1 00:00:05,280 --> 00:00:08,039 Speaker 1: Welcome to the Fear and Greed Business Interview. I'm sure, Nilma, 2 00:00:08,320 --> 00:00:11,240 Speaker 1: the decline in the property market didn't really last very 3 00:00:11,240 --> 00:00:13,800 Speaker 1: long at all. After just three months, prices are on 4 00:00:13,840 --> 00:00:16,800 Speaker 1: the rise again and the recovery is being led by 5 00:00:16,880 --> 00:00:20,200 Speaker 1: Melbourne and Hobart, two of last year's worst performers. Alice 6 00:00:20,200 --> 00:00:23,760 Speaker 1: Stoltz is the national property editor at Domain Alis. Welcome 7 00:00:23,760 --> 00:00:24,600 Speaker 1: back to Fear and Greed. 8 00:00:24,920 --> 00:00:26,120 Speaker 2: Thanks Sean. Great to be here. 9 00:00:26,520 --> 00:00:28,360 Speaker 1: What's going on? I mean, I thought we were going 10 00:00:28,400 --> 00:00:30,800 Speaker 1: to have a tough time, but three months in it 11 00:00:30,840 --> 00:00:31,840 Speaker 1: seems rebounded. 12 00:00:32,080 --> 00:00:33,640 Speaker 2: It feels a bit like blink and you miss it, 13 00:00:33,680 --> 00:00:34,320 Speaker 2: doesn't it? 14 00:00:34,320 --> 00:00:34,760 Speaker 1: It does. 15 00:00:35,240 --> 00:00:36,480 Speaker 2: It's a funny situation. 16 00:00:36,720 --> 00:00:39,720 Speaker 3: And I say that because I think many homeowners are 17 00:00:39,720 --> 00:00:43,040 Speaker 3: probably quite gleeful that they're now finding a bit of 18 00:00:43,440 --> 00:00:46,680 Speaker 3: you know, uptick in prices. And then we have the 19 00:00:46,720 --> 00:00:49,879 Speaker 3: Paul first home buyers who are thinking, oh my gosh, 20 00:00:50,200 --> 00:00:53,920 Speaker 3: has that window been slammed shut? And they're also probably thinking, 21 00:00:54,360 --> 00:00:56,400 Speaker 3: you know, but what does this mean about interest rates? 22 00:00:56,400 --> 00:00:59,120 Speaker 3: And if there are further cuts, how this impact me. 23 00:01:00,160 --> 00:01:01,880 Speaker 3: The way I see it, Sean, is we have two 24 00:01:01,920 --> 00:01:05,959 Speaker 3: situations happening in parallel at the moment you've got home 25 00:01:06,000 --> 00:01:09,520 Speaker 3: buyers who are finally feeling positive and first time buyers 26 00:01:09,560 --> 00:01:12,200 Speaker 3: who probably thinking they should be feeling positive because it's 27 00:01:12,160 --> 00:01:13,959 Speaker 3: an interest rate cut, but at the same time now 28 00:01:14,000 --> 00:01:18,400 Speaker 3: feeling a bit glum because there is now rising prices 29 00:01:18,680 --> 00:01:20,000 Speaker 3: basically all around the country. 30 00:01:20,680 --> 00:01:24,039 Speaker 1: So Melbourne your home city, why, I mean that has 31 00:01:24,080 --> 00:01:26,320 Speaker 1: done so poorly over the last twelve months or ten 32 00:01:26,319 --> 00:01:29,280 Speaker 1: months or thereabouts, and do you think it is turning 33 00:01:29,319 --> 00:01:31,520 Speaker 1: around Melbourne? I mean, we're not going to call the 34 00:01:31,640 --> 00:01:34,120 Speaker 1: end to the tough times in Melbourne, but broadly is 35 00:01:34,120 --> 00:01:36,120 Speaker 1: a sentiment somewhat better in Melbourne. 36 00:01:37,040 --> 00:01:40,240 Speaker 3: It's so fascinating, Sean, because you can feel this so 37 00:01:40,920 --> 00:01:45,080 Speaker 3: starkly out at auctions on a weekend, for example, auctions 38 00:01:45,080 --> 00:01:47,039 Speaker 3: I went from the weekend I was down Intada, parts 39 00:01:47,040 --> 00:01:50,160 Speaker 3: of based on the Frankston areas, and you're seeing such 40 00:01:50,200 --> 00:01:53,640 Speaker 3: an influx of investors into that market. Now they're a 41 00:01:53,640 --> 00:01:55,639 Speaker 3: bit of a bell whether of what's to come release 42 00:01:55,720 --> 00:01:58,440 Speaker 3: because they're turning around. They're now turning up. They're sending 43 00:01:58,520 --> 00:02:02,520 Speaker 3: advocates in numerous agents tell me that the markets are 44 00:02:02,560 --> 00:02:06,440 Speaker 3: being swamped. BIA's advocates and normally that so often warning 45 00:02:06,440 --> 00:02:08,840 Speaker 3: investors will employ and engaged to make sure they're getting 46 00:02:08,880 --> 00:02:11,880 Speaker 3: that very razor sharp deal at just the right price, 47 00:02:12,360 --> 00:02:15,080 Speaker 3: with just the right rental yield available to them. They're 48 00:02:15,200 --> 00:02:18,720 Speaker 3: certainly coming out in force. And I also think just 49 00:02:18,800 --> 00:02:21,200 Speaker 3: the amount of foot traffic at inspections that we're seeing 50 00:02:21,200 --> 00:02:23,560 Speaker 3: has really changed. So I think what's happened here is 51 00:02:23,560 --> 00:02:26,560 Speaker 3: a couple of things. I think firstly, we're seeing interstate 52 00:02:26,600 --> 00:02:29,840 Speaker 3: investors into state buyers really looking at Victoria's an attractive 53 00:02:29,840 --> 00:02:32,760 Speaker 3: market to invest in, and you know, almost thirty percent 54 00:02:32,840 --> 00:02:34,720 Speaker 3: less than what the city market is, so clearly there's 55 00:02:34,720 --> 00:02:37,480 Speaker 3: an obvious reason why, particularly from New South Wales, people 56 00:02:37,520 --> 00:02:40,160 Speaker 3: are saying that. But I do also think we are 57 00:02:40,280 --> 00:02:44,640 Speaker 3: seeing the impact of that interest rate drop has actually 58 00:02:44,639 --> 00:02:47,920 Speaker 3: sort of I guess, buoying first home buyers to think, Okay, 59 00:02:48,160 --> 00:02:51,680 Speaker 3: this is it, let's get back in now. The third point, though, 60 00:02:51,840 --> 00:02:54,240 Speaker 3: is also the beginning of the year is always that 61 00:02:54,520 --> 00:02:57,240 Speaker 3: sort of flurry of excitement in the property market because 62 00:02:57,240 --> 00:03:00,200 Speaker 3: people have been starved, if anything over some are thing 63 00:03:00,280 --> 00:03:02,880 Speaker 3: really happens at all over suwhere in the market, and 64 00:03:02,919 --> 00:03:05,280 Speaker 3: now these buyers are finally getting back into it and 65 00:03:05,320 --> 00:03:07,519 Speaker 3: having opportunity with decent amount of supply. 66 00:03:08,520 --> 00:03:11,320 Speaker 1: Okay, what about the three hot markets of twenty twenty four, 67 00:03:11,480 --> 00:03:15,079 Speaker 1: Perth particularly, but Brisbane and Adelaide as well, they look 68 00:03:15,400 --> 00:03:18,960 Speaker 1: to be slowing and track Perth in particular really looks 69 00:03:19,040 --> 00:03:19,600 Speaker 1: to be slowly. 70 00:03:20,520 --> 00:03:23,080 Speaker 3: Yeah, they're fascinating those markets, but they have to seen 71 00:03:23,320 --> 00:03:28,160 Speaker 3: such supersonic growth, particularly Perth. That market's been absolutely firing 72 00:03:28,200 --> 00:03:31,600 Speaker 3: in all cylinders. So although I'm sure many homeowners in 73 00:03:31,600 --> 00:03:33,639 Speaker 3: Perth might think, oh gosh, this is not good, I 74 00:03:33,639 --> 00:03:36,920 Speaker 3: would sort of, without trying to sound like a democratic parent, 75 00:03:37,040 --> 00:03:39,560 Speaker 3: you think, well, look, you've had a pretty good run there, guys. 76 00:03:39,880 --> 00:03:42,120 Speaker 3: This is probably what needs to happen to allow other 77 00:03:42,440 --> 00:03:44,480 Speaker 3: players to get into that market. When I say that, 78 00:03:44,520 --> 00:03:47,960 Speaker 3: really I mean ultimately first time buyers. Adelaide and Brisbane 79 00:03:47,960 --> 00:03:51,280 Speaker 3: are also slowing somewhat. But you know what we're seeing though, 80 00:03:51,280 --> 00:03:53,480 Speaker 3: that for first time buyers it's harder to get into 81 00:03:53,600 --> 00:03:57,240 Speaker 3: the Adelaide, Brisbane or Perth markets now compared with Melbourne, 82 00:03:57,640 --> 00:04:01,520 Speaker 3: which is really saying something, isn't it. So it's slowing, 83 00:04:01,560 --> 00:04:04,400 Speaker 3: but I think it's the right correction that needs to 84 00:04:04,440 --> 00:04:06,840 Speaker 3: take place in those markets and Sydney. 85 00:04:06,880 --> 00:04:09,000 Speaker 1: We can't leave that out of the equation. It sort 86 00:04:09,000 --> 00:04:11,560 Speaker 1: of just seems to be somewhere between Melbourne and those 87 00:04:11,600 --> 00:04:13,839 Speaker 1: other three. Still pretty solid though. 88 00:04:14,480 --> 00:04:16,479 Speaker 3: Yeah, And I think what's interesting in Sydney, which I 89 00:04:16,480 --> 00:04:19,320 Speaker 3: always find just sort of I don't know, slightly. I 90 00:04:19,360 --> 00:04:21,200 Speaker 3: can't look away from it, but at the same time 91 00:04:21,279 --> 00:04:23,640 Speaker 3: it just one to cover my eyes, is the fact 92 00:04:23,720 --> 00:04:27,480 Speaker 3: that we're just seeing such huge, lumpy sums go off 93 00:04:27,480 --> 00:04:30,719 Speaker 3: at auction, you know, tens or twelve million dollars sales. 94 00:04:30,800 --> 00:04:34,680 Speaker 3: Or we looked at this dilapidated, unrenovated terrace in Pants 95 00:04:34,720 --> 00:04:37,039 Speaker 3: on the weekend, so for two point eight million dollars, 96 00:04:37,120 --> 00:04:39,479 Speaker 3: you know, and it just was frightful flurry and. 97 00:04:39,480 --> 00:04:42,840 Speaker 2: Then it was over. So you've seen patches of that. 98 00:04:42,760 --> 00:04:46,000 Speaker 3: Market just absolutely explode, and then other patches are kind 99 00:04:46,000 --> 00:04:48,400 Speaker 3: of just plodding along. The only encouraging thing I will 100 00:04:48,400 --> 00:04:50,920 Speaker 3: say that that Sydney market is I think the other night, 101 00:04:51,000 --> 00:04:54,040 Speaker 3: the other day we had a sale almost affordable sales 102 00:04:54,120 --> 00:04:57,440 Speaker 3: in Sydney for this year so far, two bedroom balcony 103 00:04:57,480 --> 00:05:00,920 Speaker 3: courtyard or something in home Bush six hundred and k. 104 00:05:01,279 --> 00:05:03,520 Speaker 3: So my point is this, it's that if you're willing 105 00:05:03,560 --> 00:05:06,000 Speaker 3: to make compromises on location, type of property, there are 106 00:05:06,080 --> 00:05:08,800 Speaker 3: options there, and I guess that's what's interesting. Bet when 107 00:05:08,839 --> 00:05:10,960 Speaker 3: you look a bit below the surface, there are still 108 00:05:11,040 --> 00:05:13,520 Speaker 3: opportunities there if you're willing to compromise. 109 00:05:14,000 --> 00:05:16,039 Speaker 1: We'll take a quick break, Alice and be back in 110 00:05:16,040 --> 00:05:25,440 Speaker 1: a moment. I'm speaking to Alis Stoltz from Domain. We've 111 00:05:25,440 --> 00:05:29,640 Speaker 1: been through the largest cities. How important are interest rates 112 00:05:29,680 --> 00:05:30,159 Speaker 1: at the moment. 113 00:05:31,640 --> 00:05:33,880 Speaker 3: I don't think it's giving people a huge amount of 114 00:05:34,240 --> 00:05:37,240 Speaker 3: buying power in terms of what they can stretch themselves to, 115 00:05:37,800 --> 00:05:42,720 Speaker 3: but I just don't think you cannot acknowledge how important 116 00:05:42,760 --> 00:05:45,680 Speaker 3: it is for the confidence it's giving people. Basically what 117 00:05:45,720 --> 00:05:48,400 Speaker 3: people are doing with that sort of extra little bit 118 00:05:48,400 --> 00:05:50,200 Speaker 3: of money in their pocket. And it isn't really isn't 119 00:05:50,240 --> 00:05:52,880 Speaker 3: much because also supermarket nothing's gone down in the supermarket 120 00:05:52,880 --> 00:05:55,520 Speaker 3: price wise, so everything's maintained. 121 00:05:55,040 --> 00:05:56,080 Speaker 2: About that higher level. 122 00:05:56,279 --> 00:05:59,800 Speaker 3: But it's giving people, I guess, a sense of things 123 00:05:59,839 --> 00:06:01,960 Speaker 3: are going to get better. There is life at the 124 00:06:02,080 --> 00:06:05,280 Speaker 3: end of the tunnel, and I think for those property 125 00:06:05,360 --> 00:06:09,320 Speaker 3: owners there's also a sense of, you know, property has 126 00:06:09,360 --> 00:06:11,800 Speaker 3: gone back to being the gift that keeps on giving 127 00:06:12,080 --> 00:06:12,840 Speaker 3: in many ways. 128 00:06:13,120 --> 00:06:16,039 Speaker 1: What about an election campaign? What's that mean for sales? 129 00:06:16,920 --> 00:06:18,400 Speaker 3: Yeah, look, I think we're going to have a funny 130 00:06:18,440 --> 00:06:21,719 Speaker 3: period this year because we have the looming election. We're 131 00:06:21,760 --> 00:06:25,839 Speaker 3: also have that neat little bundle of Anzac Day and 132 00:06:25,880 --> 00:06:29,080 Speaker 3: Easter tied up together, and then the other layer in 133 00:06:29,120 --> 00:06:31,640 Speaker 3: school holidays. So I think April is probably going to 134 00:06:31,640 --> 00:06:34,359 Speaker 3: be a really dull month in property. You probably I 135 00:06:34,440 --> 00:06:36,480 Speaker 3: might go and live in the south of France or 136 00:06:36,520 --> 00:06:37,440 Speaker 3: something during that period. 137 00:06:37,720 --> 00:06:39,600 Speaker 1: It's never a dull month in property. 138 00:06:40,080 --> 00:06:41,800 Speaker 3: But all that to say is, I think we will 139 00:06:41,839 --> 00:06:43,880 Speaker 3: see many people hold off until after the election. 140 00:06:44,320 --> 00:06:45,680 Speaker 2: And it's not about who gets in. 141 00:06:45,760 --> 00:06:49,080 Speaker 3: It's not about someone you know, having some huge policy change. 142 00:06:49,120 --> 00:06:51,039 Speaker 3: Even if someone bolved he says we're going to abolish 143 00:06:51,040 --> 00:06:54,359 Speaker 3: negative gearing, that won't actually change anything. It won't just 144 00:06:54,440 --> 00:06:56,719 Speaker 3: mean that' psychologically people think we're in a suspended state 145 00:06:56,760 --> 00:06:57,320 Speaker 3: of chaos. 146 00:06:57,400 --> 00:06:59,080 Speaker 2: I will wait or defer if I. 147 00:06:59,000 --> 00:07:02,760 Speaker 3: Can, and go back to probably the autumn months after 148 00:07:02,760 --> 00:07:05,560 Speaker 3: the election. Having said that, many people will also want 149 00:07:05,560 --> 00:07:07,880 Speaker 3: to hold off though until spring. So I think we're 150 00:07:07,920 --> 00:07:12,040 Speaker 3: going to have a really active and colorful spring, and 151 00:07:12,080 --> 00:07:14,240 Speaker 3: I think winter w I be that bad this year. 152 00:07:14,280 --> 00:07:15,520 Speaker 3: But I think we're really going to have a very 153 00:07:15,600 --> 00:07:17,440 Speaker 3: quiet period during that election period. 154 00:07:17,960 --> 00:07:20,400 Speaker 1: What do you think house prices will do for twenty 155 00:07:20,440 --> 00:07:21,800 Speaker 1: twenty five? Overall? 156 00:07:22,800 --> 00:07:24,120 Speaker 2: I think they'll keep going up. 157 00:07:24,400 --> 00:07:27,000 Speaker 3: I think we might have a year though, where we 158 00:07:27,080 --> 00:07:31,360 Speaker 3: don't see such huge gains and we're not seeing any 159 00:07:31,520 --> 00:07:34,040 Speaker 3: huge losses. I think we're going to see more moderation 160 00:07:34,280 --> 00:07:37,680 Speaker 3: take place. And I guess that's why I am really 161 00:07:37,760 --> 00:07:39,720 Speaker 3: encouraging and a great believer in this idea of a 162 00:07:39,760 --> 00:07:46,160 Speaker 3: more balanced market is actually an encouraging sign here, So I, 163 00:07:46,240 --> 00:07:49,200 Speaker 3: for one, in favor of not having these wild price 164 00:07:49,320 --> 00:07:52,440 Speaker 3: increases and not having wild price declines either. 165 00:07:53,200 --> 00:07:55,480 Speaker 1: What about the regions? We always talk about the capital cities. 166 00:07:55,720 --> 00:07:57,920 Speaker 1: I mean from memory, the figure is basically say that 167 00:07:58,000 --> 00:08:01,680 Speaker 1: regional Victoria hasn't done so well, but otherwise most regions 168 00:08:01,680 --> 00:08:05,000 Speaker 1: have done Okay, what are you seeing outside the capital cities? 169 00:08:05,520 --> 00:08:07,680 Speaker 3: Yeah, look, it's funny those regions because the ones that 170 00:08:07,720 --> 00:08:10,800 Speaker 3: are doing well are those much more stable, commutable ones. 171 00:08:10,840 --> 00:08:13,480 Speaker 3: And I also think that regional prices are interesting in 172 00:08:13,480 --> 00:08:16,160 Speaker 3: that we definitely saw sort of people jumping on that 173 00:08:16,200 --> 00:08:18,320 Speaker 3: trend of moving away and moving back and whatnot, but 174 00:08:18,720 --> 00:08:22,760 Speaker 3: we are still seeing people making very thoughtful, considered decisions 175 00:08:22,760 --> 00:08:25,760 Speaker 3: about those regional moves and they're doing it as an 176 00:08:25,840 --> 00:08:30,560 Speaker 3: established family unit. And you know, really history tells us 177 00:08:30,560 --> 00:08:32,080 Speaker 3: that people are doing it in that way, and their 178 00:08:32,160 --> 00:08:34,640 Speaker 3: children begin schooling there and they stay there throughout their 179 00:08:34,640 --> 00:08:36,880 Speaker 3: secondary schooling, They're likely to stay there for a very 180 00:08:36,880 --> 00:08:40,360 Speaker 3: long time. So I think particularly in those commutable regional 181 00:08:40,360 --> 00:08:43,160 Speaker 3: areas an hour and a half, you know, Geelong, Wollongong, 182 00:08:43,240 --> 00:08:48,000 Speaker 3: Newcastle type places, we will still see comfortable price growth 183 00:08:48,120 --> 00:08:51,880 Speaker 3: in those areas. Areas out the back of Burke or something. 184 00:08:52,000 --> 00:08:54,720 Speaker 3: A different story, but I do think affordability is really 185 00:08:54,840 --> 00:08:58,520 Speaker 3: making a lot of younger people really consider the regions still. 186 00:08:58,920 --> 00:09:00,280 Speaker 1: So I'm going to put you on the spot just 187 00:09:00,320 --> 00:09:03,040 Speaker 1: a little bit. Is Melbourne the city that you would 188 00:09:03,080 --> 00:09:06,200 Speaker 1: in terms of investors? I am actually asking you this question, 189 00:09:06,200 --> 00:09:08,080 Speaker 1: but I'm trying to pretend I'm not Which is the 190 00:09:08,120 --> 00:09:10,280 Speaker 1: best city to invest in at the moment, Melbourne, at 191 00:09:10,360 --> 00:09:13,520 Speaker 1: least in terms of affordability, looks like it's among the 192 00:09:13,559 --> 00:09:14,280 Speaker 1: best cities. 193 00:09:14,400 --> 00:09:18,920 Speaker 3: Alice complete bias here, Sewan being in Melbourne. I don't 194 00:09:18,960 --> 00:09:21,680 Speaker 3: know how anyone could really look past Melbourne at the moment. 195 00:09:21,800 --> 00:09:24,560 Speaker 3: I think, knowing that population growth that's coming, knowing that 196 00:09:24,679 --> 00:09:26,560 Speaker 3: infrastructure is slowly coming. 197 00:09:26,640 --> 00:09:28,760 Speaker 2: Don't hold your breath waiting for it, but it's slowly 198 00:09:28,760 --> 00:09:29,400 Speaker 2: going to get there. 199 00:09:29,960 --> 00:09:32,360 Speaker 3: And I think, you know, you come for the coffee, 200 00:09:32,400 --> 00:09:34,360 Speaker 3: the sport, the culture and the weather, and now people 201 00:09:34,360 --> 00:09:36,559 Speaker 3: will end up staying for the house prices. 202 00:09:36,440 --> 00:09:41,200 Speaker 1: The weather as well. Absolutely, Okay, sorry. 203 00:09:41,040 --> 00:09:44,480 Speaker 3: Balls at a Melbourne though there is that issue about taxes. 204 00:09:44,160 --> 00:09:46,480 Speaker 2: At the Elephant the room. Yes, it's just sending people playing. 205 00:09:46,840 --> 00:09:48,160 Speaker 3: I want to put that on the record that it's 206 00:09:48,200 --> 00:09:51,240 Speaker 3: just as abhorrent. But it's just part and part of 207 00:09:51,240 --> 00:09:51,800 Speaker 3: the life here. 208 00:09:52,400 --> 00:09:55,440 Speaker 1: So what's the city that looks overpriced at the moment? 209 00:09:56,000 --> 00:09:59,200 Speaker 3: Oh? Look, I think I don't know about over price, 210 00:09:59,320 --> 00:10:02,000 Speaker 3: but I think I think Perth is you know, I 211 00:10:02,040 --> 00:10:04,520 Speaker 3: think it's had its moment in the sun, and I 212 00:10:04,559 --> 00:10:07,120 Speaker 3: think it's experienced great growth and I think that it 213 00:10:07,200 --> 00:10:09,760 Speaker 3: might just have to sort of play second fiddle a 214 00:10:09,800 --> 00:10:13,480 Speaker 3: little bit to the other cities and the other city. 215 00:10:13,520 --> 00:10:13,720 Speaker 2: Look. 216 00:10:13,880 --> 00:10:15,920 Speaker 3: Also, one other point, Sean, if I have to not 217 00:10:16,080 --> 00:10:18,800 Speaker 3: choose Melbourne as my favorite child, I would choose Adelaide. 218 00:10:18,920 --> 00:10:23,200 Speaker 3: I think price wise, that's had really solid growth, really 219 00:10:23,280 --> 00:10:25,480 Speaker 3: encouraging signs, and it all got to be frank, it's 220 00:10:25,480 --> 00:10:27,280 Speaker 3: a little bit like Melbourne in many ways, isn't. 221 00:10:27,120 --> 00:10:30,160 Speaker 1: It It is? It is very much Alice, thank you 222 00:10:30,160 --> 00:10:31,280 Speaker 1: for talking to Fear and Greed. 223 00:10:31,600 --> 00:10:32,160 Speaker 2: Thanks Shan. 224 00:10:32,640 --> 00:10:36,320 Speaker 1: That was Alie Stults, national Property editor at Domain. This 225 00:10:36,400 --> 00:10:39,040 Speaker 1: is the Fear and Greed Business Interview. Remember we are 226 00:10:39,080 --> 00:10:40,960 Speaker 1: not an investing podcast. If you're going to go and 227 00:10:40,960 --> 00:10:43,600 Speaker 1: buy a house or invest in a house, certainly go 228 00:10:43,679 --> 00:10:46,840 Speaker 1: and get independent financial advice before you do so. Join 229 00:10:46,920 --> 00:10:49,040 Speaker 1: us every morning for the full episode of Fear and 230 00:10:49,080 --> 00:10:51,720 Speaker 1: Greed daily business use for people who make their own decisions. 231 00:10:51,800 --> 00:10:53,520 Speaker 1: I'm Sean Elmer. Enjoy your day.