At a macro level, what we are seeing in Sydney, Melbourne and Brisbane is that the apartment markets in particular are in their delivery phase. We are seeing a lot of projects starting to settle in the market, complete and become tenanted.
Across those markets, we are still seeing a level of demand by investors and owner occupiers, although it is varying across those cities. Sydney is still a very in demand city from an investor market point of view, for the owner occupied, as well as buying off the plan.
Melbourne is seeing a few changes there, from a finance and administration perspective, and it will be interesting to see how the level of demand there continues.
Brisbane is very much in the delivery phase, and the demand for off the plan apartments has really just contracted back to that local market than anything else.
