Munro Donen

That's off the COVID lows, and probably 10% to 15% higher than the pre-COVID days.

I do expect this trend to continue due to the low new supply of apartments in the east, really where people want to live.

With 195 new migrants expected to enter Australia in the next 12 to 18 months, and the majority probably coming to Sydney or New South Wales, this is going to put extra pressure on rentals, as many of these migrants may not be on a permanent visa, which limit their ability to buy due to FERB surcharges, and would have to go into the rental market.

A lot of new apartments in premium locations in the eastern suburbs are now being designed for owner-occupiers, so they are larger apartments with higher price tags, topping up to $50,000 a square metre, which leaves very little stock, new stock, for investors and renters.

Thank you, Craig, and appreciate the opportunity to share with you.