1 00:00:04,559 --> 00:00:06,930 Sean Aylmer: Welcome to the Fear and Greed Daily Interview. I'm Sean 2 00:00:06,960 --> 00:00:10,200 Sean Aylmer: Aylmer. 2022 has not been a good year for property 3 00:00:10,200 --> 00:00:13,740 Sean Aylmer: with rising rates hitting house prices hard. Of course, it's 4 00:00:13,740 --> 00:00:17,099 Sean Aylmer: a very cyclical industry. 2021 for example, was a boom 5 00:00:17,100 --> 00:00:20,459 Sean Aylmer: year. 2022 was pretty much the opposite. One of the 6 00:00:20,460 --> 00:00:23,700 Sean Aylmer: companies seeing that firsthand is Domain, which this week, lowered 7 00:00:23,700 --> 00:00:27,330 Sean Aylmer: its earnings guidance following a decline in the listings. Jason 8 00:00:27,330 --> 00:00:30,720 Sean Aylmer: Pellegrino is the chief executive officer of Domain. Jason, welcome 9 00:00:30,720 --> 00:00:31,650 Sean Aylmer: back to Fear and Greed. 10 00:00:32,100 --> 00:00:32,790 Jason Pellegrino: Thanks for having me. 11 00:00:33,120 --> 00:00:36,810 Sean Aylmer: So just how tough has this year been? I know 12 00:00:37,050 --> 00:00:39,990 Sean Aylmer: you came out downgrading earnings guidance a couple of days 13 00:00:39,990 --> 00:00:41,850 Sean Aylmer: ago, but tell us about the full year. 14 00:00:42,390 --> 00:00:44,669 Jason Pellegrino: Yeah. Really, it was a year of two halves. The 15 00:00:44,670 --> 00:00:47,850 Jason Pellegrino: first half probably had the strongest listing environment that we've 16 00:00:47,850 --> 00:00:51,180 Jason Pellegrino: seen in living memory as a digital business at least. 17 00:00:51,360 --> 00:00:56,070 Jason Pellegrino: It's very strong listing volumes. Property prices peaked in the 18 00:00:56,070 --> 00:00:59,130 Jason Pellegrino: first half of this year and at that peak, we'd 19 00:00:59,130 --> 00:01:02,640 Jason Pellegrino: seen a 33% increase in the average price across the 20 00:01:02,640 --> 00:01:06,630 Jason Pellegrino: major capital cities since the prior trough, and that's an 21 00:01:06,630 --> 00:01:10,110 Jason Pellegrino: extraordinary rise through that COVID period that no one really 22 00:01:10,110 --> 00:01:12,630 Jason Pellegrino: expected. If we come into the second half of the 23 00:01:12,630 --> 00:01:16,650 Jason Pellegrino: year, we saw a distinct change in September and really 24 00:01:16,650 --> 00:01:20,490 Jason Pellegrino: a change in sentiment on the listing side where people 25 00:01:20,490 --> 00:01:25,890 Jason Pellegrino: were taking their time to reset expectations around prices. Prices 26 00:01:25,890 --> 00:01:28,230 Jason Pellegrino: started to decline. By the end of the year. We've 27 00:01:28,230 --> 00:01:32,250 Jason Pellegrino: seen a four and a half to 5% decline in prices 28 00:01:32,250 --> 00:01:36,600 Jason Pellegrino: across those major capital cities with Sydney and Melbourne leading 29 00:01:36,600 --> 00:01:40,530 Jason Pellegrino: that. Sydney's close to 10% decline. Vendors are taking their 30 00:01:40,530 --> 00:01:44,040 Jason Pellegrino: time to reset expectations and in that, had started to 31 00:01:44,040 --> 00:01:48,570 Jason Pellegrino: really slow down in stepping through the various thresholds that 32 00:01:48,570 --> 00:01:50,760 Jason Pellegrino: they need to step through to actually list their property. 33 00:01:51,270 --> 00:01:53,850 Jason Pellegrino: We've seen a very tight listings environment. So we went 34 00:01:53,850 --> 00:01:56,400 Jason Pellegrino: from record listings in the first half of the year 35 00:01:56,640 --> 00:02:01,680 Jason Pellegrino: to being down 20%, 30%, even 50% year on year in 36 00:02:01,680 --> 00:02:04,230 Jason Pellegrino: December towards the back end of the year. So really, 37 00:02:04,410 --> 00:02:05,131 Jason Pellegrino: it's a tale of two halves. 38 00:02:05,131 --> 00:02:09,570 Sean Aylmer: And for Domain and organizations like Domain, is it about 39 00:02:09,570 --> 00:02:11,160 Sean Aylmer: listings rather than prices? 40 00:02:11,430 --> 00:02:15,239 Jason Pellegrino: Yeah, absolutely. Our business model is very much on helping 41 00:02:15,240 --> 00:02:18,030 Jason Pellegrino: vendors find the right buyers for their properties, and so 42 00:02:18,030 --> 00:02:23,040 Jason Pellegrino: our business is fundamentally driven by listing numbers. When they 43 00:02:23,040 --> 00:02:26,070 Jason Pellegrino: fluctuate as they do, it's a cyclical property market, it 44 00:02:26,070 --> 00:02:28,230 Jason Pellegrino: has an impact on our business. Now the one thing 45 00:02:28,230 --> 00:02:31,560 Jason Pellegrino: we know and we know well and we've learnt incredibly well 46 00:02:31,560 --> 00:02:34,200 Jason Pellegrino: over the last several years in a few years of 47 00:02:34,200 --> 00:02:37,440 Jason Pellegrino: extraordinary volatility, not just with COVID but before that, we 48 00:02:37,440 --> 00:02:40,290 Jason Pellegrino: had 18 months of impact of the Royal Commission and 49 00:02:40,290 --> 00:02:43,889 Jason Pellegrino: the impact on the property price and the property listings 50 00:02:43,889 --> 00:02:47,730 Jason Pellegrino: volume market that happened around that time is listings don't 51 00:02:47,730 --> 00:02:52,350 Jason Pellegrino: disappear or appear. It's really around timing and sentiment. I 52 00:02:52,740 --> 00:02:55,110 Jason Pellegrino: mentioned that in order to sell a property or buy 53 00:02:55,110 --> 00:02:57,750 Jason Pellegrino: a property, there are certain gates that everyone has to 54 00:02:57,750 --> 00:03:01,770 Jason Pellegrino: walk through. In periods that we saw, say at the 55 00:03:01,770 --> 00:03:04,530 Jason Pellegrino: beginning of this financial year, people were running through those 56 00:03:04,530 --> 00:03:07,470 Jason Pellegrino: gates really quickly with confidence, and so listings were coming 57 00:03:07,470 --> 00:03:10,500 Jason Pellegrino: to market really quickly and transactions were happening quickly. Time 58 00:03:10,500 --> 00:03:13,109 Jason Pellegrino: on market was really low. In fact, in some suburbs, 59 00:03:13,110 --> 00:03:16,890 Jason Pellegrino: we had average days on market for a houses of 60 00:03:17,130 --> 00:03:18,329 Jason Pellegrino: sub 10 days- 61 00:03:18,660 --> 00:03:18,661 Sean Aylmer: Wow. 62 00:03:18,661 --> 00:03:21,150 Jason Pellegrino: ... and there was such. What we have now is 63 00:03:21,150 --> 00:03:24,300 Jason Pellegrino: people are stopping or slowing down at every one of 64 00:03:24,300 --> 00:03:27,150 Jason Pellegrino: those decision gates and what it does, it slows listings. 65 00:03:27,480 --> 00:03:30,869 Jason Pellegrino: But we know that over 80% of listings happen because 66 00:03:30,870 --> 00:03:35,340 Jason Pellegrino: of demographics, birth, death, marriages, divorces, new jobs. So it's 67 00:03:35,340 --> 00:03:37,890 Jason Pellegrino: not that someone now who's not deciding to list their 68 00:03:37,890 --> 00:03:40,740 Jason Pellegrino: property has a choice not to list it, it's just 69 00:03:40,740 --> 00:03:42,780 Jason Pellegrino: they're choosing not to do it now before Christmas and 70 00:03:43,020 --> 00:03:45,660 Jason Pellegrino: we'll relook at things in the first half of next 71 00:03:45,660 --> 00:03:48,450 Jason Pellegrino: financial year. So any listings that we're down at the 72 00:03:48,450 --> 00:03:51,240 Jason Pellegrino: moment, I can't tell you whether they will come back 73 00:03:51,240 --> 00:03:53,220 Jason Pellegrino: in February of next year or June of next year 74 00:03:53,220 --> 00:03:55,140 Jason Pellegrino: or October, but I do know that they do come 75 00:03:55,140 --> 00:03:57,540 Jason Pellegrino: back and that's the pattern that we've seen over the 76 00:03:57,540 --> 00:03:59,310 Jason Pellegrino: last several years and we're confident about. 77 00:03:59,790 --> 00:04:04,500 Sean Aylmer: Okay. How important in this whole process then are interest 78 00:04:04,500 --> 00:04:07,500 Sean Aylmer: rates and is that the fundamental reason why people aren't 79 00:04:07,500 --> 00:04:08,670 Sean Aylmer: running through the gates anymore? 80 00:04:09,240 --> 00:04:12,240 Jason Pellegrino: I think it's been the single biggest driver of creating 81 00:04:12,240 --> 00:04:17,130 Jason Pellegrino: doubt and definitely slowing people up at one of those points. 82 00:04:18,180 --> 00:04:21,720 Jason Pellegrino: Interest rate rises absolutely had a direct impact on people's 83 00:04:21,930 --> 00:04:26,490 Jason Pellegrino: affordability. We've seen people reduce their budgets by 10% to 20% because 84 00:04:26,490 --> 00:04:29,190 Jason Pellegrino: of what's happening. This is where interest rates have been 85 00:04:29,190 --> 00:04:34,770 Jason Pellegrino: reset from even 12 months ago. Your ability to find 86 00:04:34,770 --> 00:04:38,370 Jason Pellegrino: a loan starting with a three has now been replaced 87 00:04:38,490 --> 00:04:41,099 Jason Pellegrino: by struggling to find a loan that starts with a 88 00:04:41,100 --> 00:04:42,779 Jason Pellegrino: four and you're probably into the fives in terms of 89 00:04:42,779 --> 00:04:46,620 Jason Pellegrino: where you can get to. That changes people's budgets and 90 00:04:46,620 --> 00:04:50,190 Jason Pellegrino: that does go through. On the vendor side, the uncertainty 91 00:04:50,190 --> 00:04:53,039 Jason Pellegrino: of how quickly that's going to happen causes a problem. 92 00:04:53,190 --> 00:04:56,219 Jason Pellegrino: So I think that the interest rate rises themselves are 93 00:04:56,220 --> 00:05:00,630 Jason Pellegrino: an issue. I think the amplifying issue has been the 94 00:05:00,630 --> 00:05:05,820 Jason Pellegrino: rate of interest rate increases and the fundamental U- turn 95 00:05:05,820 --> 00:05:09,779 Jason Pellegrino: on the narrative by governments and the RBA on how 96 00:05:09,779 --> 00:05:14,430 Jason Pellegrino: aggressively those rates will increase, which just turned a complete 97 00:05:14,430 --> 00:05:15,990 Jason Pellegrino: corner from 12 to 18 months ago. 98 00:05:16,529 --> 00:05:18,690 Sean Aylmer: Who do you blame? Is that a thing that the 99 00:05:18,690 --> 00:05:21,180 Sean Aylmer: Reserve Bank should put their hand up for? 100 00:05:21,690 --> 00:05:24,270 Jason Pellegrino: It's hard to blame anyone specific because no one's got 101 00:05:24,270 --> 00:05:28,140 Jason Pellegrino: a crystal ball to say exactly what's going on, but 102 00:05:29,250 --> 00:05:33,720 Jason Pellegrino: I would point to probably two aspects. Firstly, the power 103 00:05:33,750 --> 00:05:36,179 Jason Pellegrino: of these interest rate increases do not just have an 104 00:05:36,180 --> 00:05:40,589 Jason Pellegrino: impact on the property market, but the spillover of people's 105 00:05:40,589 --> 00:05:43,500 Jason Pellegrino: confidence in the Australian property market because of the importance 106 00:05:43,500 --> 00:05:48,029 Jason Pellegrino: of residential property as a proportion of total wealth across 107 00:05:48,029 --> 00:05:51,960 Jason Pellegrino: the country. It's close to $ 10 trillion of the $ 16 108 00:05:52,290 --> 00:05:55,770 Jason Pellegrino: trillion household wealth in Australia. It's enormous. It has flow- 109 00:05:55,770 --> 00:06:00,000 Jason Pellegrino: on effects across the economy and that's fine. People had 110 00:06:00,000 --> 00:06:03,359 Jason Pellegrino: known, but we had this history of after the fact, 111 00:06:03,360 --> 00:06:07,650 Jason Pellegrino: some of our institutions coming out and talking through underestimating, 112 00:06:07,650 --> 00:06:09,479 Jason Pellegrino: for example, the impact that they'd have on the broader 113 00:06:09,480 --> 00:06:12,239 Jason Pellegrino: economy through actions that were raised. We saw this through 114 00:06:12,240 --> 00:06:15,330 Jason Pellegrino: the Royal Commission and the constraint of credit that happened 115 00:06:15,420 --> 00:06:18,720 Jason Pellegrino: a few years ago. I think there's a secondary issue 116 00:06:18,720 --> 00:06:24,479 Jason Pellegrino: though. One is that we have a complex set of 117 00:06:24,480 --> 00:06:28,920 Jason Pellegrino: circumstances that are impacting global economy, not just Australia, that 118 00:06:28,920 --> 00:06:32,789 Jason Pellegrino: are impacting things like inflation. We are stuck globally, I 119 00:06:32,790 --> 00:06:37,320 Jason Pellegrino: think, trying to solve complex problems with simple tools. The 120 00:06:37,320 --> 00:06:40,469 Jason Pellegrino: first thing that I'd point to is I'm not convinced 121 00:06:40,470 --> 00:06:45,390 Jason Pellegrino: that raising interest rates is going to impact on inflation 122 00:06:45,390 --> 00:06:47,850 Jason Pellegrino: in the same way that it may have several decades 123 00:06:47,850 --> 00:06:51,660 Jason Pellegrino: ago because it was a lot simpler problem. I point 124 00:06:51,660 --> 00:06:54,270 Jason Pellegrino: to the reverse situation that Japan has had over the 125 00:06:54,300 --> 00:06:57,780 Jason Pellegrino: last decade or two where monetary policy really just hasn't 126 00:06:58,110 --> 00:07:01,739 Jason Pellegrino: had the impact on economic activity that the banks over 127 00:07:01,740 --> 00:07:05,190 Jason Pellegrino: there or the government over there wanted to have. I 128 00:07:05,190 --> 00:07:09,270 Jason Pellegrino: think it's a similar situation in Australia. I'm not sure 129 00:07:09,270 --> 00:07:12,120 Jason Pellegrino: that the pain of these interest rate increases is going 130 00:07:12,120 --> 00:07:16,290 Jason Pellegrino: to have the impact on inflation that probably would otherwise 131 00:07:16,290 --> 00:07:17,970 Jason Pellegrino: have had in previous years. 132 00:07:18,360 --> 00:07:20,369 Sean Aylmer: Stay with me, Jason. We will be back in a 133 00:07:20,370 --> 00:07:30,180 Sean Aylmer: minute. My guest this morning is Domain CEO, Jason Pellegrino. 134 00:07:31,560 --> 00:07:34,200 Sean Aylmer: Jason Pellegrino, how do you run a business then in 135 00:07:34,200 --> 00:07:38,070 Sean Aylmer: this circumstance? How do you run a cyclical business like 136 00:07:38,070 --> 00:07:40,980 Sean Aylmer: Domain when so much of this is going on? I 137 00:07:40,980 --> 00:07:43,140 Sean Aylmer: know a couple of days ago, you said that you 138 00:07:43,140 --> 00:07:45,450 Sean Aylmer: were cutting costs and you've been able to get costs 139 00:07:45,450 --> 00:07:48,960 Sean Aylmer: out of the business, but you must have to start 140 00:07:48,960 --> 00:07:52,290 Sean Aylmer: thinking fairly laterally to get the top line growing as well. 141 00:07:53,250 --> 00:07:56,190 Jason Pellegrino: Yeah, there's a few things that we do. Overall, I 142 00:07:56,190 --> 00:07:59,940 Jason Pellegrino: think we need to run within a margin of safety 143 00:07:59,940 --> 00:08:02,160 Jason Pellegrino: and recognize that this is a cyclical business that will 144 00:08:02,160 --> 00:08:04,650 Jason Pellegrino: have ups and downs. In times of plenty when the 145 00:08:04,650 --> 00:08:07,020 Jason Pellegrino: grass is green, you need to be careful that we 146 00:08:07,020 --> 00:08:10,380 Jason Pellegrino: don't get ahead of ourselves and overinvest because the times 147 00:08:10,380 --> 00:08:12,630 Jason Pellegrino: will change and the cyclical market will turn down. I think 148 00:08:12,630 --> 00:08:14,760 Jason Pellegrino: that's one thing that a lot of technology businesses are 149 00:08:14,760 --> 00:08:17,880 Jason Pellegrino: learning at the moment and it's a pretty global trend 150 00:08:17,880 --> 00:08:21,600 Jason Pellegrino: around the pace of investment relative to the ambition that's 151 00:08:21,600 --> 00:08:25,110 Jason Pellegrino: out there. I think that we are setting ourselves out 152 00:08:25,260 --> 00:08:29,520 Jason Pellegrino: to build a business that looks through cycles, not tailoring 153 00:08:29,520 --> 00:08:32,700 Jason Pellegrino: ourselves to individual cycles. So over the course of three 154 00:08:32,700 --> 00:08:35,790 Jason Pellegrino: to five years or 10 years or a generation, we 155 00:08:35,790 --> 00:08:40,230 Jason Pellegrino: believe or I fundamentally believe that Domain has the extraordinary opportunity 156 00:08:40,230 --> 00:08:43,290 Jason Pellegrino: to have a much larger impact on the property ecosystem 157 00:08:43,290 --> 00:08:46,800 Jason Pellegrino: across Australia and we need to prioritize our investments to 158 00:08:46,800 --> 00:08:50,309 Jason Pellegrino: deliver that multi- year journey, that multi- year strategy rather 159 00:08:50,309 --> 00:08:52,829 Jason Pellegrino: than trying to actually run a business month to month 160 00:08:52,830 --> 00:08:57,059 Jason Pellegrino: or year to year. Now that doesn't excuse us from 161 00:08:57,090 --> 00:09:01,679 Jason Pellegrino: not understanding the market circumstances around us, and so some 162 00:09:01,679 --> 00:09:04,920 Jason Pellegrino: of those cost cuts that we announced a few weeks 163 00:09:04,920 --> 00:09:09,150 Jason Pellegrino: ago were really about tailoring our investment, the pace of 164 00:09:09,150 --> 00:09:13,980 Jason Pellegrino: our investment to a fundamental change in the market conditions 165 00:09:14,160 --> 00:09:16,890 Jason Pellegrino: versus when those budgets were put in place, for example, 166 00:09:16,890 --> 00:09:19,710 Jason Pellegrino: to start with. So it's really a balance of keeping 167 00:09:19,710 --> 00:09:22,380 Jason Pellegrino: your eye on the long game and investing and prioritizing 168 00:09:22,380 --> 00:09:25,050 Jason Pellegrino: through that, but also not being blind to the current 169 00:09:25,050 --> 00:09:28,319 Jason Pellegrino: market situation that you're actually in. It really becomes a balance. 170 00:09:28,710 --> 00:09:31,950 Sean Aylmer: Okay. Just quickly, when you're talking about what you're investing 171 00:09:31,950 --> 00:09:34,920 Sean Aylmer: in, what are you talking about? What sorts of things 172 00:09:34,920 --> 00:09:38,459 Sean Aylmer: can we see Domain investing in in the next two, 173 00:09:38,460 --> 00:09:40,560 Sean Aylmer: three, four decade really? 174 00:09:40,980 --> 00:09:46,830 Jason Pellegrino: Yeah. So really simply, we're building a broad- based property marketplace 175 00:09:46,830 --> 00:09:51,300 Jason Pellegrino: that will have a large impact across the property ecosystem 176 00:09:51,300 --> 00:09:54,780 Jason Pellegrino: in an asset class that is easily the most important 177 00:09:54,840 --> 00:09:59,730 Jason Pellegrino: in Australia for households, for wealth, for even social elements, 178 00:09:59,730 --> 00:10:03,240 Jason Pellegrino: things like affordability, housing, and a whole range of different 179 00:10:03,240 --> 00:10:05,429 Jason Pellegrino: things across that area. Domain can have a much bigger 180 00:10:05,429 --> 00:10:09,570 Jason Pellegrino: impact. That doesn't mean that listings and marketing support's not 181 00:10:09,630 --> 00:10:11,190 Jason Pellegrino: going to continue to be a core part of our 182 00:10:11,190 --> 00:10:14,910 Jason Pellegrino: business and we'll continue to grow and innovate in those 183 00:10:14,910 --> 00:10:19,650 Jason Pellegrino: areas, help agents and vendors find the right buyer, help 184 00:10:19,650 --> 00:10:22,350 Jason Pellegrino: buyers find the right property, but we can play a 185 00:10:22,350 --> 00:10:26,370 Jason Pellegrino: much broader role. We can help Australians reimagine their place 186 00:10:26,820 --> 00:10:30,240 Jason Pellegrino: on the property market and ecosystem. We can help them 187 00:10:30,630 --> 00:10:34,319 Jason Pellegrino: not only buy and sell property, but potentially increase the 188 00:10:34,320 --> 00:10:37,260 Jason Pellegrino: value of that property, understand what they could do to 189 00:10:37,260 --> 00:10:40,920 Jason Pellegrino: increase and have better outcomes in their ownership of that 190 00:10:40,920 --> 00:10:44,550 Jason Pellegrino: property over time. I point to things like helping Australians 191 00:10:44,550 --> 00:10:48,540 Jason Pellegrino: really understand their carbon footprint through home ownership, for example, 192 00:10:48,540 --> 00:10:51,000 Jason Pellegrino: and what they can do to not only reduce the 193 00:10:51,000 --> 00:10:53,910 Jason Pellegrino: cost of operating a home or owning a home, not 194 00:10:53,910 --> 00:10:58,709 Jason Pellegrino: only reduce the carbon footprint that they're consuming through the 195 00:10:58,710 --> 00:11:02,490 Jason Pellegrino: ownership and operation of that home, but also increase the value 196 00:11:02,490 --> 00:11:05,910 Jason Pellegrino: of that property. Research that we've shown is that properties 197 00:11:05,910 --> 00:11:11,100 Jason Pellegrino: that have sustainability features, for example, sell for about $125, 000 198 00:11:11,280 --> 00:11:15,030 Jason Pellegrino: more on average than properties that are lacking those sustainability 199 00:11:15,030 --> 00:11:19,080 Jason Pellegrino: features. So often when you're looking at installing solar or 200 00:11:19,080 --> 00:11:21,840 Jason Pellegrino: insulation, you're looking at that on a cost return. It's 201 00:11:21,840 --> 00:11:23,460 Jason Pellegrino: going to cost me X and this is the number 202 00:11:23,460 --> 00:11:26,670 Jason Pellegrino: of years of benefit that I'll need to actually pay 203 00:11:26,670 --> 00:11:29,849 Jason Pellegrino: off that, but people are not considering the capital uplift 204 00:11:29,850 --> 00:11:32,429 Jason Pellegrino: in the property that actually happens. We can bring that 205 00:11:32,429 --> 00:11:34,710 Jason Pellegrino: to bear and help people understand what's the right investment 206 00:11:34,710 --> 00:11:37,770 Jason Pellegrino: to make to not only increase their wealth and the 207 00:11:37,770 --> 00:11:43,349 Jason Pellegrino: value of their investment, but also increasing leads, society's objectives 208 00:11:43,350 --> 00:11:44,850 Jason Pellegrino: around reducing carbon footprint. 209 00:11:44,850 --> 00:11:47,309 Sean Aylmer: Are you looking forward to 2023, Jason? 210 00:11:47,730 --> 00:11:51,059 Jason Pellegrino: I am looking forward to 2023. Before that, I'm actually 211 00:11:51,059 --> 00:11:53,760 Jason Pellegrino: looking forward probably slightly more and say let's do a 212 00:11:53,760 --> 00:11:54,960 Jason Pellegrino: little bit of a break over Christmas. 213 00:11:54,990 --> 00:11:55,319 Sean Aylmer: Oh, good. 214 00:11:57,690 --> 00:12:01,920 Jason Pellegrino: It's been an extraordinary year and the team at Domain has 215 00:12:01,920 --> 00:12:07,679 Jason Pellegrino: been extraordinarily resilient and innovative. We've continued to focus on 216 00:12:07,679 --> 00:12:12,540 Jason Pellegrino: bringing new products to market on building our reach to 217 00:12:12,540 --> 00:12:15,929 Jason Pellegrino: a broader customer base, whether that's consumers, whether that's agents 218 00:12:16,470 --> 00:12:20,100 Jason Pellegrino: or corporates and government, and has weathered the storm through 219 00:12:20,160 --> 00:12:23,459 Jason Pellegrino: to an extraordinary inversion from a first half that was 220 00:12:23,460 --> 00:12:25,470 Jason Pellegrino: as strong as we've ever seen in the property market 221 00:12:25,740 --> 00:12:28,620 Jason Pellegrino: to almost overnight, some of the toughest conditions we've actually 222 00:12:28,620 --> 00:12:32,610 Jason Pellegrino: seen, and a team that's actually worked diligently throughout to 223 00:12:33,000 --> 00:12:35,100 Jason Pellegrino: bring a lot of our products and capabilities to market. 224 00:12:35,790 --> 00:12:38,069 Sean Aylmer: Fantastic. Jason, thank you for talking to Fear and Greed. 225 00:12:38,610 --> 00:12:39,120 Jason Pellegrino: Thank you. 226 00:12:39,750 --> 00:12:42,960 Sean Aylmer: That was Domain Chief Executive Jason Pellegrino. This is the 227 00:12:42,960 --> 00:12:45,600 Sean Aylmer: Fear and Greed Daily Interview. Remember, this is general information 228 00:12:45,600 --> 00:12:48,630 Sean Aylmer: only and you should seek professional advice before making any 229 00:12:48,630 --> 00:12:51,630 Sean Aylmer: investment decisions. Join us every morning for the full episode 230 00:12:51,630 --> 00:12:54,660 Sean Aylmer: of Fear and Greed, Australia's most popular business podcast. I'm 231 00:12:54,660 --> 00:12:56,189 Sean Aylmer: Sean Aylmer. Enjoy your day.