Shannan Whitney

We're seeing properties, you know, properties in Sydney either being priced according to the conditions or priced, you know, above the conditions.

Those that are priced above the conditions simply are falling into the passed in category, which is sitting at 50 odd percent.

Properties such as the subject property we spoke about, the auction price settings were in line with conditions.

The demand and engagement on the buyer's side certainly demonstrates that there's generally a market there.

There's plenty of buyers who want to buy.

But to your point, Craig, I think the lens in which buyers are making decisions are perhaps somewhat different at the moment than it was.

Fully developed,

All the fundamentals were very strong, car parking on site, a lot of capital invested by the current owners.

The quality of the capital investment was very high and the buying market certainly is seeing that the pricing is certainly looking like good value compared to where it was 18 months ago.

And as a result, you see clear engagement and competition from the buying market.

So I think the positive to that is there's definitely buyers around.

There's definitely buyers who want to engage and invest into real estate.

But the real challenge is at what price are they prepared to do it?

No, you're absolutely correct.

There's a real bias towards fully developed property.

There is a huge amount of uncertainty on the undeveloped side.

You've got values falling, the market uncertain about how far they will fall and for how long.

And of course, you've got the great uncertainty around building costs, materials, labour availability.

So those things combined certainly see that the market is shying well away from undeveloped opportunities.

That does buck the trend.