Mostly in Melbourne and Sydney and not so much elsewhere. Certainly not outside of those areas, I wouldn't expect it to be particularly vulnerable. Inner-city, I would say. Within an eight kilometre radius of both of the CBDs would be areas that would be particularly vulnerable. But there's a big demand for units and houses in these areas.
Demand takes several forms.
Owner-occupiers have been enticed into the market because of the first home buyers' grant and that's had the double whammy of increasing buyer demand but reducing renter demand. They're no longer renters any more. And so that's brought forward some demand that otherwise would have happened next year or the year after, after they'd saved their deposit. So you're getting that aspect of it. Investors have been thrown into the property market because they're spooked, spooked by what's happened overseas.