It's not that cut and dried, nip. Currently, most mom and pop...

It's not that cut and dried, nip. Currently, most mom and pop investors own properties in the lower price bracket - the very homes that attract first home buyers. These days, many of those potential FHB's are sharing accommodation to defray the high cost of rents, or they are back home living with a parent, ostensibly to save for a healthy deposit and in-costs. So, a vacancy is not always created when they buy their first home; ex rental, thus shrinking the rental pool for the growing population of renters. Along with the massive fall in building approvals (for reasons we're all aware of) and high immigration it all adds to the severity of the storm.