Shannan Whitney

That's normally the complete opposite, like Sydney, where undeveloped housing is really where a lot of the attention and the energy sits.

That's where a lot of the markets see upside and value.

And as you quite rightly said, the Jekyll and Hyde come back out.

What a different world it is, you know, 18 months later.

And the subject property that we talked about was certainly one that had all those characteristics and therefore removed a lot of those risks for incoming buyers.

And I'd say that if you consider a market like Sydney, which is considered to be one of the strongest, robust and best performing real estate markets in the world, I've not seen in my 30 years that

the small developer market as cautious and as uncertain around the risks with purchasing, acquiring, developing and profiting from real estate in this cycle.

It's the most cautious I've ever seen it.