In this episode of the Brisbane Property Podcast, Scott and Melinda provide another comprehensive Brisbane market update. There have been some big announcements from the Queensland government since our last market update which we discuss in detail in this episode.
The latest data up to the end of February 2023 is summarised along with commentary on what this means for the months ahead.
Finally, we highlight what we have been observing on the ground across Brisbane over recent weeks. This is another data-rich episode, and we hope you enjoy tuning in.
We hope you enjoy this episode, and please don’t forget to leave us a review if you are enjoying our content! Enquire about our Brisbane Buyer’s Agency services for Investors and Home Buyers, please click HERE.
Learn more about your hosts, Melinda and Scott Jennison at www.streamlineproperty.com.au
Podcast transcript
[00:00] **Announcer:** Welcome to the Brisbane Property Podcast with your hosts Melinda and Scott Jennison.
[00:04] [Intro music fades in and then fades to background]
[00:04] **Scott Jennison:** Hi everyone, and welcome to another episode of the Brisbane Property Podcast. My name is Scott Jennison, the acquisitions manager at Streamline Property Buyers.
[00:12] **Melinda Jennison:** And I’m Melinda Jennison, managing director and buyers agent here at Streamline Property Buyers. Welcome back to another episode of the Brisbane Property Podcast. This week it is market update week. We’re going to bring you all the latest in terms of what we are seeing through the data, but also what we are seeing on the ground by being out and about every weekend. And I will say the news is becoming more positive, and we’re going to run through all of that today in detail. By the end of this episode, you’ll get a really good understanding of what we’re actually seeing out and about here in Brisbane.
[00:42] **Scott Jennison:** Yes, it’s always—market updates are always interesting because not only do we get to sort of reflect back on what we’ve talked about, but we’re seeing what’s happening in the market. As Melinda said, we’ll also tell you what we’re actually seeing on the ground. Obviously, this information that we’re giving is last month’s data and information, and we’ve seen things change since then as well. It’s always good to get the information and the data, and I know Melinda puts a lot of time and effort into putting this all together for everyone. So… a little bit of an overview.
[01:15] **Melinda Jennison:** I think that the news generally around property markets throughout Australia is becoming more positive. Here in Brisbane, that is definitely the case. Now, we’re seeing some of the big data houses start to report more positive trends. For example, CoreLogic has suddenly become more positive because the rate of declines in property values has completely slowed down. Even PropTrack data has become more positive and, in fact, that PropTrack data is showing that Brisbane’s moving back into price gains—not strong and hard price gains, but very small, moderate price gains. Generally speaking, the data, which is always retrospective—it’s reporting on settled sales, which is something that’s happening at least 30 days behind time, or in the past—that is becoming a more positive news story.
[02:05] **Melinda Jennison:** But of course, we’ve got to overlay what we’re seeing on the ground with what that data’s telling us. And that’s where being ahead of the data can make a really big difference. And obviously, as buyer’s agents out and about every weekend, we get to see what’s happening in real time and that becomes a much more important indicator of market conditions rather than waiting for that data to be released on a monthly basis.
[02:26] **Scott Jennison:** For those people that like to have a read through any of this information, Melinda does do a blog. It is on the website, the Streamline Property Buyers website. As a real quick overview, and some of the things we’ll run through today: listing volumes, obviously down, which we’ll touch on. Auction clearance rates sitting around 58, thereabouts, percent. Buyer activity is very high, and we can tell you that from live on the ground. House values and unit values, I think they’ve flattened out and are sitting fairly comfortable at the moment. And gross yields are sitting just over 4%. We’ll run through all that and we’ll break it all down with the information that we’ve got through this report as well.
[03:09] **Melinda Jennison:** Yes, and we can’t forget the impact that the rising interest rate environment has had on buyer confidence in the months, especially in the latter parts of 2022. Here we are in 2023 and we’re already seeing that people, I think, are pricing in the final interest rate rises and through lending data, we’re starting to see more and more buyers prepared to purchase because that lending data is showing a slight improvement.
[03:37] **Melinda Jennison:** What is the biggest, I guess, concern here in Brisbane is some of the latest news that’s been released by the state government, especially around the proposed changes to rental price caps. I think that that deserves an episode of its own at some stage in the future. But ultimately that can impact on confidence once again. Yes, it’s just a proposal, and yes, everybody in the industry is really barking up about that because ultimately the government’s trying to create a solution to the ongoing rental crisis that we have, especially in Brisbane, but across all of Queensland.
[04:15] **Melinda Jennison:** And just some facts around that, the Queensland government actually only provides 3% of accommodation to those who rent properties here in Queensland. The balance of properties are provided by private mum-and-dad investors. So, it seems really strange that the government proposed this policy which can impact on the need or the want or the desire for people to actually get into the property market as an investor. Ultimately, it drives more people away from property investment and it creates more of a problem because the supply shrinks. For every investor that sells an investment property, it’s more likely to be purchased by an owner-occupier and therefore the availability of rental stock declines. That is a subject for another episode on the Brisbane Property Podcast and today we do want to talk more so about what’s been happening in the market, but I think it’s important for me to mention that some of these discussions that government have, especially when it comes out in the media, it can really impact on consumer confidence. But as a property investor in the market, if you are in the market to buy or if you are a property investor that holds assets here in Brisbane, the rental yield growth because of the very low supply of rental properties has been strong and continues to grow. So that is not because, as landlords, we are greedy in asking for more rent, it is simply because we don’t have enough properties available for rent. Supply is low and the demand for rental properties is very high. So that’s a trend we don’t see changing anytime soon.
[05:51] **Scott Jennison:** And the mum and dad investors are the ones also that are copping the higher interest rates and all the additional fees. But we won’t make it political as you said. I’m sure there’s a lot of debate on that. Our government up here has made some decisions in the past that have not quite been right and they’ve been reversed. So that discussion I’m sure will happen around a large table, I think next week they’re actually having a round table discussion on it, and I think there’ll be a few people up in arms on it. A little bit of a, probably a positive one for the government side of things, is obviously the announcements, state government and federal government striking a deal of seven billion dollars to put towards the 2032 Olympics and the Paralympics. For that’s a massive, massive injection of funds into the economy up here and the infrastructure in Brisbane. I actually did hear another one just a little while ago on the radio, on the news that they’ve struck a deal with the University of Queensland for a, I think it’s a high performance training center for Paralympians to be built up here in Brisbane as well. So that’s great news. There’s a lot of hype starting to happen up here in Brissy around the place about the Olympics coming up. I know it’s still nine, 10 years away, but there is a lot of talk and a lot of things happening, and a lot of infrastructure that will change Brisbane, I think, dramatically.
[07:16] **Melinda Jennison:** Absolutely. Brisbane will become a global city and we are already on the map and Brisbane already is getting a lot of international exposure, being rated one of the most livable cities in the world, the new world city. It’s definitely having a positive impact on boosting our local economy, and economic activity will only strengthen off the back of the injection of such huge volumes of cash towards infrastructure development in the lead up to the games. It obviously creates jobs, it creates that infrastructure that enables people to move around more freely. It’s the sort of thing that will actually change a city. Brisbane’s definitely growing up and will continue to do so over the next 10 years.
[07:56] **Scott Jennison:** So with Brisbane being the number one city, the livable city that everyone wants to live in, getting into the property. Let’s jump into listing volumes, because obviously that will have an impact on people trying to buy property up here and listing volumes are down again.
[08:11] **Melinda Jennison:** Yeah, it’s tough. It really is tough for people that are looking for property on realestate.com or Domain. CoreLogic data confirms that total listings are down 29% compared to the five-year average. So if we look just over the last 12 months, the number of new listings, that’s new listings, has plummeted 22.4%. So there’s not a lot available to buy and that’s possibly because sellers are quite nervous. There’s no need to sell, there’s no motivation to sell when they believe that they’re not going to get the best possible price. So sellers are really holding tight and they’re waiting for some indicators to become more positive so that they can actually feel confident about achieving a strong price when they are looking to sell. So listings are low, and we’re not really seeing any change in that. Certainly, we’re not seeing anything on the ground that’s changing that would reflect through in the data anytime soon.
[09:05] **Scott Jennison:** And obviously then on top of that, with listing numbers really low, we are seeing high buyer activity. So there’s a lot of buyers out there. We’re going to opens, auctions, numbers are up. We’re seeing a lot of people in the right location. And we keep talking about the locations, but the right locations, people are wanting to buy good properties. And we are seeing that buyer activity quite high, and the numbers are high. Lots of shoes outside open homes.
[09:31] **Melinda Jennison:** And if we just want to loop back to listing volumes for one second, I know that some of that big CoreLogic data does report on Brisbane-wide, that’s Greater Brisbane listing volumes. I will say when we look at some PropTrack data, it can be a little bit more granular, and looking at a suburb level, we can see that some suburbs are actually seeing more listings hit the market and those suburbs include Greenbank, Park Ridge and Burpengary East. There’s been surging new listings in those sorts of locations, whereas suburbs including Thornlands, Eagleby and Calamvale have actually seen listing volumes plummet. So it is not citywide and like everything, what might be happening to property values is not citywide, it’s property specific or location specific. So please keep that in mind. You must understand the more granular information if you’re relying on data to support a purchasing decision.
[10:19] **Scott Jennison:** Yeah, I think that comes back to what I mentioned earlier with that location. It’s very location specific where we’re seeing the numbers, either listings, buyer activity, and what’s happening in that market really down to that specific location where you’re looking in different areas.
[10:36] **Melinda Jennison:** And I think when it comes to that buyer activity, that’s probably also true. We are very active within the Brisbane City Council region, which is typically the inner 15 to 20 kilometer ring around the CBD. In that ring, in the auctions that we’re attending, there’s certainly a higher volume of people attending auctions. That’s being supported by the data. We’re seeing an increase week on week in the volume of registered bidders. Remember in Queensland you must be registered to bid at an auction and that volume has been increasing. And we can look at Apollo Auctions data for example, that shows that on average, there were 4.9 registered bidders in February compared to 2.5 registered bidders in January across all of the auctions that they held. So definitely an uptick in firm buyer activity. But as well as that, we can see the number of people actually lifting the paddle, so those that are registered that are actually bidding, is also increasing month on month. So all indicators that the market’s becoming a little bit more confident, buyers are a little bit more active in the market, and I think that’s following through in clearance rates. And clearance rates, according to CoreLogic and Apollo Auctions data and Domain data, it doesn’t matter what you’re looking at. Month on month, since the beginning of January this year, 2023, we’ve seen the clearance rates improving. So that’s actually another sign that either vendors are meeting the market or that buyer activity is picking up. And it’s something that we are watching very closely as we move into the months ahead.
[12:05] **Scott Jennison:** Now just, just very quickly to back that up, I’ve just jotted down from last weekend. And obviously that’s the information that’s been gathered up from CoreLogic, Apollo Auctions, and someone for the clearance rates. An auction, a couple, three auctions. One was in the north, 40 plus people attended that one, three registered bidders. Another one on the south side, 50 plus registered groups—sorry, 50 plus groups—seven bidders. And then also another one, 40 to 50 plus groups, eight registered bidders. And that last one actually sold for about $200,000 over the reserve. So it came on the market, that one was came on the market at 2.4 and sold for 2.6. That was at Ashgrove. So yeah, it, that really shows you, that backs up some of that information that Melinda’s sort of touched on there, that data, that the buyer activity is definitely high. People are, people are going to auctions, people are registering, and people are actually bidding as well.
[13:02] **Melinda Jennison:** Yeah. And look, I think that there’s, there’s intent. We can look at some data by PropTrack where buyer activity appears to be much stronger compared to the latter months of 2022, today. So if we look at buyer activity according to the number of people interacting with real estate listings per property, that has increased across the first three months of 2023. And when we compare that to the latter months of 2022, an increase of 19.4% of interested buyer activity per listing here in Brisbane. So that’s pretty strong. All of these indicators lead to, or confirm what we’re seeing on the ground and that is that buyer activity is a lot stronger than it was in the latter months of 2022.
[13:49] **Melinda Jennison:** And for those people that don’t like auctions, multi-offers are happening again.
[13:54] **Scott Jennison:** Yeah.
[13:55] **Melinda Jennison:** I think I prefer an auction where you know exactly what people are paying, but multi-offers, multi-offers are actually happening again. Again, another one I went to on the weekend, there was 20 odd groups through there, two offers on it straight away and sold. So Saturday night talking to the agent, and that property has sold straight away, first open, and the property’s sold.
[14:14] **Melinda Jennison:** We’re seeing the speed of the market increase on quality properties and I think that’s because low listing volumes mean that the concentration of buyers towards those properties increases, so there’s more buyers per listing. And agencies see no need to hold property viewings more than once when they’ve got that interest from buyers. They will close offers pretty quickly, and therefore the speed of the market is increasing once again. So whether this is here to stay, or whether this is just a transition phase, it’s too early to tell. But all of the indicators at the moment are leading to a market that’s certainly a lot stronger than it was in the latter months of 2022.
[14:49] **Scott Jennison:** Right, let’s jump into dwelling values. Dwelling values, Greater Brisbane, obviously, as we talk about. On this, I’ve actually done a little bit of homework myself on top of Melinda’s work. And I know that we’ve talked about this in the past that we talk about different types of research groups that have different information. So we’ve actually, Melinda does provide that CoreLogic and that PropTrack information. It’s interesting to see the difference, but we can run through the dwelling values if you like.
[15:17] **Melinda Jennison:** Yeah, according to CoreLogic, across the month of February, that’s up to the 28th of February, we saw dwelling values, which incorporates both houses, units and townhouses, decline -0.4%. Now, when we compare that to January, we had a decline of -1.4%. So big improvement in the rate of decline that we’re seeing, deceleration in that rate of change. And we can also see deceleration in the quarterly rate of change as well, because at the end of January, the quarterly rate of change in dwelling values was down 4.8%, whereas by the end of February that was 3.2% down. So definitely seeing property values, the rate of decline actually handbrake, if you like. And that’s according to CoreLogic. But when we look at PropTrack data, actually it’s a different story and PropTrack dwelling data shows that Brisbane has reached stabilization period in that we’ve got 0.12% growth across Greater Brisbane in dwelling values across the month of February. So again, depending on which data house you like to rely upon, we’ve seen one with very moderate price changes of -0.4% and then the other with very moderate price gains of 0.12%.
[16:38] **Scott Jennison:** So CoreLogic median value there is $694,495, and PropTrack is $716,000.
[16:48] **Melinda Jennison:** And we always like to be a little bit more granular because, you know, a dwelling is not representative of the market. We like to actually break that down into houses and units, as you know. So when we look at the housing data, both CoreLogic and PropTrack are again showing slightly different trends. CoreLogic showing that housing values declined -0.4% across the month of February. PropTrack showing housing values increased 0.09% across the same period of time. So again, both fairly modest changes, nothing to write home about in either direction. But certainly showing stabilization of Brisbane property values more than anything else.
[17:31] **Scott Jennison:** Yeah, not a lot of difference in those. $767,780 is your median value from CoreLogic and $798,000 for PropTrack. So we’ll break that down, obviously the next section is the unit values.
[17:45] **Melinda Jennison:** Yeah, we’ve been consistently reporting since January last year, January 2022, that the unit market we believed was showing strength. This has been consistently reported even through the downturn where dwelling values and house values were declining. Unit values have not seen the same level of decline. So throughout the month of February, according to CoreLogic, unit values did not change, so 0% change. According to PropTrack, units in Brisbane increased in value 0.3%. So when we look at the 12-month change in, in unit values, we can actually see both CoreLogic data and PropTrack data showing that the unit values have still increased in value over the last 12 months. So 3.5% growth according to CoreLogic for a unit in Brisbane and 4.73% growth for a unit in Brisbane according to that PropTrack data. So anyone that got into the unit market a little over 12 months ago when Scott and I started to talk about, watch this unit market in Brisbane, you’ll be patting yourself on the back because you made a great decision. And you know, not only have you actually held the value of that property, or in fact increased the value of that property, your rental yield has gone up more than a house. That is the amount of rent that you will have achieved over the 12-month period in terms of growth has increased more for a unit than a house. So we’ll get into that information now.
[19:24] **Scott Jennison:** Yep. So those that listen to us, as you said, 12 months ago, you can thank us later. But…
[19:28] **Melinda Jennison:** [Laughs]
[19:29] **Scott Jennison:** The median values just on that as well. CoreLogic $490,997 and PropTrack $542,000 for the units. Very, very tight market, as you, as you said, Melinda, strong yields, good rent on them. Yeah, it’s a very tight market, that unit market up here in Brisbane. So the rental market…
[19:52] **Melinda Jennison:** Yeah, so as I touched on, the annual change in rents for houses in Brisbane, according to CoreLogic, housing rents have increased 11.9% over the last 12 months. If you owned a unit in Brisbane, the median change in unit rents over the last 12 months for Brisbane is 15.6%. So really strong price growth in that unit section of the market. Why is this happening? It’s really quite simple, as I touched on earlier in this episode, there simply are not enough rental properties available for the number of people that have relocated or moved to Brisbane that require accommodation. So we are currently sitting at a vacancy rate of 0.8% city-wide. Now, when we look at specific regions, it can be even tighter than that. So, for example, we look at Beenleigh, current vacancy sitting at 0.7. CBD, and I want to point out the CBD as an area of, of real interest because for the first time in many, many years, the CBD vacancy rate has dropped below 1%. Now, it’s currently sitting at 0.9%, which is astronomical given that during COVID we were up elevated above 14%. So, this is really indicative of the fact that we’ve got the international borders open, we’ve got international students moving back, people are okay to live in those high density areas within the CBD and the vacancy rate is telling for that. East Brisbane, current vacancy rate sitting at 1%. Inner Brisbane, 0.9%. Ipswich a little bit more elevated at 1.1%, nothing to be concerned about. North Brisbane, current vacancy sitting at 0.7%. Southeast Brisbane sitting at 0.9%. Southern Brisbane suburbs, 0.9%, and western Brisbane, 1%. Really tight vacancy city-wide.
[21:52] **Melinda Jennison:** And, you know, in the last few properties that we’ve purchased for our investment clients here at Streamline Property Buyers, we’ve found that those properties put up for rent, and the rents that are being achieved in a lot of instances are above the top end of the appraisals that are being provided by property managers. Now, it is an indication of what’s happening on the ground in terms of tenants fighting for properties. It’s awful if you’re a tenant and you’re in the market to try and find a home, but this is something that’s been unfolding for many, many years. A lot of policy changes over the years, a lot of things that have driven investors out of the market really have contributed to this rental crisis, and it doesn’t look like it’s going to improve anytime soon. And in fact, Scott and I attended a breakfast just last week with Property Investment Professionals of Australia, some fantastic speakers talking about there really is no short-term solution that can be provided. So we can expect more pain in this area for those tenants that are, you know, looking to find a home because there’s no immediate solutions available. And we need to make some big decisions around how do we make more properties available for rent when 97% of Queensland’s rental accommodation is provided by private mum and dad investors. And those investors are being crucified by some of the decisions that the governments are proposing. It drives more and more of those investors out of the market and potentially causes more and more of a supply issue for those rental properties. So if you’re one of those investors that’s in the market, it can only benefit you in the fact that rents will continue to rise. And I think, any band-aid solution proposed by the government is very unlikely to get through when there’s such an enormous amount of industry uproar.
[23:46] **Scott Jennison:** Yeah, I can’t see them getting through. And from what we see here, and it’s almost a no-brainer, but if you’re an investor looking to get into a market at a good buying price and you’re seeing the rental market the way it is, you know you’ll get a tenant, you know you’ll get a good return on it. I think it’s a, I think it’s a great opportunity going forward what the market will actually return on that investment. Maybe that’s a tip for a government to invest into some properties that they can actually rent out, but anyway, I’m not getting political again. So that, that’ll probably go around that table next week, but I think there’ll be a lot of things said and I can’t see them getting through on some of the policies they’re talking about. So for the investors, that’s, that’s always good news as well.
[24:26] **Melinda Jennison:** Let me also give some good news for any property investors that may be looking to get into the market here in Brisbane. Let’s not forget the opportunity that Brisbane provides for property investors. So when we look at what was happening back in the peak of the market here in Brisbane in July 2022, the gross yield for a house at that time was 3.2%. Today, the gross yield for a house across all of Greater Brisbane is now 4.1%. At the peak of the market, it was 3.2%. So huge recovery and that’s because of rental price growth and also price, prices for houses have come off according to that median value. For units, when we look at the peak of the market, the unit market demonstrated a gross yield of 4.6% in June 2022 in terms of gross yield. Now the unit market across all of Greater Brisbane is sitting at 5.3%. So again, anyone looking to cover a lot of the cost of the interest repayments, you know, you can achieve a much higher yield here in Brisbane. I’m not saying that the full cost of holding an asset will be covered by the gross yield because there’s a lot of expenses that come off the back of that, but it makes holding a property more affordable in a rising interest rate environment when rents are also on the rise.
[25:56] **Scott Jennison:** So a little bit of a summary. We run through that. Obviously, as you can see, the market seems to have stabilized a bit, I think. There’s a lot of buyers, definitely a lot of buyers out there. What will it do? I think the market is, with that many buyers out there, as we keep talking about that supply-demand side of things, that would just keep putting pressure on things. I can’t see the government getting through on what we talked about. I’ll leave that one. So, I think all in all, the market is looking pretty solid. Rental properties, they’ll rent out at the moment because there’s not enough of them in the market for people to rent. And obviously buyer activity is high and listings are low. So that’s a bit of a summary in all, isn’t it?
[26:38] **Melinda Jennison:** Yeah, and I think let’s not address the elephant in the room. There’s a lot of doomsdayers out there that keep talking about this projected mortgage cliff. Now, in Australia, fewer than 30% of property owners actually have a mortgage. That is the fact. Um, property owners who have taken out a mortgage two or three years ago and have locked themselves into those fixed rates that will be expiring, they are the very tip of the iceberg because they only will form a very small portion of property owners Australia-wide. They’re going to impact people that don’t, that are on lower incomes more than higher incomes. So it is not a broad brush that’s applied to every single borrower. But that said also, there is enough noise in the media, in the commentary that we’re hearing every single day, that anybody that finds themselves in this situation would already be making plans to either sell the property, or—that is if they can’t afford to hold it under a higher interest rate—or they may have savings to tap into. It’s very unlikely that people will wait until the last minute when those interest rates click over without having yet considered, can we afford to pay these higher interest rates? So if anyone that is likely to be impacted by that tip of the iceberg scenario where they’re coming off low interest rates and moving straight into higher, higher interest rate scenarios, has already, will have already likely assessed their situation to know whether they need to sell. That said, if they do need to sell, there are enough buyers in the market at the moment that those forced sellers, if you’d like to call them that, they’re not going to be selling at a discount because there’s enough buyer demand to actually purchase that stock at a decent price because of the competition that is in place in the market. So I think when you unpack the facts, that does give you an indication of the low risk that is associated with that, despite the commentary that you might be hearing.
[28:42] **Scott Jennison:** Yeah, and look, there’s still some nervous buyers out there. It’s interesting when I, when I look at the bottom of your, your blog there, Melinda, and it, it’s similar to what I was actually going to say. I just read ahead and realized what you had actually written there. When you’ve got Warren Buffett says, be fearful when others are greedy and greedy when others are fearful. I had someone talk to me the other day and not sure whether to buy or wait. And I just said, the best time to buy is when you can afford to buy. Absolutely. It’s now’s a good time to buy. The market is, is still solid. There’s a lot of positive signs there. Brisbane is changing. Brisbane will grow and change dramatically. And it’s exciting times. I think it’s fantastic. Brisbane’s going to blossom and jump out from behind Sydney and Melbourne and look out. There’s a massive 10 years in front of us, and I think it’s really exciting times up here for, for Brisbane.
[29:31] **Melinda Jennison:** Absolutely. I concur and I agree with that messaging. The right time to buy is when you can afford to do so. Ignore the media attention based on short-term changes in a market. If you are an investor or a home buyer and you’re looking to purchase, there’s probably no better time than now when some people are still sitting on the sidelines because I think as soon as that news becomes more positive, we’re going to see the buyer activity that’s been building up, jump back in, and it’s going to be a really competitive, tough environment to be buying in. So of course, if you need help, reach out to our team at Streamline Property Buyers. We are Brisbane market specialists. We know the intricacies of the Brisbane property market and, of course, we understand which pockets are performing in which ways and so we can better position our clients according to local market conditions.
[30:22] **Scott Jennison:** Well, I think that’s a bit of a wrap on the market update. Hopefully that’s given a lot of information, a lot for people to think about and talk about. We’ve got some really exciting episodes coming up in the next, in the next few weeks. We’ve got some guests coming up, we’ve got some other news and some interesting information coming up about having to choose buyer’s agents and things like that. So, really look forward to chatting and sharing information with everyone. Hope it, hope it does help for the people that are out there looking to buy property. I will let Melinda wrap it up as I normally do and talk to you again next week. Thanks very much, and bye for now.
[30:55] **Melinda Jennison:** Yes, thanks Scott. As always, I hope you’ve enjoyed this episode. We do enjoy bringing the market updates to you. Obviously, as Brisbane specialists, it’s really important that we provide our commentary about what we’re actually seeing and also summarize that data for the listeners that aren’t here on the ground. As always, if you enjoy our content, please share this episode with friends and family. We would love for you to leave us a review. It makes a big difference in helping others to find our podcast, so we always appreciate that.
[31:21] **Melinda Jennison:** As always, we hope you have a fabulous week. We look forward to speaking with you again soon. Bye for now.
[31:26] [Outro music fades in and plays out]