What are you hearing from some of the agents that you're talking to?

One of the big changes that we've seen is when the federal budget landed in May and there were changes to negative gearing, a lot of investors who were sort of relying on that as part of their purchasing strategy may be put off or changed their plans.

But we're not seeing investors completely leave the market.

We are seeing some investors sort of change their strategy, potentially look at higher-yielding investments, places like regional areas or properties like units where rental yields tend to be a little bit higher.

Um, so there's been a bit of a, a shift in investor behavior there.

But with fewer investors competing in the market, that's actually created a bit of an opportunity for first homebuyers.

We know that first homebuyers and investors, they often compete over the same types of properties at the affordable end of the market, so they've been given a bit of breathing room.

Why is context so important here?