Ms Margaret McCormick:

On the ten-year rent situation, there is no confidence or stability in the market. The legislation is changing constantly. If a landlord were to invest, the risk is with the landlord in that situation. For example, the legislation may change and the landlord would be restricted and unable to sell the property. It is such an uncertain market that it is very difficult to consider something like that. Some years ago, the IPOA brought in an initiative known as Home for 12. It proposed that we would give 12 years on the basis of four-year rights but, at the end of that, we could take back properties because the legislation allowed it. We now have indefinite tenancies and the legislation only allows us to take the property back if we are selling or need it for a family member. Going forward, we would have the same issue. If a person enters into an investment but the rules change midway through and the investor is in a ten-year situation and cannot sell the property, the asset is substantially devalued. Much depends on the income of a property and the market rent can vary in different situations. One may have a property in an apartment block that is let for an income that works well but have an identical property in an apartment block in a different area that is let at the same rent, that being market rent, but the yield on which would be insufficient for an investor to purchase it. That would devalue the asset. It is a significant issue. My colleague here would probably speak to the-----