Andrew

And the reason for that is I'm buying in more expensive areas.

I bought in Queenstown last year.

I've bought in Wanaka.

I've just signed up for Wanaka.

I've bought in a lot in Auckland.

By the way, don't take those as endorsements for Queenstown and Wanaka.

I've done that because I want to have an affordable product.

in those markets, but they are really expensive and it's not for the faint-hearted.

Where I'm looking for at the moment is growth, particularly in Auckland because it's highly undervalued.

Oh, someone asked about how the undervalued market model works, which you'll cover next.

So that's what I'm going for.

Having said that, a lot of my clients, I might be recommending Christchurch houses or Christchurch townhouses because of affordability.

But for me, the majority nowadays, almost exclusively over the last seven years, will have been townhouses.

Oh, really?

I think so.

Over the last seven years, you said?

Oh, yeah, I would have thought at least 80%, if not more, other than the church that I'm looking at.

So someone asked before about if they're buying their first property as a rental property, so a rent-vestor, exactly how Ed and I both got started, Colin, how best to structure that?

Well, I always purchase in my own name.

Did you do the same thing?