# WILSON WEEKLY 133 | Interest Rate Cuts & Clearance Rates

An episode of [Money Mentor Podcast™](https://invisiblenetwork.ai/podcast/1632604767), 13 Aug 2025, 30 min.

Audio: https://episode.flightcast.com/n3jnz4kluzq8isknhbha9upp.mp3

Join Infinity's Ben Fenley and Dr. Andrew Wilson for the latest Australian housing market data.This weekly property market update is presented to you by Infinity in conjunction with Australia's leading independent Chief Economist, Dr. Andrew Wilson of My Housing Market. Discover our new tool: What's My Rental Home Yield?Money Mentor YouTube Channel: @moneymentorau Link to Dr. Andrew Wilson on LinkedIn: / dr-andrew. .If you enjoyed our podcast, make sure you follow and subscribe to stay up to date with the latest episodes.

## Transcript

[0:00] Welcome everyone again to another episode of the Money Mentor Podcast.
[0:29] podcast, the Wilson Weekly this week, presented by myself, Ben Fenley, and the one and only Dr. Andrew Wilson.
[0:37] Doc, what have you got for us this week?
[0:40] Really good news, Ben, if you're a mortgage holder.
[0:43] And I guess if you're in the market for a property, maybe not so good news, but because it probably, not probably, it will see higher prices with this latest interest rate cut from the RBA.
[0:57] it's really a great entree into the spring selling season.
[1:01] As if the winter market wasn't strong enough, we've now got the kick along of another interest rate cut.
[1:08] So hang on to your hats.
[1:10] Here we go.
[1:12] We're just two weeks away from the official start of spring, but the spring market's really up and running now.
[1:17] As I said, we've had a fantastic, certainly atypical winter selling season, Ben.
[1:24] Lots of buyers in the market, despite the distractions of the colder weather, school holidays, etc.
[1:29] Now we're starting to see listings rise, as we always do through August.
[1:33] So more choices for buyers and more competition amongst sellers.
[1:39] But that competition has realised higher clearance rates.
[1:44] And we'll look at the latest results from the last week.
[1:47] But again, as I said, Ben, an interest rate cut three this year.
[1:53] There's no doubt that that's been driving the market onwards and upwards.
[1:57] And there's a real consistency about housing market activity at the moment.
[2:01] Some of the underperformers are back in town and some of those that were looking like they're moving into pause mode the end of last year and into this year.
[2:10] have picked up their stride.
[2:12] And, you know, I think we're going to see some really significant results.
[2:18] I think our prices growth this year overall, national capital cities will exceed last year.
[2:25] And I think that we may even start to think about getting a double figure result for national house prices, which would be the highest for some time.
[2:33] So thank you, the Reserve Bank, to that.
[2:36] If you're a
[2:37] a mortgage holder.
[2:38] And I guess it puts more money in people's pockets, you know, they do have a mortgage.
[2:44] Not so good news, Ben, for first home buyers because it certainly will bring more first home buyers into the market because they'll be concerned that if they don't buy now, they'll be paying more in the not too distant future.
[2:59] So shall we get rolling, Ben?
[3:01] And have a look at all this week's data.
[3:04] Of course, we bring you this every week, the Wilson Weekly.
[3:08] We've been doing it for a few years now in conjunction with the good folks at Infinity and brought to you by My Housing Market, which is an independent provider of commentary and data.
[3:21] And we're all about the current state and future prospects of your housing market.
[3:25] And, you know, Ben, without patting myself on the back too hard, we get it right just about all the time.
[3:31] And, again, we're pretty well on the money for what's happened this year so far and likely to continue to happen.
[3:38] So it is the week ending Wednesday, August the 13th.
[3:41] All the latest data we bring to you every week, not just prices and rents and auction results, but also all the drivers of housing market activity, the economic forces of...
[3:51] that lead us to such factors as lower interest rates as we've had announced this week.
[3:56] So we're halfway through August, two weeks to go, and then we will be into spring.
[4:02] And let me tell you, I've been in Sydney for the last couple of weeks and it's been chilly, chilly, chilly here.
[4:08] I don't know what it's like up in your neck of the woods, Ben.
[4:11] I'm in Sydney with you, Doc.
[4:12] It's pretty gross.
[4:13] Oh, mate, so you know what I'm talking about.
[4:15] Very well.
[4:17] You know what I'm talking about.
[4:18] Yeah, a little bit of sun today, but, gee, it was chilly.
[4:20] This morning, but that's winter for you.
[4:23] And I think it's, you know, sort of chilly everywhere, but it won't be for much longer.
[4:27] We'll be complaining about the heat, but that's another story going forward.
[4:30] So week ending Wednesday, August the 13th.
[4:33] The big news, of course, was the, as we've already mentioned, the rate decision to cut by the RBA.
[4:40] We're also going to look at the latest house and unit rents for July.
[4:46] No real good news there for tenants.
[4:49] One positive we can say about the rental market at the moment is we're not seeing a real upward force in rents, but gee whiz, it's tough to get a rental property if you're out there at the moment.
[5:00] Plenty of competition, still long queues of prospective tenants on all the open homes at the moment.
[5:06] And if anything, that the rental markets are tightening with very low vacancy rates going forward.
[5:12] So,
[5:13] Unfortunately for tenants, it will mean likely in the not too distant future, higher rents.
[5:20] So we're looking at higher rents and higher prices.
[5:23] And as usual, the latest weekly auction results.
[5:26] Auction results are a great forward indicator of what's happening generally in the housing market.
[5:31] That's why we look at them every week.
[5:32] And no surprise, as we've already stated and most people know, that's been a strong year for housing market activity with higher prices.
[5:39] And that's been foretold by rising auction clearance rates really, you know, since February when we started to cut rates.
[5:47] So that's told us that housing markets were going to revive or activate or improve.
[5:54] And that's happened.
[5:55] And we're seeing even, you know, an increase in energy consumption.
[5:59] in our auction market.
[6:00] So we'll have a look at the latest weekly results there.
[6:03] So the RBA has cut rates over August.
[6:06] Probably not a surprise.
[6:08] Just about everybody predicted that.
[6:10] I think it was almost a certainty.
[6:11] We discussed it last week.
[6:14] There was maybe a surprise in some quarters that the RBA didn't cut rates last month, um,
[6:22] over July, most expected that to happen.
[6:27] But the Reserve Bank has been waiting or it focuses on the quarterly inflation data and that's what it's done really in its previous interest rate decisions.
[6:38] It's been focusing and waiting for the ABS quarterly inflation data just to validate its position on inflation data.
[6:47] And it's going to be interesting, Ben, because the quarterly data is going to leave us for good.
[6:54] The ABS is only going to publish monthly data from November.
[6:58] So it will be sort of joining the rest of the world in a sense.
[7:01] Certainly advanced economies, most advanced economies rely on monthly inflation data.
[7:07] The US have just released its monthly inflation data for July.
[7:13] And some better news there with...
[7:16] with the expectations that inflation would rise in the US, it actually was reasonably flat, despite concerns over the impact of tariffs.
[7:25] So we've now joined the US and we will be looking at consistently at monthly inflation data.
[7:33] So the Reserve Bank waited for the quarterly data
[7:37] As we looked at recently, that was a very positive in terms of downward trajectory for inflation.
[7:44] So there was really nothing holding the Reserve Bank.
[7:46] And it said that it was, you know, just looking for a consolidation of the inflation rate to reach the midpoint of its target range.
[7:54] The Reserve Bank's target range, it looks at its preferred measure is, as I said, the quarterly data set, but also underlying inflation rates.
[8:03] is what it, uh, what it looks at.
[8:04] And that's now well and truly consistently in the mid point of that two to 3% range.
[8:11] Well, you know, let's fingers crossed that, uh, it continues that way, but the reserve bank certainly had nowhere to hide with in terms of lower rates, uh, given that it's been focusing on the, uh, the need for consistency with the inflation rate within the target.
[8:26] So, um, there we go.
[8:27] It interest rates cut, um,
[8:31] Over August, following falls in February and May, so we've had three cuts so far this year.
[8:36] The official rate now is 3.6%.
[8:39] As I mentioned, inflation is now firmly within the midpoint of the RBA target range.
[8:45] And look, some recent weakening in the labour market, we saw the unemployment rate just pick up over June.
[8:53] But a lot of that was because we had another surge in the participation rate, which meant more people actually were looking for work.
[9:01] So that was okay.
[9:04] We had an upward movement in unemployment, but we had a lot more people looking for work.
[9:08] So a six of one, half a dozen, and the other in terms of good news, bad news.
[9:13] We will be getting, Ben, the July unemployment data out this coming Thursday.
[9:19] So we'll be able to see whether it was the beginning of an upward trend.
[9:23] But nonetheless, the fact that there was some weakening in the unemployment rate, highest unemployment rate
[9:30] at a 4.3% we've had for a while.
[9:35] But whether it was a one-off or something that is foretelling a more consistent increase in unemployment, we will see over coming months, obviously.
[9:44] But again, it was another, I guess, tick for the Reserve Bank thinking, well, hey, it might be good just to give the economy a kick along with lower rates in case we are starting to see a weakening in the labor market.
[9:55] So it just added to the case
[9:57] for lower interest rates.
[10:00] And of course, as I've already said, lower interest rates will only act to, you know, increase energy in the housing market.
[10:11] Lower interest rates make property more affordable because with a given interest, with a given income,
[10:17] And lower interest rates, it means you can pay more for a property.
[10:20] So it makes property more affordable because you can borrow more with a given income with that lower interest rates.
[10:28] And that's how it works.
[10:29] And also, you know, it adds to confidence as well.
[10:32] People have more money in their pockets.
[10:34] And as we saw last week with the latest retail sales data, people are out there spending, Ben.
[10:41] So this is, you know, a very positive economy.
[10:43] and lower interest rates will only act to keep that positivity going.
[10:47] So this is what the Reserve Bank said.
[10:49] Underlying inflation continues to decline back towards the midpoint of the 2% to 3% range.
[10:55] Labor market conditions eased slightly.
[10:58] They said they expected that.
[11:00] Okay, still a very strong labor market.
[11:02] The board judged that a further easing of monetary policy was appropriate.
[11:06] So lower inflation.
[11:10] Some easing in the labour market meant, OK, let's cut rates as they've been sort of intimating they were going to do.
[11:17] And as usual, I said, they're still cautious about the outlook, particularly given the uncertainty about demand and supply in the economy.
[11:26] And if issues happen or, you know, which hasn't happened in regard to the change in tariff policy, in trade policy coming out of the US and obviously working its way through international economies.
[11:39] then the Reserve Bank believes that they're in a position to respond.
[11:43] That means lower interest rates, I guess, if some issues happen over that and we need to stimulate our economy.
[11:50] But so far, that's been a bit of a damp squib, all those predictions of doom and gloom in regard to the US tariff policy.
[11:58] So we await to see the full outcome of that.
[12:01] And as I said, the US inflation data was very benign today.
[12:05] yesterday for July, released yesterday for July.
[12:09] So far so good in terms of tariffs, but the Reserve Bank has said if there are any issues in regard to that, it believes it's in a position to be able to respond and that means cutting interest rates again.
[12:21] So there's our cycle of interest rates up and down.
[12:24] Of course, we cut rates from about 2011 through to the COVID period following the decline of activity at the end of the
[12:34] The mining boom, 2012, and of course COVID came.
[12:38] We slashed rates down to just about zero.
[12:41] We then spent like a drunken sailor to stimulate the economy, which was the right thing to do, of course, but it did create more demand than supply.
[12:51] We had inflation rising.
[12:53] to the highest levels since the early 70s.
[12:55] So the Reserve Bank, as usual, stepped in to try to quell demand.
[13:01] Not that that was really what's seen inflation fall.
[13:03] It's really been a fall in the petrol price and also a fall in electricity prices due to the government handout.
[13:10] That's what's been the key determinant of lower inflation.
[13:13] But nonetheless, it has meant
[13:15] Lower interest rates, we peaked at 4.35% through last year, steady all last year.
[13:22] But as I mentioned before, we've had cuts in February, May and now August.
[13:27] So on we roll and it will be very interesting to see the impact of these lower rates
[13:33] on the spring selling season, which is just about upon us.
[13:38] So let's have a look at the latest rental data.
[13:40] Again, rental markets have tightened over July.
[13:45] And as I mentioned, but even though we have low vacancy rates and lower vacancy rates, we're still not seeing a surge in rental growth as yet.
[13:56] But as I mentioned before, rental markets remain challenging for tenants.
[14:00] with strong competition for available houses and units in most capitals.
[14:05] And again, that will result likely in higher rents across the board.
[14:11] So this is the July data.
[14:13] Sydney's still the top destination for house rents.
[14:17] Median asking rent over July of $800 a week.
[14:20] Not a lot of movement there in terms of rents amongst the capitals.
[14:25] Hobart was the top performer by 1.7%.
[14:28] Volatile Darwin down by 6.3%.
[14:31] Over the year, it's interesting that Sydney and Melbourne rents have actually eased over the past year.
[14:36] I think that was due to some degree for the government's easing in migration numbers.
[14:43] There's been an easing in migration numbers, international migration numbers,
[14:47] I think that's had an impact on demand, particularly in the big capitals, Melbourne and Sydney, and Act to East, somewhat rental growth.
[14:54] But those vacancy rates are still very, very low.
[14:59] As we always say, Ben, the 2% mark for a vacancy rate is typically the balance point between higher and lower rents.
[15:08] You can see there that we've only got Canberra and Melbourne at 1% or above, and they're only just at 1%.
[15:16] All the other capitals are below 1%.
[15:18] These are very, very low vacancy rates.
[15:20] It just shows there's not a lot of property out there available to rent.
[15:25] And you can see there the monthly change is still downward.
[15:27] So it's tightening compared to vacancy rates from last month.
[15:32] So that's for houses.
[15:34] When we look at units, similar story, Sydney, the top performer in the sense of unit rents, $750 a week.
[15:44] Again, reasonably benign rental growth through the month with the top performer there, Darwin, going against the grain in terms of its fall for house rents was actually up 5.2%.
[15:56] But it is a smaller market and does tend to be volatile from month to month.
[16:00] Hobart also up 2.5%.
[16:02] Similarly, Hobart.
[16:04] the Hobart unit market is quite small and you can see swings from month to month as a result of small numbers of properties in that small Hobart property market.
[16:18] So again, all the capitals recorded lower vacancy rates over the month for lower vacancy rates over the month.
[16:28] And those vacancy rates a little bit higher
[16:31] than for houses, but we're really quibbling there because they're still very low.
[16:37] Canberra and Melbourne are the top with vacancy rates of 1.3%.
[16:41] You know, even though we've seen some easing for house rents in Melbourne, we're still seeing unit rents growing in Melbourne.
[16:48] And unit vacancy rates in Melbourne have actually fallen from the mid twos, the high twos, a year ago, or the end of last year, to now 1.3%.
[16:59] So very tight rental markets.
[17:01] for both houses and units.
[17:04] As yet, no surge in rents, no real upward sense of higher rents.
[17:11] But I think that eventually that pressure will unfold and we'll start pushing rents higher.
[17:18] But still, it's a very tough gig for prospective tenants out there trying to secure a property for rent.
[17:25] because there aren't many available and there's plenty of competition for those that are available.
[17:31] If you're looking for the latest, a copy of the latest My Housing Market July 25 rent report, there is a QR code which you can scan and that will give you a PDF copy of our latest report.
[17:47] So get a hold of that one.
[17:49] So let's have a look at how the auction market's going.
[17:53] upwards, onwards, upwards, onwards.
[17:55] We say it every week, but it is certainly a very strong position.
[18:00] Once again, we really had every capital city market recording.
[18:04] What you would say were just about strong results in terms of clearance rates.
[18:08] We are starting to see higher numbers of auctions coming through, which is what we see this time of the year.
[18:14] General listings, not just auction listings, but private sale listings are also rising quite strongly at the moment.
[18:21] as people start to focus on the spring market, wanting to get their buying and selling done by the end of the year.
[18:29] And that's what creates the surge in the spring activity model.
[18:34] So momentum is still clearly rising.
[18:36] And Ben, we've got an interest rate cut to fuel the market going forward now, even though it was, I guess, widely predicted.
[18:44] It's never a certainty until, of course, it happens.
[18:46] And there was a lot of surprises that didn't happen last month.
[18:49] So it's come along this month and it will only fuel what is a very strong housing market at the moment.
[18:58] And even though we have seen higher listings coming through, it's not acting as an impediment to clearance rates, which continue to report results that are clearly in favour of sellers, you know.
[19:12] Good news for sellers out there.
[19:14] These clearance rates reflect plenty of competition amongst buyers for available property.
[19:19] So Sydney 726 auctions over the past week.
[19:23] Another, you know, just under 80% clearance rate in Sydney.
[19:27] Sydney's been tracking very close to 80% recently.
[19:31] If we start to get 80% clearance rates over the next month or so, we're going to have to dust off that boom word.
[19:38] Once we get to 80% auction clearance rates,
[19:41] We are really in what historically tells us is a boom market.
[19:45] And as I said, I think prices are now perhaps heading overall to 10% growth for capital city prices, which increased 7% last year.
[19:54] So I think we'll exceed last year's results and have the highest result for a couple of years in terms of annual prices growth.
[20:03] for capital city houses.
[20:05] So 77.6% for Sydney, similar to the week before.
[20:09] Auction numbers up a little bit.
[20:11] Melbourne, another strong result for Melbourne, 75.2%, higher than the week before, but very similar.
[20:18] Auction numbers around about the same as...
[20:22] as the week before.
[20:23] But it's when we look back over this week last year that we see how interest rates really have affected our markets.
[20:33] Sydney's tracking 10% higher than a year ago.
[20:35] Similarly, Melbourne's tracking 10% higher than a year ago.
[20:39] Brisbane's similar numbers in terms of auction listings to the week before.
[20:43] But this is quite a strong result for Brisbane.
[20:46] 64% is for Brisbane a strong auction result.
[20:50] It has a different auction characteristic to the other capitals.
[20:55] And 64% is a strong result for Brisbane.
[20:59] You can see it also is around about 10% higher than a year ago.
[21:03] Adelaide, another 70% plus result.
[21:08] Not tracking at the extraordinary levels it did a year ago, but...
[21:12] certainly a very positive market.
[21:14] And look at the Canberra market.
[21:15] Finally, we're seeing some consistently plus 70% results in Canberra.
[21:20] We've been tracking Canberra closely this year because it's been an underperformer.
[21:26] It really did disengage from the Sydney market over the past year or so, but now it looks like it's back in business with consecutive 70% plus clearance rates.
[21:38] You know, even the Canberra market is up and running.
[21:42] And that's the point now that all the capital cities reported, you know, strong clearance rates over the past week.
[21:48] So there is that consistency.
[21:51] And we're now waiting to see if we can get some 80% results, which certainly must be in prospect, particularly for the Sydney market and likely the Melbourne market and likely Adelaide over the next month or so.
[22:04] So these are the charts.
[22:06] Particularly after a rate cut there, Doc, as well.
[22:08] And, yeah, leading into spring, we might be dusting off that B word.
[22:14] Well, that's the point, Ben, that, you know, you've got to sort of hesitate.
[22:23] And we're sort of close enough to those 80% auction clearance rates.
[22:26] But once we get there, we really have to discuss that we're in a boom market.
[22:37] So without trying to be talking up too much, it's not that I don't think we could, but we're still in an undersupplied housing market.
[22:45] We're still not building enough homes.
[22:48] we've still got a strong economy.
[22:51] We'll see how, uh, the latest data translates to, uh, what happened last month.
[22:56] And we get that latest unemployment data out on Thursday.
[23:00] So, um, uh, the, the conditions are all cherry ripe for a strong spring campaign.
[23:06] And, um, you know, as I said, uh, we're on the cusp in terms of our auction results of 80% clearance rates in most capitals.
[23:15] And, um,
[23:16] You know, that's what we've always used as a benchmark when we start talking about boom time markets.
[23:23] So it will be an interesting ride over the next month or two.
[23:29] And as I said, look at the monthly results.
[23:31] You can see there they're all the same.
[23:34] They've all risen since interest rates have fallen earlier in the year.
[23:38] They're all tracking higher than a year ago and the end of last year.
[23:41] The similarity is evident there.
[23:45] And, of course, the underlying force that's creating the similarity is lower interest rates.
[23:51] And we have another kick along to the market with an interest rate cut this week.
[23:54] Brisbane, same as Melbourne and Sydney, well ahead of last year, rising all this year.
[24:00] The auction market, and, of course, that Brisbane market really hasn't had a pause for a couple of years.
[24:05] It's been onwards and upwards and...
[24:07] and prospects for more growth for the Brisbane market.
[24:10] Adelaide, again, it's recovered this year from a slowish start and now according to the sort of numbers it did a year ago.
[24:20] And Canberra's not the big surprise, but the market that has been dragging the chain for a while, but now it's starting to reveal results now.
[24:29] very similar to the other capital city markets.
[24:31] So if ever you wanted a proof of what interest rates can do to a housing market, well, there it is.
[24:38] And all that capital city markets benefiting.
[24:40] If you wanna get the latest auction results, so you go to my LinkedIn site, Doc Andrew Wilson at LinkedIn.
[24:45] Every Saturday night at around six o'clock, we released the snapshot.
[24:49] And then on Sundays, we released the full national report, which has the regional breakdowns for Sydney and Melbourne and the top 10 sales under the hammer
[24:57] for each of the capitals over the week.
[24:59] So get a look at that one.
[25:00] If you missed the national report, there is QR code.
[25:03] You can get a copy of the latest national auction report by scanning that particular code.
[25:11] So just as we finish off, Ben, with the greatest giveaway in the universe, and that is the My Housing Market Infinity suburb data app.
[25:19] So we'll talk about capital cities, but if you want to know what's happening on a suburb basis, well, you get hold of this fantastic app.
[25:25] which gives you all the asking prices and rents on a daily basis for every suburb in Australia that has data.
[25:33] Of course, we don't have any suburbs there with no data, but so you can explore exactly what's happening on a suburb level there.
[25:42] There is a QR code to get hold of that fantastic app, which is very popular at the moment.
[25:47] And also a link.
[25:48] You must get a password.
[25:50] Hello, password protected.
[25:53] and you get onto the good folks at Infinity and they will give you access to that fantastic app.
[25:59] And here's a screenshot of the app.
[26:02] So you can filter it.
[26:03] These are asking prices in real time.
[26:05] You can filter it for prices or rents.
[26:08] You can filter it for capital city region or outside capital city region.
[26:11] We're looking here at New South Wales, capital city region of Sydney, looking at Blacktown, the suburb.
[26:18] You can filter it for house unit or townhouse.
[26:21] We're looking at houses and you can also filter it for the number of bedrooms.
[26:24] So you can really drill down, Ben, to get a close look at what's happening at your type of property or the property you're interested in, in the suburb you're interested in.
[26:34] So it's not just gives you the median asking price.
[26:36] It also gives you the high and the low.
[26:39] So you can see what the boundaries are in terms of what agents and what owners are asking for their properties in that particular suburb.
[26:47] and also tells you the number of properties that are for sale.
[26:50] So it does exactly the same for rents.
[26:52] So you can see what's happening in the rental market there.
[26:56] The same breakdowns for asking rents.
[26:57] And if you're looking for return on investment, if you're an investor or just looking to take a perhaps a bit more of a scientific approach to your decision making, we also have this add-on to the app, which filters the top 10 suburbs in each one of the regions, capital city region or outside capital city region, in terms of their yield.
[27:17] the current asking rent over a year divided into the current asking price.
[27:23] So that gives you your gross return on investment.
[27:27] And it gives you the top 10 results there in terms of suburbs.
[27:30] If you click on the suburb, it will actually take you to a link of the map of the suburb.
[27:35] So you can see where it is.
[27:38] It also gives you the current vacancy rate for the suburbs and also the number of properties for rent and the number of properties for sale.
[27:46] So another great little add-on there for our weekly viewers and take advantage of that one because you can put it on your phone
[27:56] and carry it around with you or whatever, so that you're always in touch of what's happening in the housing market in real time.
[28:03] Next week, we're gonna look at that July labor market results that will come out this week.
[28:07] Also looking at the June retail sales, which were very strong, again, reinforcing the positive nature of consumers
[28:14] at the moment and as usual, the latest weekly auction results, will they continue?
[28:20] I guess they'll be even stronger maybe with those interest rate cuts, but we're really sort of holding our breath, waiting for that 80% result somewhere.
[28:28] We've had one already in Sydney a couple of weeks ago, but we need some consistency there.
[28:33] And of course we will be getting more listings coming through.
[28:36] So that means more choices for buyers, which is good for them, but more competition for sellers, which maybe not so good, but so far so good.
[28:44] buyers are certainly scrambling to secure all the properties that are available at the moment.
[28:49] And the other thing, Ben, is what we're going to see, I think, enter the market is FOMO.
[28:55] And that fear of missing out energy really does kick things along.
[28:59] And that's what I think will be the key force during the spring selling season.
[29:03] But we wait and see what actually happens.
[29:06] So if you've missed any of the data in today's report, there is a QR code.
[29:11] You can scan it.
[29:11] It'll give you a PDF copy.
[29:13] of today's report.
[29:14] So have fun with that.
[29:16] And we bid you a fond farewell until the same time, same bat channel next week.
[29:22] So keep warm, Ben.
[29:25] I'm keeping warm.
[29:26] I think the rain's coming back in Sydney.
[29:30] I think so too.
[29:31] Thanks, everyone, for listening.
[29:32] And thanks, Doc.
[29:33] Once again, we'll see everyone next week.
[29:35] All good, mate.
[29:36] See you later.
[29:38] You're fucking gone.
[29:39] See you.

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