Peter Leipnik

Correct, correct.

So we're based in Double Bay, but basically we cover anywhere down the peninsula through to Vaucluse, Watson's Bay.

We've got listings along the beaches down to Marouba in Kensington as well.

Look, it has definitely shaken things up.

It's mainly come back to the buyer confidence.

Even when there were chats earlier,

of interest rates going up, that's when the buyer confidence kind of went down.

So, you know, obviously as we've seen over the past couple of years, we've had such a rapid rate at which we were growing and there was a lot of FOMO out there in the market.

That FOMO is kind of disappearing and the buyers aren't as confident as they used to be, but still some quality buyers out there.

We're still auction-focused here, and that goes across the board, everything from our apartments up to our prestige homes in the area.

When we have a look at the auction rates, sorry, the clearance rates, they are lower.

That being said, not a lot of those statistics come into play, the amount of properties that sell after auction.

So we're hovering around 60% clearance rate in our area, but then things will generally trade within about two to three weeks post that.

So the auction process still does do a really good job.

Yeah, absolutely.

the interest rate rising and the shakeup in the market has pulled a handbrake on their plans.

But that being said, I mean, the people that we're working with now and the properties that we're putting on the market, as opposed to the past couple of years, they're not just testing the market.

They want to sell.

It's situational.

They're upsizing, downsizing.