Ann: FY2020 Results Presentation, page-23

Without checking, that comment by APE was made in respect of Sydney and Melbourne where apparently land values (even for commercial) can be too high to make sufficient return on the invested capital.

APE didn't quantify as to whether it meant "inner" Sydney and Melbourne, or "middle distance".

I'd suggest this means that there are typically better opportunities elsewhere, maybe in other cities, rural cities or perhaps the outer suburbs of Sydney and Melbourne.

APE also said that the dealerships in Melbourne were typically controlled by families. The implication was either these families are not vendors at any price, or alternatively that the buyout cost could not be justified.