On this final episode with Mike Mortlock, Cate and Mike discuss investment property renovation expenditure, and specifically the possible reasons why investors have recently spent more in some states and less in others. As strange as this set of observations may sound funny, but the pair discuss the drivers that instigate an investment upgrade, and Cate distills the triggers that fuel the expenditure.

"The data just tells us what it tells us", says Mike.

Cate's focus on equity growth comes to the fore as the pair discuss the patterns that are visible from Mike's data.

"I'm quite happy with the meritocracy of data."