Michelle Marquardt

So we're not quite seeing those increases come through yet.

I like to use an analogy of a bathtub.

So the bathtub's full of water at a certain temperature.

We've got a hot tap with, you know, the increase in rent prices.

And it just takes a little while for that to flow through to the rest of the bathtub or the rest of the rents.

So we're still seeing rents going up at about 1.6% across the year.

So that's sometimes not as high as people sort of expect it to be.

The other element is that they're not as strong in Sydney and Melbourne as people might think.

And they're a big part of the market around the country.

So that holds it down overall when I look at across the whole country.

No worries at all.