe shortlist who they'd like to speak to and then we'd recommend, as you say, maybe getting three opinions and getting three agents out to give you an appraisal where you can talk through their selling strategies and everything else that you'll need to know to make the right decision. But it's just has everything that you'd need to make a smart decision, tom.
Tom Panos:Yeah, I like the fact that it's transparent and you're able, on a dashboard, to do quick comparisons. And I also want to stress to the audience here in making a decision, please remember, your number one priority should be looking for a house price maximizer, not necessarily a commission minimizer. You want to get the best price, and the best price is determined by a number of things, including getting an abundance of buyers and then creating competition. I mean, competition wins gold at Olympic Games and it's competition that will drive the price up or drive to the share market. It's all demand and supply. It's all demand and supply, and what good real estate agents do is they create demand. Also, warwick, what about to those, particularly those that are on social media that aren't registered with Local Agent Finder? What are the reasons why they should?
Warwick Steele:I think, as I said, tom, they can register on the website wwwlocalagentfindercomau, register their property and their details. It'll only take a couple of moments and then, once we get that through to the real estate agents, they'll be able to view the information that we spoke about before, that they really can't get anywhere else, and then from there you can get your agents of choice to come out, give you an appraisal and then you can make a comfortable and the right decision when it comes time to choosing an agent. But it's absolutely free for a vendor to do this, tom.
Tom Panos:Beautiful and I urge every person out there, immerse yourself both on the LAP website and also check out Louis Christopher's content. I find it bizarre that people spend more time planning a holiday or buying a car than actually their real estate transaction. I mean it's bizarre. I mean I see the behavior of people. They've got our brochures, working out itineraries, all for a seven-day thing, and yet they'll come along at an auction. Oh yeah. Oh, have you looked at the contract? Oh, yeah, have a look. Yeah, end up buying it. Oh, I haven't got a deposit on me. Well, we need a deposit. It's an auction property. I find it. Immerse yourself, get educated. I mean, it's probably the single biggest financial investment. It's probably the highest asset that most people have. And, louis, your auction results, which I love them. They're very thorough on a Tuesday. Is it by Tuesday that you've got the comprehensiveness?
Louis Christopher:Yeah, yeah, we believe our reporting rates actually like high 90s by Tuesday and we've had weeks where it's absolutely 100%.
Tom Panos:Well, I've got to tell you, as an auctioneer that is there at grassroots level, I look at my diary every Saturday and the first sign I see that there's a change in the market happened quite a few months ago, when I kept on seeing sold prior, sold prior, sold prior, sold prior. And don't get me wrong, louis and Warwick, I don't mind sold priors. That's a break in my day. Stop and have a nice cup of coffee, right. But let's be clear Sold prior is happening for one reason the agent believes that they will not get a higher price on the day of the auction. The agent thinks that they won't have another buyer on the day, and what they're thinking is, if we go to auction and that buyer sees that there's no one else there, that's going to be problematic. So yeah, Louis.
Louis Christopher:Well, tom, on that front very quickly. I know we're running out of time, I think All right. So last week in Sydney there were more sold priors than sold under the hammer, so there was 1,423 properties that went to option last week, 348 of those sold prior, 315 sold at auction.
Tom Panos:Yeah Well, that's not happening in Perth and that's not happening in Adelaide. They're not big auction, they're not big towns, right. But that's a success, and failure leaves clues. There's clues there.
Louis Christopher:Yeah, yeah, yeah.
Tom Panos:But no, look to your point.
Louis Christopher:Yeah, we're definitely recording high-salt fires, in Sydney at least.
Tom Panos:Yeah, anyway, and to those that are watching online, let me say to you, in terms of real estate, I always get asked you know what are the sorts of things that are great to buy. Listen, when you're buying a place for yourself to live in, buy a home based on your life, not based on the market. I can't get over the amount of people that I'm selling a property for that say, oh why. I say to them why did you have it for two, three years? Oh, it was a good buy, but it didn't really suit us, and so they've got all these transactional costs reselling it. Right, I think? When you buy a family home, you buy because you buy not for the market, you buy for your life. However, when you're buying other sorts of properties, I suggest that you try and buy things that have got a bit of an upside, a bigger block that you can add, a granny flat, maybe a dual occupancy, something that you can add value. But, gentlemen, it's been an We've got a question.
Louis Christopher:Louis, can you go back to explaining the concept of the real interest rate and how that affects inflation? Yeah, no problem, no problem, Okay. So the real interest rate. Think of this right. Let's say the inflation rate was running at, say, 6%, and let's say that the cash rate was running at 4%. Okay, so in that case, inflation's running higher than interest rates. So your real interest rate is therefore negative 2%. The cash rate, in other words, is not high enough to get over and above the inflation rate, and when you have that situation, you're not actually getting in control of inflation, because inflation is inflating your money away. You can borrow the money at a lower rate than what the inflation rate is, so that loan that you've taken out is devaluing away at a greater rate than the interest that's being charged on it, and so this is why I like to look at real interest rates very closely Now.
Louis Christopher:Where we stand right now. The inflation rate now is coming in at about 2.8% I think the rate was today or 2.5% and the cash rate's still at 4.35%, right, so we're now running a real inflation rate of somewhere about plus 2%, which should be slowing the economy. Money's coming out of the economy. Interest rates are above the inflation rate, and so that takes money out of the economy in real terms, and that's the reason why I follow it. And what's so important about this was that when we went into COVID and the government started pumping money, we were running a real interest rate of minus 6% at one point Wow, minus 6%. It was like, okay, the money printers are rolling, it is time to buy real assets in a big way.
Tom Panos:And that's what happened.
Louis Christopher:That's exactly what happened. That, combined with the opening of the borders and very, very strong population growth, well you know no wonder we've been seeing a strong market in the first half of this decade overall.
Tom Panos:Look, australians love real estate. It is a fascination. I can't help it. I sit around and listen to conversations with strangers at cafe tables and they seem to talk about real estate. It is something that I think is pretty unique in Australia. I think in many ways it's positive, but it's also negative, because I think for many young people the aspirations of real estate is being deflating. However, louis, you have been unbelievable today. I want to thank you so much for your time. Warwick, is there anything else you need to add?
Warwick Steele:from Local Agent Finder's point of view, no other than that, if you're looking to find an agent and you're looking to get on the market. Other than that if you're looking to find an agent and you're looking to get on the market, register your property at wwwlocalagentfindercomau. We're the only place, tom, where we can give you all the information to make an informed decision when it comes time to choose an agent.
Tom Panos:Okay, Susan's actually put that link there. Thank you so much, Gentlemen. Thank you for your time To all our viewers and our listeners, social media and on Zoom. Thank you so much. Enjoy the festive season. And yeah, it sounds like if you're in Sydney, Melbourne, put it on the market. If you're in the other places, you've got a little bit of time. Thank you so much.