Australian Property Talk

Redom Syed

Welcome to Australian Property Talk — I'm Redom, a property fanatic.  I love sharing stories from the 1000's of investors i represent in my day job at one of Australia's biggest mortgage broking companies, Flint. I have two brilliant co-hosts who bring a perfect blend of expertise on the economy, property trends and where to buy real estate!  One is a former Treasury economist, Curtis Stewart, who runs FlintInvest - an award winning mortgage broking company for property investors Australia-wide.  His officially the smartest person i know, and full of golden nuggets! My other co-host is Adi Chanda, a man everybody loves, a seasoned buyers agent with a giant property portfolio and fellow property nerd. Adi runs Alaya Property with me, adding in a unique economics driven property strategy that outperforms all the herd following data-driven agents dominating the buyers agency scene in 2025.

  1. 6d ago

    Why Smart Investors Are Leaving Houses For This

    Send us Fan Mail 👉 BUY smarter with Alaya Property's economics-driven strategy, getting in BEFORE the data shifts. Book your FREE call now: https://rebrand.ly/chatwithalaya 👉 Work with MORTGAGE BROKERS who invest themselves & know markets Australia-wide. Book your FREE strategy session here: https://rebrand.ly/chatwithflintinvest 🔗 Grab the free budget calculator + Melbourne apartment suburb-ranking tool in the links below. 👉 Run the numbers on your Melbourne apartment - pick a suburb, enter your situation, get your estimated monthly cost and Alaya's full investment scorecard in under 2 minutes: https://rebrand.ly/melbaptcalculator 👉 See how the proposed tax changes hit your property portfolio - enter your situation and get your personalised impact estimate in under 2 minutes: https://rebrand.ly/taxreformcalc Residential investing has always been the easy door. Fast valuations, cheap money, release equity, buy again. But with tighter borrowing power, rate rise after rate rise and big changes hitting SMSF lending, more investor demand is being pushed towards commercial property - largely because it is one of the doors still open. The problem is commercial does not behave like resi. And moving towards it just because it is open is a fast way to make a poor decision. In this episode I sit down with Curtis from Flint - who has overseen more than 1 billion dollars in lending flows - to unpack how commercial property actually fits inside a property investor's portfolio, how the lending really works, and where the risks sit. We walk through the real numbers on a chunky deal, why the lease matters more than the building, and why in commercial the signed contract is the start of the process, not the end. 📌 What you'll learn: 📌 The difference between owner-occupier and passive commercial investing, and why banks treat them differently 📌 The rule-of-thumb numbers - why a 70% loan needs roughly a 7% net yield to stack up, and how lease-doc lending works 📌 Why the lease, the tenant and the strength of the business paying rent matter more than the bricks 📌 How value is forced in commercial - fix the vacancy, get a tenant on a good lease, lift the asset value 📌 A real scenario - buying a shop that has sat vacant for 6 months next to one you already own 📌 Which lenders play where, from the big banks to specialist non-banks, and when to refinance 📌 What SMSF and sub 1.5 million dollar commercial buys look like, and why you should budget a 35% deposit 📌 Why the buying process is longer - due diligence, expensive valuations, app fees and 90-day settlements My read at the end is measured: in conditions like these, play defence. Commercial being the open door does not make it the right door. What you are really buying is the lease, and a view on where the economy is heading. If you want clear, economics-led property strategy, subscribe and hit the bell so you never miss an episode. #AustralianProperty #CommercialProperty #PropertyInvesting #SMSF #PropertyFinance Chapters 00:00 Why commercial is a different game to resi 02:07 What commercial actually means - owner-occupier vs passive investor 03:32 Lending terms for passive commercial investors 05:08 The numbers on a chunky deal - deposit, yield and cash flow 06:52 The loan process and why valuations are harder 07:36 How commercial sits inside a resi portfolio 08:07 Why the lease is everything 09:41 Real scenario - buying a vacant shop next door 11:07 Forcing value through the lease 14:01 Which banks lend and where 15:30 SMSF and sub 1.5 million dollar commercial buys 19:17 The buying process, legals and costs 21:35 Redom's verdict - should you actually do this This video is provided by Confidence Finance Pty Ltd (ACL 488313) & Flint Trademark Pty Ltd. This is general information only and not personal advice. Please seek credit advice from us directly and independent tax, legal or financial advice where appropriate. Reach out to us at www.australianpropertytalk.com.au

  2. Jul 2

    Why 6 To 8 Rate Cuts Are Coming By 2027

    Send us Fan Mail 👉 BUY smarter with Alaya Property's economics-driven strategy, getting in BEFORE the data shifts. Book your FREE call now: https://rebrand.ly/chatwithalaya 👉 Work with MORTGAGE BROKERS who invest themselves & know markets Australia-wide. Book your FREE strategy session here: https://rebrand.ly/chatwithflintinvest 🔗 Grab the free budget calculator + Melbourne apartment suburb-ranking tool in the links below. 👉 Run the numbers on your Melbourne apartment - pick a suburb, enter your situation, get your estimated monthly cost and Alaya's full investment scorecard in under 2 minutes: https://rebrand.ly/melbaptcalculator 👉 See how the proposed tax changes hit your property portfolio - enter your situation and get your personalised impact estimate in under 2 minutes: https://rebrand.ly/taxreformcalc The last 90 days have fundamentally changed the Australian economy. Three rate rises from the RBA, a wave of government tax changes, and the "everything everywhere" boom of last year has flipped into the fastest housing decline we have seen - and almost all of it is self-inflicted. So here is my call. I think this is the biggest policy mistake I have watched an Australian government make, and it forces the other side of the trade: 6 to 8 rate cuts by the end of 2027. In this episode Curtis and I put our Treasury hats on and walk through exactly why, step by step. In this discussion we trace the chain reaction - a 20% collapse in property transactions, the housing multiplier that drags the whole economy down with it, credit growth falling off a cliff, record-low confidence, and a trillion-dollar wealth wipeout - then why all of that forces the RBA back to neutral, and what it means if you are buying. What you'll learn: - Why property transactions could fall 20% or more, back to 2018 levels, and why that hits far more than housing - The housing multiplier: how roughly 20% of economic activity is property-related or adjacent - Why credit growth may fall from about 8% to 2.9% (ANZ's forecast) - How consumer confidence at a 53-year low freezes spending across the economy - The wealth effect in reverse: what a trillion-dollar wealth wipeout does to cars, retail and hospitality - Why the RBA and most economists only "tweak the edges" and miss the wild swings - The case for 6 to 8 rate cuts by the end of 2027, starting with 4 back-to-back to get back to neutral - Why these conditions hand buyers rare negotiating power right now - Subscribe for calm, data-led analysis of the Australian property market and economy every week. #AustralianProperty #InterestRates #RBA #RateCuts #PropertyMarket Chapters 0:00 The predictions, in 60 seconds 0:44 90 days that broke the market 2:04 The call: 6 to 8 rate cuts by 2027 4:12 Reason 1: a 20% collapse in transactions 10:52 Reason 2: credit growth falls off a cliff 12:02 Reason 3: confidence at a 53-year low 13:53 Reason 4: the trillion-dollar wealth wipeout 16:03 Why the RBA keeps getting it wrong 20:00 Reason 5: back to neutral rates 23:03 Four back-to-back cuts explained 25:05 Phase two: 2027 27:39 What it means for buyers This video is provided by Confidence Finance Pty Ltd (ACL 488313) & Flint Trademark Pty Ltd. This is general information only and not personal advice. Please seek credit advice from us directly and independent tax, legal or financial advice where appropriate. Reach out to us at www.australianpropertytalk.com.au

  3. Jun 30

    The Government Just Banned This - You Have 6 Weeks Left

    Send us Fan Mail 👉 BUY smarter with Alaya Property's economics-driven strategy, getting in BEFORE the data shifts. Book your FREE call now: https://rebrand.ly/chatwithalaya 👉 Work with MORTGAGE BROKERS who invest themselves & know markets Australia-wide. Book your FREE strategy session here: https://rebrand.ly/chatwithflintinvest 🔗 Grab the free budget calculator + Melbourne apartment suburb-ranking tool in the links below. 👉 Run the numbers on your Melbourne apartment - pick a suburb, enter your situation, get your estimated monthly cost and Alaya's full investment scorecard in under 2 minutes: https://rebrand.ly/melbaptcalculator 👉 See how the proposed tax changes hit your property portfolio - enter your situation and get your personalised impact estimate in under 2 minutes: https://rebrand.ly/taxreformcalc The government has just moved to ban SMSF lending for residential property, with a cut-off around the middle of August 2026. If you run a self-managed super fund and you have ever thought about using it to buy an investment property, this is the change that closes that door. In this episode we walk through the policy itself, who it hits, and the exact steps and timing involved if an SMSF purchase is something you are looking into. We also dig into why this one is hard to make sense of as policy, given SMSF buyers tend to sit at the lower-risk, longer-hold end of the market. What we cover: 📌 What the ban actually does - no new SMSF loans for residential property, while commercial property and other assets are untouched 📌 Why new and off-the-plan residential is caught too, and what that means for developers relying on presales 📌 The real timeline - roughly 45 days after royal assent, landing around mid August (exact date still to be confirmed) 📌 The boxes you need ticked before the cut-off - SMSF set up, cash moved in, bare trust in place, and the contract signed in the bare trust's name 📌 Why moving your super across is usually the slowest part of the process 📌 Roughly where SMSF lending rates and LVRs sit right now, and why this lending is slower and more paperwork-heavy than a personal loan 📌 The step-by-step if you want to explore it - speak to a broker, speak to an accountant, and start the property search at the same time This is general information about a policy change, not a recommendation to buy. Whether an SMSF purchase suits your situation is a question for a licensed adviser and your accountant - the adviser handles the structure, we handle the asset. Subscribe for calm, evidence-led breakdowns of the policy and market changes that actually move Australian property. #AustralianProperty #SMSF #Superannuation #PropertyInvesting #MelbourneProperty Chapters 00:00 The ban nobody saw coming 00:35 Another shocking announcement 01:48 Curtis on why this was a total surprise 02:52 The pension argument it ignores 04:24 What has actually changed 06:07 Are SMSF loans really riskier? 07:20 Why this one goes too far 08:07 The hit to buyers agents and brokers 09:54 The compounding example 11:48 A safe unit vs a shiny office 13:35 You have 6 weeks - the call to action 14:49 Why Alaya's team has pivoted to SMSF 16:31 The exact dates and what you need done 18:49 SMSF rates, LVRs and how the lending works 20:37 The step by step 22:09 Should you actually do this? 23:24 What to buy and the final word This video is provided by Confidence Finance Pty Ltd (ACL 488313) & Flint Trademark Pty Ltd. This is general information only and not personal advice. Please seek credit advice from us directly and independent tax, legal or financial advice where appropriate. Reach out to us at www.australianpropertytalk.com.au

  4. Jun 24

    These 3 Melbourne Suburbs Yield 3x More - Why We're Buying Melbourne Apartments

    Send us Fan Mail 👉 BUY smarter with Alaya Property's economics-driven strategy, getting in BEFORE the data shifts. Book your FREE call now: https://rebrand.ly/chatwithalaya 👉 Work with MORTGAGE BROKERS who invest themselves & know markets Australia-wide. Book your FREE strategy session here: https://rebrand.ly/chatwithflintinvest Melbourne apartments have become one of the most debated investment opportunities in Australia and the data is starting to tell a very interesting story. In this episode, we break down three Melbourne suburbs that we're actively investing in right now and explain the exact frameworks behind those decisions. Rather than relying on opinions or headlines, we explore the metrics that matter most: rental yields, vacancy rates, supply constraints, replacement costs, days on market and the growing gap between house and apartment prices. We dive deep into St Kilda, Prahran and Bundoora, examining why these locations stand out in the current market and how investors can identify similar opportunities before the broader market catches on. If you're considering Melbourne property investment, apartment investing or simply want to understand where value still exists in today's market, this episode is packed with actionable insights. If you enjoyed this video, subscribe for more data-driven property investing insights. #MelbourneProperty #PropertyInvestment #RealEstateAustralia #MelbourneApartments #PropertyMarket Chapters 00:00 - 00:42 Introduction 00:42 - 02:22 Why Melbourne Apartments Are Gaining Attention 02:22 - 04:10 The Investment Thesis & Previous Market Predictions 04:10 - 06:00 Why Apartments Have Already Started Outperforming 06:00 - 08:15 The Data Framework Used to Rank Suburbs 08:15 - 12:00 St Kilda: The First High-Conviction Pick 12:00 - 15:20 St Kilda Data Breakdown & Growth Potential 15:20 - 18:05 Prahran: Why Demand Remains Strong 18:05 - 22:00 Prahran Metrics, Yields & Supply Constraints 22:00 - 25:55 Bundoora: Affordable Entry With Strong Fundamentals 25:55 - 27:15 Bonus Insights & Finding Similar Opportunities 27:15 - 28:23 Final Thoughts This video is provided by Confidence Finance Pty Ltd (ACL 488313) & Flint Trademark Pty Ltd. This is general information only and not personal advice. Please seek credit advice from us directly and independent tax, legal or financial advice where appropriate. Reach out to us at www.australianpropertytalk.com.au

  5. Jun 17

    Is Property Investing Still Worth It in 2026? The Brutal Truth

    Send us Fan Mail 👉 BUY smarter with Alaya Property's economics-driven strategy, getting in BEFORE the data shifts. Book your FREE call now: https://rebrand.ly/chatwithalaya 👉 Work with MORTGAGE BROKERS who invest themselves & know markets Australia-wide. Book your FREE strategy session here: https://rebrand.ly/chatwithflintinvest 🔗 Grab the free budget calculator + Melbourne apartment suburb-ranking tool in the links below. 👉 Run the numbers on your Melbourne apartment - pick a suburb, enter your situation, get your estimated monthly cost and Alaya's full investment scorecard in under 2 minutes: https://rebrand.ly/melbaptcalculator 👉 See how the proposed tax changes hit your property portfolio - enter your situation and get your personalised impact estimate in under 2 minutes: https://rebrand.ly/taxreformcalc Is property investing still worth it in 2026 and beyond? With interest rate uncertainty, government policy changes, affordability concerns and increasing pressure on investors, many people are questioning whether property remains the best wealth-building asset. In this debate-style discussion, we break down both sides of the argument. We explore the impact of housing shortages, immigration-driven demand, rental yields, government regulations, interest rates, apartments vs houses, leverage, cash flow and what investors should actually be buying in today's market. You'll learn: 📌 Why housing supply remains one of the biggest long-term investment themes 📌 Whether government policies are making property investing less attractive 📌 Why doing nothing could be the riskiest financial decision 📌 How demand and supply dynamics are shaping future property prices 📌 The role of leverage in building long-term wealth 📌 Why apartments and higher-yield assets may outperform in the current environment 📌 How investors should adapt their strategy for 2026–2030 Whether you're a first-home buyer, experienced investor or simply trying to decide where to put your money, this discussion will help you understand the risks, opportunities and realities of property investing in today's market. Watch until the end for the key takeaway that could completely change how you think about property investing over the next decade. #PropertyInvesting #RealEstateInvesting #PropertyMarket #WealthBuilding #FinancialFreedom  Chapters 00:00 - 00:46 Introduction 00:46 - 02:35 The Great Property Debate 02:35 - 04:30 The Housing Shortage Argument 04:30 - 06:20 Why Government Changes Aren't the Whole Story? 06:20 - 08:15 Fear, Investor Sentiment & Market Psychology 08:15 - 10:05 Cash, ETFs or Property: Which Makes More Sense? 10:05 - 11:55 How Income Determines Investment Success 11:55 - 13:45 The Real Risk of Doing Nothing 13:45 - 15:35 Understanding Supply, Demand & Population Growth 15:35 - 17:15 Houses vs Apartments 17:15 - 19:00 Why Leverage Still Matters? 19:00 - 20:20 Building Wealth Through Property Over Time 20:20 - 23:31 Final Thoughts This video is provided by Confidence Finance Pty Ltd (ACL 488313) & Flint Trademark Pty Ltd. This is general information only and not personal advice. Please seek credit advice from us directly and independent tax, legal or financial advice where appropriate. Reach out to us at www.australianpropertytalk.com.au

  6. Jun 12

    A Recession Could Crash Aussie Property! Here's What You Need to Know (2026)

    Send us Fan Mail 👉 BUY smarter with Alaya Property's economics-driven strategy, getting in BEFORE the data shifts. Book your FREE call now: https://rebrand.ly/chatwithalaya 👉 Work with MORTGAGE BROKERS who invest themselves & know markets Australia-wide. Book your FREE strategy session here: https://rebrand.ly/chatwithflintinvest Australia's property and economic landscape is shifting fast and if you're a buyer, seller or investor, you need to understand what's happening right now. In this episode, we break down the full interest rate story for 2026, what the latest inflation data really means, and why Sydney and Melbourne property prices are falling at nearly 1% per month. We unpack the RBA's dual mandate dilemma, the rising unemployment numbers and what leading economists are predicting for the rest of the year. We take opposing views on what comes next — one of us sees rates flatlining or rising once more before a long period of stability, while the other makes a bold contrarian call: the Australian economy is far weaker than the data suggests, a rate-cutting cycle is coming sooner than most expect, and this current downturn is actually creating a rare golden buying window. Particularly at the top end of Sydney and Melbourne. We also cover: 📌  Why May and June are the weakest months for sellers 📌  How top-end properties are already seeing 10%+ price declines 📌  The "wealth effect" and how falling house prices flow into the broader economy 📌  The AI employment storm and its impact on job creation 📌  Why throwing low-ball offers right now might be the smartest move 📌  What the smart money (the "heavy hitters") are doing in this market Whether you're sitting on the fence, actively buying or trying to hold on as a seller this episode gives you the honest, unfiltered view of where we are and where we're heading. #AustralianProperty #RBAInterestRates #SydneyRealEstate #PropertyInvesting #AustralianEconomy  Chapters 00:00 - 00:43 → Introduction 00:43 - 02:15 → Interest Rates: The 2026 Story So Far 02:15 - 03:40 → Sydney & Melbourne Falling 1% Per Month 03:40 - 07:00 → Rate Predictions: Hold, Rise or Cut? 07:00 - 08:45 → Unemployment Data & Labour Market Warning Signs 08:45 - 10:30 → Is Australia Already in a Recession? 10:30 - 12:00 → No Pathway to Short-Term Rate Relief 12:00 - 13:35 → Rate Cuts Coming This Year 13:35 - 15:05 → Sydney & Melbourne: Double Digit Decline Ahead 15:05 - 17:00 → The Wealth Effect & Trillion Dollar Burn 17:00 - 18:35 → The Golden Buying Window Right Now 18:35 - 19:55 → How to Play the Market as a Buyer 19:55 - 21:31 → Final Thoughts This video is provided by Confidence Finance Pty Ltd (ACL 488313) & Flint Trademark Pty Ltd. This is general information only and not personal advice. Please seek credit advice from us directly and independent tax, legal or financial advice where appropriate. Reach out to us at www.australianpropertytalk.com.au

  7. Jun 8

    The Government Just Killed Property Investing. Here's your Answer

    Send us Fan Mail 👉 Work with BEN ROBINSON directly: https://meetings.hubspot.com/benrobinson2/15-mins?uuid=facc459f-7338-47c2-be3c-ed5820f535e6 👉 BUY smarter with Alaya Property’s economics-driven strategy, getting in BEFORE the data shifts. Book your FREE call now: https://rebrand.ly/chatwithalaya 👉 Work with MORTGAGE BROKERS who invest themselves & know markets Australia-wide. Book your FREE strategy session here: https://rebrand.ly/chatwithflintinvest Most residential property investors hit a wall —serviceability stalls, borrowing power dries up and growth grinds to a halt. In this episode, we sit down with commercial broker Ben Robinson to break down exactly how to keep building your portfolio by moving into commercial property. Ben unpacks the real frameworks behind commercial property lending: how lease doc loans work, what LVRs and deposits actually look like, the difference between loan terms and amortization and why those "scary" review clauses are nothing to fear. We also walk through a powerful real-world case study where a client used a mezzanine value-add play to refinance, slash their rate by up to 2%, and pull cash back out. If you're a residential investor curious about commercial, or already in the commercial space and wanting to grow smarter, this one is packed with insights you won't get anywhere else. Chapters 00:00 - 00:58 Introduction 00:58 - 01:52 Why Investors Fear Commercial Property 01:52 - 02:46 Going Commercial Too Early 02:46 - 03:59 Funding Speed & Cost Efficiency 03:59 - 04:44 Bank vs Non-Bank Debt 04:44 - 05:48 Residential vs Commercial Upfront Costs 05:48 - 06:49 Solicitor vs Conveyancer & Lease Checks 06:49 - 08:31 Valuations, Net Leases & Buffers 08:31 - 09:54 LVR, Deposits & Lease Doc Loans 09:54 - 11:05 How Lease Doc Loans Work 11:05 - 12:55 Loan Term vs Amortization 12:55 - 14:59 Review Clauses Explained 14:59 - 16:30 Full Doc, Mid Doc & Low Doc 16:30 - 18:50 Case Study: Mezzanine Value-Add 18:50 - 19:50 Creating Value & Final Takeaways #CommercialProperty #PropertyInvesting #RealEstateInvesting #PropertyFinance #WealthBuilding This video is provided by Confidence Finance Pty Ltd (ACL 488313) & Flint Trademark Pty Ltd. This is general information only and not personal advice. Please seek credit advice from us directly and independent tax, legal or financial advice where appropriate. Reach out to us at www.australianpropertytalk.com.au

  8. Jun 4

    Official: Property Has Been Smashed, The Worst It’s Ever Been

    Send us Fan Mail 👉 BUY smarter with Alaya Property's economics-driven strategy, getting in BEFORE the data shifts. Book your FREE call now: https://rebrand.ly/chatwithalaya 👉 Work with MORTGAGE BROKERS who invest themselves & know markets Australia-wide. Book your FREE strategy session here: https://rebrand.ly/chatwithflintinvest 👉 Run the numbers on your Melbourne apartment - pick a suburb, enter your situation, get your estimated monthly cost and Alaya's full investment scorecard in under 2 minutes: https://rebrand.ly/melbaptcalculator 🔗 Grab the free budget calculator + Melbourne apartment suburb-ranking tool in the links below. Two weeks on from what we're calling the worst budget for property investors in our lifetimes, we sit down to unpack exactly what changed and what you need to do about it. The government has removed negative gearing on existing properties, overhauled capital gains tax with a new indexation method, introduced a 30% minimum tax and changed how trusts and family distributions work. On top of that, the RBA has hit investors with three back-to-back rate rises. Borrowing power has been smashed, and the rules of the property game have flipped almost overnight. In this episode we go deep on the three major changes, the 1% capital-growth "break-even" rule between new and existing property, who the relative winners and losers are (hint: SMSFs and yield-focused assets just got more attractive), and why borrowing capacity is dropping by hundreds of thousands of dollars for many investors. But here's the big message: this is noise. Your individual plan still matters most and uncertainty like this is often a golden window of opportunity for decisive buyers. Chapters 00:00 - 00:38 Introduction 00:38 - 02:12 The Worst Budget for Investors 02:12 - 03:54 Two Weeks to Digest It 03:54 - 05:59 Negative Gearing Changes Explained 05:59 - 08:24 Should You Buy New? 08:24 - 10:42 Grandfathering & Transition Rules 10:42 - 14:12 The New CGT Indexation Method 14:12 - 18:03 The 30% Minimum Tax Trap 18:03 - 20:08 Why SMSFs Just Won 20:08 - 23:40 Borrowing Power Gets Smashed 23:40 - 26:29 The Big Shift to Yield 26:29 - 28:03 Sell-Down & PPOR Strategy 28:03 - 30:54 They Smashed Your Home Value 30:54 - 32:26 What You Should Do Now 32:26 - 34:06 Final Takeaway #PropertyInvesting #NegativeGearing #AustralianProperty #RealEstateAustralia #PropertyMarket This video is provided by Confidence Finance Pty Ltd (ACL 488313) & Flint Trademark Pty Ltd. This is general information only and not personal advice. Please seek credit advice from us directly and independent tax, legal or financial advice where appropriate. Reach out to us at www.australianpropertytalk.com.au

About

Welcome to Australian Property Talk — I'm Redom, a property fanatic.  I love sharing stories from the 1000's of investors i represent in my day job at one of Australia's biggest mortgage broking companies, Flint. I have two brilliant co-hosts who bring a perfect blend of expertise on the economy, property trends and where to buy real estate!  One is a former Treasury economist, Curtis Stewart, who runs FlintInvest - an award winning mortgage broking company for property investors Australia-wide.  His officially the smartest person i know, and full of golden nuggets! My other co-host is Adi Chanda, a man everybody loves, a seasoned buyers agent with a giant property portfolio and fellow property nerd. Adi runs Alaya Property with me, adding in a unique economics driven property strategy that outperforms all the herd following data-driven agents dominating the buyers agency scene in 2025.

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