Host: What do you think? What would be your advice on this one?
Paul Glossop: Look, I think Michael has probably raised a few points there. Couple of things are obviously depending on budget and depending on their entire cash flow position. But personally speaking, I think if we’re looking at more macro data, we always liked to, as a company, try to get accelerated growth in the shortest period of time as possible. But I think that’s no secret Sydney and Melbourne, to that extent, has decoupled from the rest of the country over the last five years. But interestingly, when you look at the last 15 years worth of growth. Sydney sits at about fifth or sixth overall. Melbourne sits at second overall, with a bit over 200% growth in the last 15 years. So really if you want to look at it and saying “How long do you have to invest? What is your intention and how long do you have that property to work in the market?” Right now, we see some really good population growth data. Some jobs creation data coming out of parts of Brisbane and that’s probably one of the strongest markets at this point of time. If I’m looking at it more of a macro perspective from there you’ve got to drill down to know your specifics in those markets. What property types are going to be most in demand. But if we’re looking at here and now and taking everything into account, and being equal, obviously not knowing budgets and intentions of objectives. I would say personally right now, Brisbane as a market if I were to look at putting my first dollars into my first investment of property. That is a market, in general, which I probably would say for this point and time.
Host: Would you agree with Michael, that the inner city is kind of the place to aim for or is Brisbane more a market that can look at the suburbs or the next sort of ring?
Paul Glossop: It’s very interesting point because if I would to look at, right now, and our company does a lot of work looking at the data specially on the where the jobs are coming, and where the bigger infrastructure plays are. If I look at Brisbane in particular, we do look at every other market across the eight capital cities, but in particular Brisbane. We probably see four or five, what I would deem to be local government areas, probably not within a ten kilometre proximity to the CBD that look to outperform that ring over the next five years, especially in the attached dwelling markets. So I think there’s going to be a distinct decoupling from the attached versus the detached in that market and I personally think that areas outwards the Morton Bay Peninsula, and out towards the South West Corridor, and where those big population growth, big infrastructure spend plans are. There are probably markets which I think in the free-standing housing place are getting good quality assets on big blocks of land or rezoned assets along quality infrastructure pipelines and that’s what I’d like to see my money spent personally.