Not a projection of ours. This is what the people paid to model these two markets published in 2026, side by side, with the links.
Read the right-hand column twice. KPMG says up 5.8%, ANZ says down 0.7%, and the tape says up 0.3% while the last quarter was down 3.2%. The forecasters do not agree with each other and none of them agree with what the market just did.
The disagreement is the opportunity. Consensus markets are already priced.
China is a market where the direction is agreed and the debate is only about depth and duration. Sydney is a market where the people modelling it cannot get within six percentage points of one another in a single year. One of those is efficient. The other is where the work is.
Australian foreign investment law is not an obstacle to be routed around. It is a published set of thresholds that determines which vehicle is appropriate, and it is the single largest input into the cost of an acquisition here.
Australian residential, Sydney first, operated from inside the country rather than pointed at it.
The group already holds and operates property. What it has not had is an acquisition and management arm built for it, and buying that capability off a panel every time is the most expensive way to run a portfolio.
So we are building it, in partnership with one of Sydney's strongest agencies and a property manager we rate above anyone we have worked with. Names on launch, not before, because they are still theirs to announce.
This is not a raise.
We are not asking anyone for money. There is no offer here, no prospectus, no unit, no invitation to invest and nothing to subscribe to. This is a statement of where the group is going and the reasoning that took us there, published in advance rather than after the fact, because we would rather be on the record before it works than explain it afterwards.