Hi Pat. I think that ChCh is a bad example. Since the earthquake the city has spread out hugely to the west, north west and south west. In the east of course, which has historically been lower cost housing, its just one huge barren landscape in many areas. The whole market is totally distorted. The new dwellings are all of a certain type. Flashy, expensive and not really good rental material. So, I would strongly disagree that supply has increased in the rental market. Agree with you re excess liquidity, along with interest rates sub 3% and the wrong incentives (lack of Capital Gains Tax).