Kylie Davis from Corelogic joins us for Capital Growth month.

Hello everyone, it is Jane Slacksmith here and it is March so that means it is Capital Growth Month and it is Wednesday which means that we have a property expert with us. And I'm really excited today to welcome the fabulous Kylie Davis from RP Data CoreLogic. Hi Kylie, how are you going?

Hi Jane, how are you going? Great to be with you.

Oh we kind of pull these things off the last second, don't we?

Nothing like a deadline.

We plan these things for a long time in advance and then technology right.

Down to the second.

How are you going? Having a busy March?

Super busy, yeah. Really, really big month. Yeah, lots going on.

Well I know I want to have a quick chat to you later about Brad's visit and all things about the future of property because I think that was must have been really exciting and we haven't had a chance to catch up on that. But as I said it's Capital Growth Month and you have put out and I have it here, the latest.

Report.

From CoreLogic regarding the housing market update. So I think it's pretty exciting that we can have a look at what's been happening in the short term. So over this month we had a chat to Peter Kalizas and he talked about what's been happening in the last 10 to 20 years. And then when we had a chat to Louis Christopher last week he had a talk about the lead and lag kind of indicators of growth and some potential growth in the future. But I think it's really important that we actually have a look and try to see what's happening big picture as well right at the moment. We'd love to hear your thoughts on what's happening in Australia. All things going up, all things going down or are there different markets?

No, look, I mean I think there's, we've known for a long time now that all the markets are very geographically located. Obviously they're located but Sydney and Melbourne have been performing a lot stronger and ahead of capitals like Darwin and Perth. We're seeing some interesting stuff happening in Hobart and a lot of that's driven off low supply. So we really do have a bit of a two speed property economy going on in Australia. And what, what we're seeing in Sydney and Melbourne particularly is a bit of a slowdown and even prices starting to fall back a little bit.

So I'm just showing that first graph there with the dwelling values we can see here we've got Hobarts up 3% for the quarter and that Sydney down is a minus 2%. Such a big deal. Or are we talking about the fact that high base.

Yeah, so I think, so I think it is good to remember that quarterly numbers always jump around a lot or they, you know, they can jump around a lot more. And it is coming off, it has been coming off a really high, high base. So I think what we're seeing, and according to Tim Lawless and to Cam, what we're seeing is the Sydney market starting to calm down a little bit I guess and start. And for prices to ease back to, to slightly more sensible levels.

And we're just looking at this graph here. What's kind of interesting here is that we've got, you know, the combined capitals going down, but regional markets, there's a big bump.

Yeah. So I think that that's something that's talking to the housing affordability story. So we're seeing especially in places like Sydney, so regional markets that are still pretty close to capitals that have good transport or you know, an easy distance to drive, like Wollongong, Newcastle Central, those markets are all going very strong or starting to pick up and go quite strongly because you know, it is a more affordable place to buy than in the city for a lot of people and you get a nice lifestyle aspect.

And it's possibly we're going to have to just talking to that point around affordability we might have to at some stage have a capital cities, a regional and then the commuter cities because you know, you've got the Geelongs and the Ballarats as well. I was speaking to a lady from Ballarat yesterday. She said her husband puts her on the train in the morning. She's right in the center of Town by 9 o' clock and she can do all the meetings during the day and it's quite easy.

I think it really talks too to the value of infrastructure and transport infrastructure in making markets more affordable and opening up new markets. And we know that Australia's had a bit of a dearth of transport infrastructure investment for a really just decades. And Sydney, what we're seeing in Sydney is markets where they have invested in more public transport are kind of the haves versus the have nots of the areas that have no access to transport. So Wollongong, Newcastle, even out the Blue Mountains way, those guys have already got existing train lines. It's easier for the government to sort of improve train services rather than build lots of more heavy freight and things. But where we do have that infrastructure, we're seeing the prices start to benefit those cities. Those areas are benefiting from the extraordinary.

Growth of Sydney and is that something that we would. I mean, you know, some of the conversations we've had and we'll have a quick look at these graphs in a moment of the different cities. But would you say that it's just because the really high price points of Sydney and arguably Melbourne, I saw a number yesterday that I think it was an average house price of 1.3 in Sydney. But would we expect Brisbane, you know, their commuter cities and areas to also experience that kind of growth in the future if we're looking for the future opportunities for people?

Well, I think probably the Gold coast and the Sunshine coast are good examples of that. So the Gold coast with its train line and its expanding as train line and the tram line or the light rail, I'm old Melbourne girl, so you can tell, but the light rail sort of has done a lot for the Gold coast and with the Gold coast now trying to connect that light rail line up to where the, you know, getting closer and closer to the train, once that happens, then, yes, you'll start, I think you'll start to see another bit of a kick for the Gold Coast. Sunshine coast, not so much because they don't really have a train, it's more sort of bus services. But I mean, but we are seeing the Sunshine coast so performing strongly again. I was talking to some agents, I've been at a conference recently and they were saying that the market was really strong up there again.

Guys, I've got Kylie Davis here from CoreLogic. I can see there's a number of you watching this live. There'll be a lot more of you watching this in the replay, but if you have a question, please type it in for us. Or if you want to click on the link and actually come on and ask a question live about capital growth, I'm sure that Kylie will be more than happy to take that. So, Kylie, I'm just going to have a look through some of the other details that we have coming here about the annual changes. So as you said, the quarterly changes are one thing, but big picture is better, much better.

And I guess what the annual picture is is that catch up of all the last couple of quarters, which makes complete sense. But when you look at this graph, you can see that, yes, while minus 2.4% for Sydney as a quarterly drop might be a little bit alarming, you can see that across the 12 months, it's just 0.5, which is really more flattening than anything across the year. And you can see that Melbourne over 12 months has performed quite strongly. I think it's quite interesting too when you look at sort of houses versus units because I was reading in Tim's quarterly economics report that we're sort of seeing houses come off a bit more than units in Melbourne and Sydney too. So dwellings, is that combination of both?

What do you think that is? Is it because there's a higher supply of units or demand or affordability or what could be causing that?

Look, I think it's probably a combination of supply and you know, I think especially in Sydney and Melbourne now the whole idea of living in a unit is not such a, you know, because it is affordable, is no longer kind of a second class kind of lifestyle and but I think really it's just, it's reflective of the, the apps of the lack of supply.

Yeah. So let's just have a look through some of these other indicators here. We've got stock is a leading indicator. Can you talk to that.

Tricking me now, Jane? Not as well as Tim or Cam could.

So it says housing stock is leading the declines. So is that what you're indicating in what you just mentioned is that it's the housing that's coming off rather than the units?

Yes, and I think what we're seeing too is that the top ends of the market usually are the first to. Well, they're the ones that are showing the biggest drops, which makes sense because an amount coming off a property that's in the millions of dollars doesn't always feels more than a small percent coming off the lower end.

And I'm just looking at.

Sorry David.

Right. I'm just looking at the Sydney market there. So we've got 30 years of data here that we're looking at and this is looking at the annual changes up and down over those 30, 30 years. It really, I think, you know, it's interesting and we talk about the fact that I, you know, over in the last numerous years there's been 75% growth in Sydney property. But we're talking about, oh, there's a fall of minus 0.5%. Looking at that and we're looking at Melbourne. What just, you know, that kind of completely seems aligned to me is that this is where there's problems with people who are buying short term as to buying with long term hold kind of methodologies. You can get caught out if you bought in the short term thinking that the Perth market was high here back in whatever it's at 2005. You've got a long period of time, potential declines that you have to catch up to. But there's Time in the market, you know, you're actually potentially arguably this little line sort of go up soon. It's really going to make a potentially a decision of a poor decision, a good decision over time.

Yeah, I look, I mean I think property really, because it takes time to transact, it takes time to get it, to get it ready for market. You know, it's a much slower transaction in itself. And so if you're not willing to hold it, you know, we do hear amazing success stories of flipping and we can see from the CoreLogic flipping report that yes, flipping, you know, does work, but you really have to time your run properly and you need to, you know, you need to know when to hold them and know when to fold them. And I think having a hold strategy means that you can just wait it out. If you're not happy with how the market's performing right now, as long as you're not under any financial stress, you can just keep going and wait for it to pick up.

And I think the thing about holding as well, you know, sometimes I speak to people and I get the feeling that, you know, the, there's a lot of self congratulations over the amazing renovation success. And when we look back at the growth, was it the market going up? It was the market going up. And it's interesting, I was speaking to Russell as part of our capital growth month and he had an extraordinary renovation. You know, in. He followed our Trident strategy, bought below the market in an area he could afford that had all the indicators of growth. And he did a quick $8,000 renovation, uplifted the property value by over $60,000 within a short period of time. But now, three years later, growth has added an extra $300,000 to that. So the first uplift, fantastic. Push up the rent, get some equity, go and buy the next one. But it's the growth in the right area that' this complete success story there.

Yeah. And I mean, and look, that's one of the both fabulous and problematic things about the Australian property market is that so much, so many of us have got so much invested in the property market and in fact its performance isn't necessarily related to any of our individual behaviors. It's, you know, it's. I know my husband sort of jokingly says that some, you know, one of our properties has worked harder than brings in more money every year than either of us both going to work can. Because, and we were harsh. Yeah. Because I work hard. But you know, we were very lucky and fortunate to buy in an area that has performed amazingly well now, would we be so self congratulatory if it went the other way? No, obviously it would be everyone else's fault for that happening, so being human nature. But so I think we kind of need to be a little bit realistic in how, how much and this conundrum is kind of one of the big chewy issues that as a, as a society we kind of need to, to understand, you know, and it's a generational thing too, that this is the generational boom and bonus that baby boomers have had and even gen what am I Gen X have had over millennials. That isn't necessarily going to exist. It's what's priced people, our younger generation out of the market.

Well, I just want to have a quick little chat to the rest of this report because I think there's some really interesting information there. We did have a chat to some of the other people about some lead indicators and what people can look at, what's going to target some growth. And we've talked about Sydney and Melbourne kind of coming back. But tell me this, if we look at for instance just the number of transactions, could we look at this and go, if we could plot this or have a look at this against maybe the Perth or Adelaide or Darwin market that we could get a feeling for it's about to turn. Is this an indicator that you would look at?

So what I look at is if you have a look at slide 17, which looks at time on mark, average days on market and then the rate of vendor discounting, that's often a really good one to have a look at because if you overlay those numbers on top of each other, you get like a helix. So this is how the and look, it's not sophisticated, it's a bit of a down and dirty way to do it. But basically when time on market goes up, it means that a couple of things are going on. Either there's more supply, there's more properties for sale in the market than there are buyers out there, or that the prices that are being asked have started to move to a direction where the buyers won't meet. So when time on market is going up because buyers are asking for, sellers are asking for prices that buyers won't meet and time starts to bust out into average days on market, then if you overlay that, vendor discounting is basically on private treaty sales only and it's saying, well this is how much money based on the first advertised price versus is the final sale price that we saw, this is how much this is the percentage of vendor discounting that we saw. So I think normally, I think we say that sort of under anything under 4% is a pretty flat market. So where you start to see vendor discounting bouncing out over 6%, as we can see where vendors are starting to pull their prices back after their initial listed price and time on market is going up, that's starting to be an indication that the market is tight. The market's starting to change its behaviour and the behavior is starting to head back to buyers saying I'm not going to buy it for that much. And vendors are going oh, okay now I thought I was going to be able to sell these really quickly and for an amazing price, but oh, maybe I have to bring my price down. And so when. And then the opposite is true as well is that when you see the time on markets start to fall through the floor and you can often see it kind of drop quite quickly in.

Spots.

And you see vendor discounting start to go back up towards the sort of closer towards zero, that means that the market's starting to move quickly again. So if you see a really long time on market and high vendor discounts, that's when it's probably a good time to start shopping. If you've got your finance organized and you've been watching a particular area because that's when it's telling you that actually vendors are starting to feel pain and they're starting to want to make a sale and so they, they're probably more likely to be in a negotiation space.

So where do we get access? Obviously this is a point in time. We've got the March report here, so where would we get the every month the report. What's the report that people would have to get to be able to then start tracking this.

So you can see it in. We have some new data sitting on reportstore called Market Trends. So it's one of our more expensive but it's an amazing data set. You can buy it as a one off or you can subscribe to it. But even if you just want to buy it once a quarter to kind of keep track of what's going on, it has by each suburb, by house and by unit where the unit market is strong. It has the data across all like a million different data points. So it tells you median sales price, it tells you median sales price, the changes of price over time, it tells you median value, it tells you time on market, it tells you vendor discounting and it gives you all that in a spreadsheet format so you can start to pull Numbers out for the suburbs that you're interested in and overlay them. But a good example of this, which is what helped me understand it was during the last downturn post gfc, we saw in Queensland especially that, you know, time on without the auction market, because an auction market in Melbourne and Sydney is a great benchmark to help you understand. It's like a bellwether that every weekend we get a sports report that tells us how the market's performing. And when you see auction clearance rates start to really drop, what's that telling you? It's telling you that either vendors are asking too much or there's just not the buyers out there to meet those prices. And so stuff's not selling and then. But. And so Melbourne and Sydney benefit from seeing that every weekend because it means that they start to get real about prices a lot more quickly. Whereas states like Queensland and Perth, where we have much more private treaty markets, you see that it takes a bit longer for the penny to drop in the minds of vendors. So you will see in the last downturn we saw in Queensland, you know, over 100 days on market. Absolutely. In the city really common, 84 days on market was a good result for Brisbane. I remember seeing in some capitals, whereas now it's sort of. I haven't looked for Brisbane, but, you know, it's, it's. What are we seeing? Here we go. It's now 68. 68. 71.

Big change.

Yeah, 71. So. So, you know, high days on mark 120, 130 means that the vendors are becoming completely delusional. And that's when buyers should start to go, you know what? There's no buyers out here. I'm interested in your property. I've made you a good offer. Do you want to sell it or do you want to hang on to this part of your life forever and complain it to your real estate agent?

Absolutely. Well, I think, I mean, what you said, obviously this report is fabulous. The market economic update and there's a lot of more data in there that we can have a look at. And as you said, those clearance rates, et cetera, are something that we should be looking at as well. So there's a lot of information that can be those indicators of growth. And I think, you know, to the point that you say is that there's a number of things that we need to consider when we're looking at growth. It's not just infrastructure and it's also those indicators around clearance rates, days on market, vendor discounting, and we have access to all that data today, which is great.

Yeah. It's just a bit of time to.

Go through it and tell me with all that kind of analysis and your access to the economists at P data, is there some predictions about the markets that we should be watching that could have growth in the next couple of years or in 2018?

Oh, Jan, you put me on the spot there. Look, I. We don't, we don't forecast. We've got a new prediction analytic coming out in a couple of months which we're very excited about because that'll mean.

I can answer these questions and we can look then.

So what are they saying?

How about, how about we keep it to then and I won't put you on the spot but we'll be great.

I'd appreciate it.

Otherwise we'll have to come back and do a check. Yeah.

Yes. I'm just guesstimating in the meantime. Yeah. Anywhere where you see any. I mean my personal investment formula is to. Is to look along transport lines, see if there's some other infrastructure going in around there. I love areas that have, you know, both on a train or a public transport, a good public transport that have something happening in either a new hospital being built or a university and a lot of those regional areas just outside of Sydney or Melbourne or Brisbane getting that sort of infrastructure. Now that is part of the reason why Ballarat, Geelong, Gold coast, all those areas are doing quite well, but sort of. So. Yeah, so find out where the next pieces of infrastructure are. Big investments are going in where the doctors and nurses and police are going to be needed and follow that trail and then make sure it's backed up by your fundamentals around medium price days on market discounting, all that sort of stuff to get a good buy.

Now just finally you had Brad. Tell us about Brad and tell us some thoughts. I mean he's a, what would you call him? A property futurist and icon in the property world. And congratulations for having him.

Oh, I know I had a real fangirl, a fan girl. It was quite embarrassing in retrospect but never mind, we've all got a fan out over somebody.

He turned up for your birthday, didn't he?

Yeah, yeah, yes, he turned up the day before my birthday. So that was a great treat. So look, Brad is a journalist by background. He used to be a financial reporter. He started to write some stories about stuff that was going on in the real estate market and it kind of turned into this amazing business which became Inman Connect, which is a conference that happens twice a Year in San Francisco and in New York in January, New York and July, August in San Fran. And he brings, he gets over 4 to 5,000 agents at both of those conferences each time. And he has always been focused on the technology and looking at how the technology improves the service that an agent can offer. So not to compete or replace, but what could we learn from the technology that would make us better agents or better property buyers or sellers? So his kind of comments that were coming out in the industry were looking at, you know, there are a ridiculous amount of pain points that happen in a real estate transaction. We've all, we've all experienced them. We've all had the, you know, the, the offer that wouldn't go through because the final document was over 10 meg and no one could receive it on their email or, you know, people who were overseas so couldn't sign stuff. Just all these ridiculous pain points around, conveyancing around offers around, you know, finance and.

The transaction itself. You sign everything. You're waiting six weeks.

Yeah, ridiculous. Yeah, that's right. You're still waiting six weeks. And really all you want to do is just pack up, stick your stuff in a box and get the new keys and go. So he was talking about, he had this great narrative around what happened. Wall street sort of created or amplified the subprime crisis in the US and what happened out of that by making mortgages, by putting an awful lot of property onto the market and putting a lot of people into walking away from their properties. What happened? Well, there was a glut of properties available. So what did Wall street do? They went, oh, we like this. And so they started to go around and buy them all. And then Wall street as a collective kind of thing had this kind of epiphany. Where went this whole transacting business?

It's rubbish.

Like, it's really slow. It's really tiresome. You know, we're here to make money and we want to do that fit fast. And, and in our world, we click a button and it happens. And so let's look at how we can make that happen in real estate. So what we're going to be seeing over the next, so what we're going to be seeing over the next five years, if not faster, is there is an awful lot of money sloshing around that Wall street are driving into fintech and real Tech. And so, and those businesses and those financier backers are looking at ways to stop the pain. And no one's sort of saying that there'll be a silver A magic bullet of people who, you know, just click one transaction and that's it. House sold. But looking at different ways that you can just smooth those, that process those processes out and make it a much less stressful, a fast and furious experience.

You know, it's interesting. I'm talking, I seem to be talking to a proptech or fintech startup or disruptor at least weekly. I'm sure you are too at the moment and I've been tracking some of these amazing groups overseas and I think Spain's probably leading the way in the prop tech at the moment. But the US and UK are obviously big, but there's some innovative things. I was looking at one group just this week that will buy your property, your next property for you, your home for you and sell and renovate your old one and sell it for you and the whole thing, bridging loans and all of that pain of do I have to sell first and have to get, I don't have the money to renovate, to sell and get the right price. You know, it's all gone. They've eliminated that entire thing. And you know that transactional, that person behind that's come from a platform background. And then you've got another group that is doing something very similar and they're Talking about a 24 hour turnaround if your property fits the bill and you don't have to put it on the market. And there's a bit of a premium on that buying price. But gee, you know, with blockchain, et cetera, they're talking about, you know, cash in your bank in 24 hours. And I spoke to a group yesterday who's just developing a platform here in Australia that's just matching, it's an Uber property matching people who are buying and people who are selling it. You know, it's a really exciting time. As soon as I think there's four platforms that I reckon just have to be put together and as soon as those come together it's going to be so much easier. Might do us out of a job though, Kylie, but it'll be good for him to see, easy for us to buy.

They'll still want to understand the data, hopefully. Well, I think what we're seeing is that we can spend a lot of time and energy trying to fight the changes or we can put our time and energy into working out what's the best way to offer an amazing service or what does this, you know, how does this change and make our jobs more exciting so that we can do the next thing rather Than. And committed to just turning up and, you know, putting numbers in the right boxes or filling in forms, because God knows we all love that. Oh, my gosh.

I remember being chastised by, let's just call them a very senior. One of the big four banks about three years ago, because I used DocuSign to have someone DocuSign, and I did a remote ID check over Skype, and there's no way you can do either of those things. And I was very severely reprimanded. And at that, that lender is now the number one disruptor of IT technology.

And taking all of these initiatives.

But I do have. I met up with the chief inventor from REA Group the other day, and I'm going to go and go into their lab and try their VR inspections of properties in the next couple of weeks. I'm really excited about that. But some of the technology, Brad's looking at all of it, so it's pretty exciting.

It's hard to. I mean, I. I haven't ever bought anything off the plan, although I've toyed with the idea. But I'm spatially spastic, so I can't. I have no concept of any kind of distance. So if you tell me the living room's, you know, x square meters, I'm like, I don't know how, you know, what does that look or feel like? So there's no way in the next year or so you'd ever buy anything off the plan. By looking at a floor plan like you would want to and going to a, you know, what's the experience at the moment. You go to a model home, which may or may not look anything like what you're about to, because you can customize absolutely everything in that property, and it will be, you know, inside a portable or, you know, vacant building or something. And it's kind of been set up to look vaguely like the inside of the property, but you're looking at something. You're looking at buying something that's on level 22 or something, so you don't have any idea of the views. But with VR, you'll be able to actually feel like you're walking through your apartment, so. And see the view and see what the kitchen feels like. And if you don't like the bench top, change the bench top out and see what it looks like in a darker color and see how that affects the whole experience. So I think that sort of stuff is really exciting for buyers and sellers as an option.

Actually, I just went to see if I could pull Up a site. I was doing some research into augmented reality this morning, as you do. This one came up. I was looking at what HoloLens is doing with Microsoft and I'm not sure if you're familiar with this. It was new to me this morning, Trimble. And they say that they have solutions for anything that's dirty. But the really interesting thing that they're doing here is they're using a HoloLens, as you say, on the actual site and you put your lens on and then all of a sudden you can see the property and you can move walls and doors and things. But it's essential. And they've developed this for architects and structural designers and things, so they can go back into the office and have a look at, you know, a property design and see how it's going to look at the end. And they can go to site and then on site they can call up someone else to come into their reality. So we are. We're in the future now, which is really exciting. But that's Trimble, so check that out. It's pretty exciting what the Hololens Microsoft's doing. It's pretty cool. Well, I guess we better wrap. We'll let you get on with your day. I'm so appreciative of you joining us for our Capital Growth Month, Kylie, and talking through that March economic report, because I think we actually have all of the tools at our fingertips to make some really great decisions about where to buy. And in any changing market, it's time in the market. And the report just shows that time and time again, it's about getting the location right and then going through the growth ride.

Yeah, absolutely. I mean, and we talk about Sydney and Melbourne and markets coming off, which tends to put everyone into a complete terrorist. But it's not. If you're looking to buy, it's great.

News, especially if you've lived there before. You've got equity.

Yeah, that's right. That's right.

Well, I'll let you go and we will definitely talk soon. But thank you so very much for joining us today. And joining us for Capital Growth Month has really added a lot of value.

No worries. Thanks, Jane. Lovely to talk to you.

Well, guys, that is Capital Growth Month for us. We have one more expert next Wednesday. I look forward to sharing that with you. If you're in the your property success club, fantastic. We have so many different things there available for you at the moment. Obviously, if you're actually a club member, then you have access to those 10 education modules and we start at the dot map and we show you how to have a look at the growth and the ripple effect to actually start locating those suburbs and go up in value. And there's 10 more modules, everything from negotiation and auction techniques to some bonuses in there where I actually go into the latest census tool and show you how you can create a map of what streets in the suburb actually have the most renters in it. So we can get down to pockets of potential in the suburbs. So some really exciting content there. Obviously. Q and A. You get to be in a group Q and A once a month and join us and access to over three years of group Q and A questions. And I know that a lot of people have been going back and listening to those because some of the questions and answers are timeless. And also you get access to our private Facebook group which is an incredible sharing, supportive community. You know the your property success club used to cost $97 a month to get into. At the moment it's what you can afford because you all of the funds are going to charity, the Pippilepsy foundation, something that we really believe in and we're trying to create $10,000 worth of contribution to the people Epicy Foundation. So getting there, make a monthly or one off payment, you get access to the club and all those wonderful things. So if you're not a member already, why not? If you are a member and you want to make a donation, go to the page in the link above and please click on that and make a donation because we're really there to support now your property success club. If you are in that private Facebook group, you know that I've been running these talks for the last month. There is three of our community members who have shared with us, Rita, Russell and Sarah. They are amazing stories about how capital growth have changed their life intergenerationally. For Rita, her children are now almost mortgage free from the investment investments they have in selecting the right areas. Russell's has bought his second property having had that amazing uplift. And Sarah, you know it's become her insurance policy that it allows her to stay at home, not work and look after her very sick child. So you know some really amazing stories about getting the location right because we know that location is everything and capital growth is going to get you that long term growth, that long term wealth that will allow you to have that freedom of choice. So really exciting month. I'm so glad that we could share this with you. And you know if you're not a member of the club, go on, join the club. We're a great group of sharing, supportive people and celebrating everyone's success. So it's been great. Join me this Friday where I get to talk to another community member within the club and share with you their capital growth story. And next Wednesday, another property expert. So until then, as always, here is to your property success.