Stephen Knight

is what about capital growth?

So you get a higher yield, but do those houses increase in value more quickly?

Do they increase in value more slowly?

I've always been of the opinion that because these properties really only appeal to investors, they're more a yield property.

They're not going to increase in value as fast.

So I tried to call up all of my data nerd friends to say, hey, mate, do you have the data for me?

The first call, ring, ring, was to Kelvin Davidson.

He's the economist at Cotality, a friend of the show.

And he said, look, it's really hard to identify these niche properties within their formal pricing data because they only make up about

one to two, maybe 3% of properties.

So he said, look, I can't really do much more than that.

And it's not like in the council records, one property is listed as a room by room rental, and they're all listed as multi-tenancy or anything like that.

The data's not as clean.

So I thought, oh, that's okay.

Calvin, I'll call up my other mate at Velocity, Wayne Shum, another friend of the show.

So I call him up.

Oh,

And he says, oh, look, unfortunately, we don't have data for that.

We don't have capital growth data comparing homes to multi incomes.

I thought, oh, geez, geez, geez.