Scott O'Neill

That's probably the biggest difference you've seen, but we're not seeing price falls in any of these markets except for the lowest yielding ones, which I've mentioned a couple of times on your show.

If there was an asset that was selling at a sub 3% yield, it's less attractive

now because the cost of the loan's gone up.

But people that are actually getting a 6%, 7% return, if your interest rate's gone up a little, it's still a good return.

And the demand is still there.

And it's coming off a very low supply rate as well.

So there's not much of this stuff around.

So there's still a lot of people fighting over every asset.

And the same can't be said for residential, where there is a lot more supply.

And that is the biggest difference.

We're actually quite transparent with the amount of properties we purchase for clients each month.

What we actually do is tell you how many properties and the dollar amounts we're purchasing each month.

So last month, this is August, so I'm not answering your question direct, but in August, we purchased over $60 million in property.

That was about 40 properties.

That was the exact same amount.

We did $58.2 million in August last year.

So it's been the exact same number

number of transactions and dollar amount nearly as this time last year.

And I don't know if you remember, Craig, but last year it was probably one of the most buoyant times we've ever seen.

The markets were flying, confidence was high, growth rates were extremely good.