What do we make of it?

Well, I think there's two things.

I think there's fundamental affordability.

And, you know, I guess at the start of the year, if you could afford $1 million, then now you can probably afford somewhere around $850 to $880.

You know, that's just the reality.

If you've got a mortgage, that's obviously increased.

And I think, you know, they're the fundamental cold hard facts, right? They're the cold facts.

Do you think landlords, when you hear the announcement like yesterday, will landlords pass on every rate rise just through higher rents? Is that how it works? Yeah.

Could our growth, the strong growth suburbs, double in value by 2036? You're forecasting 10 years ahead for us.

Yeah, I mean, there's been some reports that, you know, Elizabeth South grows Smithfield Plains and, you know, Davron Park, et cetera, in the north, and then you go the other way, Christie's down.

So those more affordable suburbs, there's been some discussion that they could sort of double by 2036, which is a 10-year forecast.

I don't know, Leith, like...

Mm-hmm.

Mm-hmm.

and then that's when we hit the double digits thereafter.

Yeah.

Mm-hmm.

And, and it's the same with the property market.

So in 2021, that was our strongest annualized growth year, nearly 20%.

We went backwards one of those months, you know, where we actually had a decline.

So it'll be interesting to see where we, you know, where this all shapes up.

Um, I think by the end of the year, I'd like to think we'll still be in a positive.

Do you know what I mean? Because it would take another, um, five months at 1% negative to end up a neutralized year.

Yeah, in the middle.

So supply-demand, that points to auctions probably going through the roof.

Well, options have been interesting because also we've got, like, although we had a 4.8% growth period over that quarter, it also is a market at the moment where, you know, if the property sells down the road for $1 million and you want $1.2 million, then you may not get anybody rock up at your auction.

So whereas previously, whatever you just asked for, people were paying you.

So actual clearance rates have gone down a little bit.

Properties that are priced according to the market and what's sold around them are still going really, really well at auction.

So yeah, it's a bit contradictory, the auction data, if you look at it, but I think that's based upon owner expectation, the demand for properties at a price point and at a price point that's not any lower than reports have been that we've gone backwards, but we've actually done the opposite.

What about houses and apartments? Is there a difference? Is one stronger than the other or same demand no matter what it is?

Yeah, so units and apartments typically follow the housing market.

You sort of predicted that this was going to happen, Bronte?

Oh, I...

Look, I think realistically, um, we're talking about one month by 0.2%, so not even 1%.

So, um, if you have a million-dollar property, um, and it was to go backwards by 1%, that's $10,000.

Um, if it was to go backwards by 0.2%, that's $200.

So I, I, I don't think it's a significant, um, d- significant number.

Now, also what's quite fascinating about this is it's the last time Sep- Sep- September 2022.

But how do you know that you're dealing with a real agent and not an AI agent?

But is this, because obviously we've seen the prices of houses go up since COVID, is this bound to happen? Do you think they might go down further?

So if we look at the property cycle, Angie, and sorry to everybody that feels like I'm a broken record on this, but if you've got 12 o'clock at the top of the market, 6 o'clock being the bottom of the market, and the market goes clockwise.

So from 12 to 6 in Adelaide, that typically is a low growth of like 1% to 3%.

That's stagnation for us on that side.

Between 6 and 12 in Adelaide, well, of course, it's growth like in any other state.

When we go from 12 to 6 in Sydney, Melbourne, Perth, and Darwin, it's typically a decline, right? There's a decline.

We stagnate when other markets decline.

What sort of happens? Because obviously you watch all these things.

I was about to say on the price factor, if it's slightly cheaper to rent an apartment in the city than it is just the fringes of the city, is it because of just the sheer number of them? There's so many more.

There's more supply.

So the city, it's interesting because if you rewind the clock and you would listen to audio of me five years ago, I would have said to you, Stacey, every single property, every single apartment that was bought off the plan and resold will sell for less when it resells in two to three years than what they paid off the plan on day one.

And as long as history, there might have been one or two developments that were an exception to that.

But if somebody paid $550, it was worth like $470, $480.

And the reason for that was it used to cost you, let's just call it $4,000 a square metre to build it and you would want $5,000 a square metre to sell it.

So a 100-square-metre apartment, which is typically like two-bedroom, one or two-bathroom, good-sized living area balcony, would be $500,000.

that I don't think we're going to bridge because