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Speaker 1: Alexander Phillips do something your dad.

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Speaker 2: A little bit, Yeah, my mother when I'm in trouble.

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Speaker 1: Welcome back to YBr Property inside space, Am. And you're

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Speaker 1: the principal of PPD real Estate, correct, And just what

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Speaker 1: area do you cover? First?

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Speaker 2: We our officers cover all the eastern suburbs I think

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Speaker 2: last year resulting twenty eight to thirty suburbs, so broad

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Speaker 2: broad section, you know, five hundred grand apartments, twenty six

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Speaker 2: million dollar houses and everything in between. So we've got

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Speaker 2: a really good spread across. What's happening in the market

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Speaker 2: is of so many different marketplaces and demographics. We work

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Speaker 2: with Eastern Sydney there though, Eastern City always from the

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Speaker 2: hubor Bridge to down a Baldye, down a gold g

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Speaker 2: four Clues, Mattreville, Paddington, Yeah, everywhere.

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Speaker 1: So that's interesting because I want to get a sense

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Speaker 1: from you, mate, what's happening in your neck of the

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Speaker 1: woods in twenty twenty four, twenty twenty five. And a

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Speaker 1: second that's more prospective. But if I look about retrospectively,

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Speaker 1: what happened in twenty twenty four, what was the experience

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Speaker 1: of the market for you? And then we're talking about

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Speaker 1: range probodies, as you say, from half million to twenty

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Speaker 1: six minutes.

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Speaker 2: We found you at the beginning of twenty twenty four

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Speaker 2: was a super strong market. Like as an example, in January,

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Speaker 2: our agency did about one hundred and ten million dollars

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Speaker 2: of sales, which is quite in January twenty twenty four, Yeah,

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Speaker 2: where this year I think it is about fifty five

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Speaker 2: or sixty, so almost half. Yeah, So there was a

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Speaker 2: lot more urgency buyers wanting to buy, which it always

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Speaker 2: is at the beginning, like we're seeing that right now.

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Speaker 2: I can talk about that in a minute. And then

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Speaker 2: as a year went on, it I think interest rate

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Speaker 2: started catching up with people, the stock levels grew, it

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Speaker 2: started to change, particularly probably from about August the last quarter,

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Speaker 2: we found that there was probably I reckon there's probably

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Speaker 2: price correction in most suburbs around five percent, which hasn't

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Speaker 2: really been reported either. You don't really if for some reason,

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Speaker 2: you know, the downtown hasn't been reported as much as

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Speaker 2: what we're sort of seeing it on the ground. So

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Speaker 2: that's how we saw twenty twenty four. We did six

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Speaker 2: hundred and forty eight sales, so a lot of sales

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Speaker 2: across all different price ranges and just over two billion

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Speaker 2: dollars of sales, but it did slow up dramatically in

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Speaker 2: the last quarter.

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Speaker 1: Is unwrapped up for a second. So when you say January,

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Speaker 1: you know, that's a lot of sales relative to this

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Speaker 1: year's January. I shouldn't, I guess in a benchmarking sense,

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Speaker 1: but it is generally normally a really busy month.

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Speaker 2: And yeah, it's just everything's like the you know, for us,

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Speaker 2: I suppose a little bit more modern in a real

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Speaker 2: estate agency approach how people buy sell, Like everyone's so

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Speaker 2: digitalized and available these days. It's not really sort of

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Speaker 2: seasonalities around on my way all the January or you

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Speaker 2: know Christmas. You know Christmas generally that week is but

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Speaker 2: people are like they don't do four or five weeks.

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Speaker 2: Holidays are here for week Japan for a week. They're around,

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Speaker 2: they're off work, they're fresh. We find that energy is

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Speaker 2: very high in January. Like to give you an idea,

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Speaker 2: even our first weekend in February, last weekend, there's a

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Speaker 2: path amount of buyers what they were in January. Everyone

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Speaker 2: thinks there's more buyers in Februar because everyone's back from holidays.

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Speaker 2: So yeah, the inquiry numbers this January were double what

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Speaker 2: they were saying in November December. The number of buys

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Speaker 2: at open homes were doubled, but compared to January twenty

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Speaker 2: four the urgency was still waning a little bit, like

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Speaker 2: they were very nervous and still been unsure about where

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Speaker 2: the market is until we started rolling out sales towards

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Speaker 2: the end of the month, when they could then use

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Speaker 2: those sales as benchmarks where the market was and where

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Speaker 2: it was heading.

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Speaker 1: But still lower, still lower, yeah, still lower.

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Speaker 2: And there's there's some properties you've got a million dollar

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Speaker 2: gaps on, there's properties that are selling well that there's

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Speaker 2: no real consistency in the market. It feels the market

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Speaker 2: will come off a little bit more this year, that

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Speaker 2: sort of way we're seeing and what we're predicting.

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Speaker 1: Would you put that down to the fact that when

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Speaker 1: you know your vendors, but are they would you put

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Speaker 1: that down the fact in terms of the market coming

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Speaker 1: off the vendors more willing to sell because a lot

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Speaker 1: of vendors borrow a lot of money to buy, or

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Speaker 1: more money than normally would borrow to buy the property back,

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Speaker 1: say in twenty twenty two, and interest rates or twenty

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Speaker 1: twenty one, twenty twenty one rates were like two bizenous.

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Speaker 1: Is a bit of that going on?

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Speaker 2: Yeah, a lot of that.

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Speaker 1: And are we talking about own rock bose investors?

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Speaker 2: Probably a little bit, probably more own occupiers, I think, Yeah,

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Speaker 2: they're probably a little bit stretched because it interestingly, our

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Speaker 2: strongest market at the moment is a one to two

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Speaker 2: million price bracket.

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Speaker 1: That's where you're getting most inquiry.

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Speaker 2: We're getting thirty groups through Saturday open home to two

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Speaker 2: bedrooms buyers. Yeah, yeah, and like we know this. This

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Speaker 2: week alone we sold one for one point seven one

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Speaker 2: point six eight hundred and all those properties on the

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Speaker 2: market for less than twelve days.

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Speaker 1: Really yeah yeah, and they and of those sales meeting

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Speaker 1: vendor expectations.

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Speaker 2: A bit beyond do it better, Yeah, exactly where if

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Speaker 2: we've got like we've got houses at the moment that

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Speaker 2: are like nine to ten and that's where the vendors

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Speaker 2: are out, but the buyers are like eight. Right, So

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Speaker 2: there's almost like there's some properties were like we're so

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Speaker 2: far out you actually should just take it off the

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Speaker 2: market really, like there's no point be battling away for

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Speaker 2: six months. Is just such a big gap and the

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Speaker 2: vendors that don't need to sell probably should, but everyone's

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Speaker 2: living in this hope of or sorry, they're more blaming

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Speaker 2: or interest rates are going to drop, there's a there's

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Speaker 2: a there's an election. Maybe it's not the right time,

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Speaker 2: you know, So they're sort of looking for some excuses

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Speaker 2: to get their their head around why the price isn't there,

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Speaker 2: which I don't believe in. It is that the that's

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Speaker 2: the vendor, that's a vendor saying that, what the buyers

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Speaker 2: saying the buyers. So what we're seeing the buyer demographic

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Speaker 2: and what they're doing at the moment their behaviors is

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Speaker 2: they know the market came off last year, they know

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Speaker 2: there's an interest rate cut coming, so they're like, let's

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Speaker 2: buy now before the market might kick again, because they're thinking, okay,

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Speaker 2: it's definitely coming. Everyone knows at some point this month,

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Speaker 2: next month is in six months, so they're like, let's

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Speaker 2: get in now before we see another kick. So the

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Speaker 2: buyers are they're they're wanting to buy, but they're still

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Speaker 2: very price conscious. They're not like going like running away

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Speaker 2: and paying you know, hundreds of thousand dollars.

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Speaker 1: Yeah, exactly, And they're not done being a radic like

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Speaker 1: they were during.

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Speaker 2: I haven't seen an over sale this year yet, nor

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Speaker 2: you would have seen a few.

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Speaker 1: So, and and buyers behavior is not like it was

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Speaker 1: a couple of years ago. They thought should I just

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Speaker 1: got to get into the market.

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Speaker 2: What have you got? Yeah, and also the problem is

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Speaker 2: he's a stock level is probably thirty percent high and

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Speaker 2: now than last year. Yeah, definitely across most price ranges,

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Speaker 2: most suburbs. So they're like, okay, well they don't want

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Speaker 2: to meet me, I'll just wait for the next one.

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Speaker 2: And you know, so there's that that knowing that there's

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Speaker 2: a new property potentially around the corner and you know,

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Speaker 2: falling their lap. Then they're not being so urgent as well.

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Speaker 1: Can we can we flip between unoccupied buyers and investor

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Speaker 1: buyers or do you just do it? Most sound both?

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Speaker 2: Yeah, investors. We're finding more in our marketplaces of parents

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Speaker 2: buying for kids wenting out for a few years. You know,

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Speaker 2: the rental yields probably also while the two bediom unit

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Speaker 2: markets strong, is the rental yields are good at the moment?

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Speaker 1: Are they?

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Speaker 2: Yeah? They're better than what they have been. Like you're

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Speaker 2: buying something for one point seven you're probably getting a

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Speaker 2: thousand to eleven hundred a week compared to well it

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Speaker 2: probably would have been nine hundred a year. So they're

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Speaker 2: a little bit better.

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Speaker 1: But the rents haven't gone to be the price are

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Speaker 1: gone up, you.

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Speaker 2: Know, the rents have gone up a bit, but the

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Speaker 2: prices have gone up a little bit, but also than

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Speaker 2: your mortgage has gone up, so you're still out of pocket. Yeah, bit.

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Speaker 1: Yeah, but those buyers, particularly for parents, they're just getting

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Speaker 1: into the market now because they just see the view

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Speaker 1: over time. There's a long view over time, it's going

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Speaker 1: to go up exactly.

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Speaker 2: Yeah.

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Speaker 1: So just on the renter market, is that because more

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Speaker 1: people are selling their homes and now need to rent

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Speaker 1: a place, is.

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Speaker 2: That there's still that population growth people moving from this

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Speaker 2: time year school, so that they're testing out suburbs or

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Speaker 2: renting there, but they've been relocated moved back from overseas.

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Speaker 2: The rental market is even up to a round three

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Speaker 2: thousand a week. Yeah, it's still strong.

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Speaker 1: Yeah, three, I guess that's for houses.

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Speaker 2: Yeah, yeah, once you get up to four and five,

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Speaker 2: it's not but around you know, between two and three

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Speaker 2: is strong at.

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Speaker 1: The moment, and that's pretty normal. No, two and three.

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Speaker 2: Yeah, but I also think a lot of people have

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Speaker 2: they're reduced from like four to five, and they're going

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Speaker 2: down in ask with they're trying to save a bit

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Speaker 2: of money. So there's a few reasons why that's so strong.

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Speaker 1: So that's what do you think for twenty twenty five?

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Speaker 1: Do you think that, let's let's say, for argument's sake,

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Speaker 1: there is a reserving change on there in the February,

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Speaker 1: the reserving company that says like, yeah, you know, it's

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Speaker 1: kind of reduced industryes by twenty five basis points, and

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Speaker 1: maybe let's say they indicate that there's going to be

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Speaker 1: a couple more reproductions, which is what the money market's saying.

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Speaker 1: This is all bad reserving language. But let's assume that.

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Speaker 1: Do you think that the buyer market will just get

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Speaker 1: off their tush and start buying, just say, oh my god,

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Speaker 1: we're going to miss out, let's get back to it.

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Speaker 2: I don't think so. No. I sort of think they're

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Speaker 2: going to be sugar hits for a little bit. I

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Speaker 2: think you probably to need to see a hundred basis

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Speaker 2: points for it to really have a big kick. Obviously,

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Speaker 2: got f you got some major issues with that with

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Speaker 2: the Ustralian dollar where it's at, you know, like it

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Speaker 2: could go but down to fifty five US. So that's

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Speaker 2: going to be an issue with the lowering rates. I

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Speaker 2: think if you look at the last like after the

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Speaker 2: GFC in the nineties, when the rates were going down,

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Speaker 2: the market was very flat for quite a long time.

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Speaker 2: So we're sort of thinking like this year might see

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Speaker 2: go up two percent or down two percent. Very sort

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Speaker 2: of flat and probably like that for a while.

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Speaker 1: Prices yeap prices, yes, people that attuned to interest rates

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Speaker 1: are thin.

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Speaker 2: It's all that everyone's been talking about, Like it's just crazy,

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Speaker 2: like and I don't it's not the everything's to bet

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Speaker 2: on the end of where the market's going to go. Yeah,

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Speaker 2: it's like it's every conversation we have with buyers.

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Speaker 1: But it's only marginal if it's twenty five base points.

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Speaker 2: It's more the settiment. Everyone talks about, oh it's better,

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Speaker 2: you know, but interest rates are going down because the

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Speaker 2: economy is also it's usually the reason. Yeah, so that

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Speaker 2: they seem to they have this funny vision of our

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Speaker 2: great interest rates are going down and let's buy a house.

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Speaker 2: This is you know, I don't know how Australians are wide.

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Speaker 2: It's very unusual.

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Speaker 1: Are you getting in your area, which is east of

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Speaker 1: the Harbor, east of the city. Are you getting a

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Speaker 1: lot of inquiry or much inquiry from those people who

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Speaker 1: are sort of upgrading into the US. What are the

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Speaker 1: reasons coming into these subjects.

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Speaker 2: Yeah, so this time year, like we had some open

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Speaker 2: homes today. They're already sick of driving next Sun from

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Speaker 2: Manly to Crambrook, so let's sell there, buy in Bronze

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Speaker 2: or buying Bellevue Hill. So you do get a lot

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Speaker 2: of that this time year because they've changed schools and

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Speaker 2: they're like, I can't do this drive anymore. Let's sell

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Speaker 2: and buy. So you you do get a high number.

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Speaker 2: They also get a high number of expats this year

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Speaker 2: at this time year because they've relocated in December, and

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Speaker 2: also a lot of the US banks pay their bonuses

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Speaker 2: around in January. It has a pretty big bonus season.

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Speaker 2: And we found actually we've had a lot of inquiries

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Speaker 2: from the United States. Really yeah, people were coming back.

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Speaker 2: Yeah Australia. So normally we traditionally get up of Hong Kong, Singapore, London,

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Speaker 2: but we've found just yeah, probably the dollar, maybe Trump,

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Speaker 2: but I don't know but there has been a slight

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Speaker 2: tick up in that.

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Speaker 1: Geting much of an Asian much Asian quarry. It is

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Speaker 1: a down relative.

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Speaker 2: To it's so hard now with double stam DUDYFIRB approval.

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Speaker 2: You know, like on ten million, you're paying about ten

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Speaker 2: to fifteen percent to get in into the market. So

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Speaker 2: you're looking at one and a half million and you

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Speaker 2: know it's a big, big chunk of money. It's not

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Speaker 2: even worth it.

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Speaker 1: So because that was a big driver in And what

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Speaker 1: about I've always want to ask you about proximity to schools?

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Speaker 1: Is proximity to a school in this is your area?

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Speaker 1: But is a proximity to school for example, let's take

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Speaker 1: Scott's College. Is is it a good thing for people

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Speaker 1: to live in belver Hill or do people say no,

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Speaker 1: I don't want to live in the schools it's too busy.

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Speaker 1: I mean, how does that work?

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Speaker 2: No, it's just that they're the biggest driver for the prices.

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Speaker 2: Is schools? Is it a big time? And you know,

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Speaker 2: like you know although those private schools you know along

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Speaker 2: that you know along the Harvest, Scott's, Cranble Campbala, King Copple,

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Speaker 2: ask them, ask them like people actually move out of

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Speaker 2: say Bronte to go. I can't drive to King Copple anymore.

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Speaker 2: Like I'm sure when I went, you know, when I

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Speaker 2: went to school and just catch three buses I don't

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Speaker 2: know and walk a yeah, exactly. So it's parents and dry.

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Speaker 2: But they're they're they're huge drivers. So good schools. And

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Speaker 2: we're seeing other schools now getting because they're getting so

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Speaker 2: expensive in those areas, and other schools are getting better,

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Speaker 2: Like we're seeing some Catherines Waverly getting a big drive

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Speaker 2: as well because you know, and they're in beachside suburbs,

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Speaker 2: so the schools are probably one of the biggest drives

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Speaker 2: or prices.

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Speaker 1: That's interesting because I would have people want to.

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Speaker 2: Live that year, Like we've got houses that back onto

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Speaker 2: schools and people like it. You know.

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Speaker 1: Yeah, I would have dropped me in nuts and I

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Speaker 1: probably wouldn't want to be there, but I just thought

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Speaker 1: they might turn people off, but people want to be

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Speaker 1: right close to it. I guess you've got plays in

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Speaker 1: Belvy Hill and then it's probably a bit of an

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Speaker 1: exceptional because and you Getnagulla Road and all those sorts

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Speaker 1: of places which you know, like a Campbella road, you know,

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Speaker 1: the packers still live in Victoria, right, So I mean,

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Speaker 1: I guess from that point, but I sort of mean

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Speaker 1: closer to the schools. If you're if you're thinking of buying,

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Speaker 1: like if you think you're making a good investment. It

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Speaker 1: doesn't matter if it's an apartment house, but if you

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Speaker 1: think you making a good investment in these suburbs Sydney

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Speaker 1: and that includes Brondie, could you your areas as well

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Speaker 1: as you know the values and the belfis of the wood.

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Speaker 1: What are the sort of amenities you're looking for to

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Speaker 1: make the right decision about what you're buying for the future.

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Speaker 2: I think, yeah, school good like the real estate I've

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Speaker 2: always born. I feel like I own good real estate

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Speaker 2: is a grade streets and aspects.

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Speaker 1: And like what's an a grade street?

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Speaker 2: Mean the street appeal, the type of properties within the street,

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Speaker 2: like the consistency of the street. Yeah, all those sort

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Speaker 2: of factors that are coming into play.

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Speaker 1: And what's view or outlook?

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Speaker 2: What's that you're outlooker of ocean, Harbor park, blue sky?

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Speaker 1: You know that sort of Is it important to be

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Speaker 1: near a shopping senator in the junction?

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Speaker 2: The more probably important to be closer to train line,

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Speaker 2: really Yeah, like edge Clear, you ain't Bondi Junction. So

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Speaker 2: parts of Alaa and Queens Park always do well because

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Speaker 2: of that. Paddington will Eagecliff do well because of that.

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Speaker 2: You know, parts of South Bondai do really well going

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Speaker 2: down that Bondi Road corridor because you're close to the

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Speaker 2: beach and into Bondai Junction, so train lines. I always

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Speaker 2: say to people like if I'm buying like an investment

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Speaker 2: unit or And firstly, I always think if you're going

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Speaker 2: to buy an investment you see yourself, if you have

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Speaker 2: to live in it, would you buy it? And secondly

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Speaker 2: be closer good transport hub.

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Speaker 1: So it is Bondo Junction a good place to buy it.

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Speaker 2: I wouldn't be buying Bondi Junction because there's two there's

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Speaker 2: too many new bills, too much stock, the prices. You know,

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Speaker 2: you were selling one bedroom units that were bought for

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Speaker 2: one point two for nine hundred that were bought four

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Speaker 2: years ago. That there's too much growth of buildings supply.

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Speaker 2: So no.

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Speaker 1: And then in terms of the sobs en is it

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Speaker 1: better if you're an investor, is it better to buy

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Speaker 1: an expensive one better or two better for the same price?

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Speaker 2: In other words I look at this, I look at

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Speaker 2: say something like a Chris Gray, He's from your empire.

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Speaker 2: His motto was a two bedroom unit with a balcony

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Speaker 2: in a small block with a garage, even if it's

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Speaker 2: a shitty seventies building, you'd rather buy that than a

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Speaker 2: sparkly brand new one better or really Yeah, because you

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Speaker 2: get you've got you've got two options with tenants. It's

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Speaker 2: more growth. Yeah, definitely two two bedroom rather than a

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Speaker 2: one bedroom for same price.

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Speaker 1: Right, because not notwith seeing the fact that one the

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Speaker 1: one bedroom might be building a very shiny looking building.

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Speaker 1: And you know, we see lots of them relatives, see,

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Speaker 1: because a lot of the two betters, they could be

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Speaker 1: in an older style building, but.

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Speaker 2: They're they're more solid, they've got a history, they've got

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Speaker 2: twenty years of forty years of strata there. They're double

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Speaker 2: brick their concrete slabs. Yeah, that's interesting.

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Speaker 1: Yeah, and people and that particular bit of advice is

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Speaker 1: that how buyers have been behaving to it? Yeah, well

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Speaker 1: because we also you know, what I'm saying today is

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Speaker 1: what we say to the marketplace as well, so they

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Speaker 1: listen to us.

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Speaker 2: Yeah.

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Speaker 1: And finally one for where it's always please me sort

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Speaker 1: of confused, me, why why do people pay such huge

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Speaker 1: amounts per square meter? And Bondi at the beach were

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Speaker 1: usually no parking, a small joint and when they could

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Speaker 1: say maybe go to Rose Bay or something of that

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Speaker 1: and get something much bigger near a park or something

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Speaker 1: like that. What is that?

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Speaker 2: It's the it's like the life on the business and

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Speaker 2: how buzzy Bondai is. Like I get why they do it. Like,

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Speaker 2: you know, I live in the depths of Four Clues

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Speaker 2: and it's quiet and like there's nothing out there, which

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Speaker 2: you know, but they suit you suits me, yeah, but

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Speaker 2: they want to be there because of that, and it's

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Speaker 2: like it's the best one of the best speeches in

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Speaker 2: the world that offers. It's almost it's like a little

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Speaker 2: city now Bondi too, and it's like four or five

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Speaker 2: different villages and it's a big downsize of marketplace now

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Speaker 2: really yeah, huge, there's all those people paying fifty to

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Speaker 2: one hundred grand a square meter. I'm generally fifty to

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Speaker 2: seventy five five year old downsize And I didn't you

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Speaker 2: realize that older people, older people, because it's everything's at

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Speaker 2: their doorstep. Now we're worse doctors cafes, restaurants, you know,

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Speaker 2: like it's yeah, they've had their big house in Four

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Speaker 2: Clues or Mossman or whatever, and then they moved there.

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Speaker 1: So what's thim's going to do? Is he when is

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Speaker 1: he ready to sort of downsize? No? Not not for

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Speaker 1: many years and just finding matter you have. You got

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Speaker 1: the same amount of energy that you've always had.

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Speaker 2: Yes, yeah, what drives you? I just love what I do. Yeah,

379
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Speaker 2: I'm competitive. I love doing deals like it's stan's in

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Speaker 2: my blood.

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Speaker 1: But most people don't realize. For those of you're listening him

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Speaker 1: and often see hear him here fully dressed like that

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Speaker 1: normally to have a jacket on. Looks like he's just

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Speaker 1: jumped off the catwalk. But he's obviously been asleep all night.

385
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Speaker 1: But at five o'clock, five thirty in the morning, outside

386
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Speaker 1: in the coffee shop, getting fed, having his coffee, and

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Speaker 1: I don't know what he's doing so early. He's he's

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Speaker 1: usually on his phone looking at it on his phone,

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Speaker 1: and he's probably i'd say, of all the real estate agentes,

390
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Speaker 1: I know you are definitely the first to rise. What's

391
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Speaker 1: that about? Why do you like to start early?

392
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Speaker 2: From? Like when I walk outside and I see my

393
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Speaker 2: phone I've left out there. I'll have ten miss calls

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Speaker 2: probably I get two. Three hours in the morning, I

395
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Speaker 2: plan my day. We've got a clear head. The minute

396
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Speaker 2: I hit six thirty, my phone's ringing. So it's just

397
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Speaker 2: like it's and I go to bed at nine o'clock

398
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Speaker 2: at night anyway, so go to bed earlier. I just

399
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Speaker 2: find morning the best part of the day. You know.

400
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Speaker 2: It's no one around, no one to bother me. If

401
00:18:30,280 --> 00:18:33,119
Speaker 2: you and you actually, if someone asked me a question

402
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Speaker 2: to review something in the afternoon, I can't. My head's

403
00:18:36,320 --> 00:18:39,760
Speaker 2: mumbled up. Me. I where morning I'm fresh and brain

404
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Speaker 2: saw on my ideas and.

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Speaker 1: That works for you. So did you actually take you

406
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Speaker 1: a little bit of time first in the morning and

407
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Speaker 1: actually sit down and plan your day?

408
00:18:46,440 --> 00:18:48,480
Speaker 2: Yes? Yeah, That's what I'm doing here when I see

409
00:18:48,600 --> 00:18:51,119
Speaker 2: I just confirming on my appointments, looking my day. So

410
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Speaker 2: I've never I confirm on my I have someone else

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Speaker 2: doing it for me, you know. So it's everything just

412
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Speaker 2: works and it's well oiled. Then there's no issues, you know.

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Speaker 1: Can one will find a question for any real estate

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Speaker 1: age might be listening to this and anymoregage broken that

415
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Speaker 1: matters is listening to this. How important is it to

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Speaker 1: return calls?

417
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Speaker 2: Like the number one thing, the most important? Like I

418
00:19:13,119 --> 00:19:16,440
Speaker 2: even return when I don't if they don't leave a message.

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00:19:16,520 --> 00:19:20,240
Speaker 2: I return every call, like every red dial number that

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Speaker 2: comes up in my fiscals, no matter what, even if

421
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Speaker 2: you don't know them, don't know them.

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Speaker 1: Yeah, and how does that yield the dividends?

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Speaker 2: Here? They might have caught about an inquiry on a house.

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Speaker 2: They're driving past a sign board, but they live down

425
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Speaker 2: the road and they're looking at selling their place. You

426
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Speaker 2: don't know, like there's this's just every there's every phone

427
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Speaker 2: call could be an opportunity I made.

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Speaker 1: I recently quoted what did quote you? I referenced you

429
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Speaker 1: as being someone I've observed as to being. I know

430
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Speaker 1: you're very successful in what you do, and I can

431
00:19:48,040 --> 00:19:50,919
Speaker 1: only put it down to the early rising and always,

432
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Speaker 1: as you said, always planning and always making phone calls.

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Speaker 1: Every time I've ever called you, you've always called back.

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Speaker 1: So at least, Philip, thanks very.

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Speaker 2: Much, coming on, Thank you, that was good. Thank you