Wow

...

the, if you think about it, they managed, they h- they got the chance to redesign a city, right? So Sydney, probably much like Auckland, um, you know, you battle the same issues.

You start with a small population, um, and you build out, you build out, you build up, you build out, you build it, and, and it's a natural growth.

That natural growth doesn't come with the best infrastructure design.

You make do with what you've got, and you keep trying to, you know, get the population around and make sure that everyone's kind of serviced in the right ways.

Christchurch is slightly different.

Yeah

So what is the latest? So

we had on the retail rates, not the wholesale rates, on the retail rates, we had... a pretty big spike at the start of the year.

But there was actually liquidity issues with the banks.

So our banks can't warehouse risk.

I think yours are probably pretty similar.

They have to sell their mortgages fairly quickly at the back end.

And when the conflict in the Middle East kicked off, basically all the hedge funds just shut up shop.

But I think this is a great segue into Christchurch, which is a market that has been has denied expectations versus the rest of the country.