April 27, 2025 • 33 mins
Businesses in the capital city are still feeling glum - Westpac's latest survey has found Wellington has the lowest business confidence of any region in the country. With interest rates dropping and spending increasing, when will confidence return?
Also, Wellington mayor Tory Whanau has officially turned the sod at the first tranche of Golden Mile works this morning. How will the plan affect businesses?
To answer those questions, Working Style director Chris Dobbs and Tommy's Real Estate CEO Ben Castle joined Nick Mills for the Business Panel.
LISTEN ABOVE
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:09):
You're listening to a podcast from News Talk sed B.
Follow this and our wide range of podcasts now on iHeartRadio.
Monday's Mean Business. It's the business panel on Willington Mornings
with Quadovic Property Management. A better regal experience for all.
Visit Quadovic dot co dot insad.
Speaker 2 (00:28):
Let's get down, let's get down to business. We'll give
you one monnight wo mon Gard. We've had a million
million nights just slash person. So let's get down. Let's
get down.
Speaker 3 (00:44):
Let's get down.
Speaker 1 (00:45):
Let's get down.
Speaker 2 (00:47):
Give you ward.
Speaker 1 (00:51):
We've got a million.
Speaker 3 (00:53):
Joining us with the business panel because we do a
business panel every second Monday at this time. Is Tommy's
real estate CEO being Castle Morning, Bed Morning Mack. Thanksgving
to do on the weekend.
Speaker 4 (01:04):
I was up and up in mail MONGINOI uh chase
this the four and Zach.
Speaker 3 (01:09):
Battle and they smash them here they got the chiefs
have got a bit of a job to do this weekend.
I think the Hurricanes.
Speaker 4 (01:17):
Big battle at sky Stadium, that's right.
Speaker 3 (01:19):
I think that. I mean, I was, I had I mean,
I don't want to sound too emotional, I am emotional.
I had a little bit of a tear by after
the Hurricanes game, I thought there was one hell of
a performance. I don't know whether he saw.
Speaker 4 (01:28):
It or against the haven't won there in a long time.
Speaker 3 (01:31):
But the first New Zealand team to win.
Speaker 4 (01:32):
Yeah, needed to.
Speaker 3 (01:34):
And needed they look great. They didn't. They did right
across them. They look great.
Speaker 4 (01:40):
So he propped a back. A lot of talk about.
Speaker 3 (01:41):
Him, gosh, didn't he play well?
Speaker 4 (01:43):
He did? He did. It's great, great.
Speaker 3 (01:45):
And my favorite player in the whole world at the
moment is Griffy. So if he's not an all black, umrong.
If he's not an all black this year, I'm running
down the key nude wow.
Speaker 4 (01:59):
Ra he might pull him in late just see.
Speaker 3 (02:01):
It and joining us as Working Style director Chris Dives. Now, Chris,
welcome to the show. The first time that we've had
a non resident person on this business panel. Now you
working Style is synonymous with Wellington. I don't know why
it's anonymous with Wellington. Maybe because I grew up. It's
probably an Auckland based company. But you're so Wellington. And
(02:23):
the reason that I was so excited to have you
on the show is that last week on the show
we had a very prominent Wellington business person saying that
no way would he set up a business in Wellington
right now. Now you have just although you've been here
for thirty odd years, whatever many years you've been here,
you just shifted, which is almost like setting up a
new business.
Speaker 5 (02:43):
Very much so moving house and moving business, they're both
painful things. But yeah, I started working style in nineteen
eighty seven, so that's thirty eight years ago, if my
maths serves me correctly. So it's been a long journey.
And then we set up Wellington in ninety two, and
there was a long time ago and we had been
(03:06):
in Woodward Street there since then. So why did you shift?
Speaker 3 (03:11):
Well, it was.
Speaker 5 (03:14):
Our staff begged me too, insisted, threatened not working for
me if we didn't. So the time had come. The
old space we've grown and grown from it, and it
wasn't it wasn't quite right. Had we had a good
tenure there and it was time to move. So we
(03:34):
felt we needed, you know, where we've moved to, down
onto Johnson Street. There we feel famal connected with the city.
Speaker 3 (03:41):
It's light, it worked for you.
Speaker 5 (03:42):
It's it's early days. We're only into our second or
third month of trade, so you know, two months doesn't
make a summer and but we feel good. But the
platform's great, the showroom's beautiful.
Speaker 3 (03:56):
Have you boys been in No, but out of my
pacecal a little bit.
Speaker 5 (04:00):
Christal, we could extend that family and friends discount to
two percent. Know, we've done a beautiful job of it.
If I may say, it's you know, I've got found
found some beautiful light fittings from around New Zealand, New
Plymouth actually your your hometown.
Speaker 3 (04:20):
There is a shop that we've used them in our
restaurants as well. That's they do very well with those
light footings, that vintage.
Speaker 5 (04:27):
Yeah, Steve, he did a great So we found lights
from a Czechoslovakian railway station, an Austrian ski lodge and
it's really given the space a good blurse. But anyway,
what was the question next?
Speaker 3 (04:39):
How's it going? How's it go? But so apart from
the light footings, that's going pretty well.
Speaker 2 (04:46):
Yeah.
Speaker 5 (04:46):
Look, we're excited about it. I think it'll be a
really good platform for us and Wellington. Wellington deserves it,
we need Wellington and it all came together and we're
really excited about it.
Speaker 3 (04:58):
I just for our listeners, do you have shops in Wellington? Auckland,
christ christ Church out. That's so just the three three
main seasons.
Speaker 5 (05:05):
Yeah, so Sex stores nationwide and we've been in Auckland,
we Wasnington and christ Church since only two and Wellington in
two thousand and christ Church and yeah.
Speaker 3 (05:15):
Great, let's talk about. The big article on this weekend's
paper was Westpact Regional Roundup report finding Wellington's facing the
lowest consumer confidence levels of any region in New Zealand
as unemployment and tough training conditions continue. Just to hang around, Ben,
I'm going to start with you right now. I mean,
you're out there selling property in Wellington. You know, you're
(05:37):
dealing with the people that are buying. You're dealing with
the people that are selling. What is the general mood
around Wellington right now?
Speaker 4 (05:45):
We are dealing with people right at that pointy end
of a real estate market, and real estate has a
big influence I think across a number of different areas
around employment, around different sectors, around the retail sector, both
commercial and residential. The feeling is quite mixed at the moment.
There are pockets of real confidence. We've seen. It's been
(06:09):
well publicized the jobs that have been cut, employment that's
been hit, especially by the public sector and private sector,
so that's one side, but there are businesses that have
spoken to and an example, Chris, you're just mentioning moving premises.
I mean that is a move, but it is a bigger,
nicer connection. So there's some confidence there to take that on.
(06:30):
And we are seeing some businesses growing, so there is
some mix there. I think the I look at the
media and that the headline tends to be negative. That's
an easier headline to write where there is there are
some good stories out there and we're certainly seeing them.
Like the market, the market is still transacting, whether it's
(06:52):
transacting what it was back in twenty twenty one. I
don't think we'll ever see those times again anyway.
Speaker 3 (06:57):
I hate That's the one thing I really hate the
narrative of people saying, you know, like from a hospitality background,
everyone says, well, don't expect it to ever come back
to what it was. It's never going to be the
same again. I mean shivers. If it isn't, we're all
a lot of us are in trouble.
Speaker 4 (07:12):
Well, I think it will definitely move back to a
certain space we were in. But COVID, post COVID was
no one had ever seen that before, and it was
it was a bit of hysteria around I think, and
that that got everyone maybe over confident a little bit
around around business expansion and so on. And look confidence
in the market. You probably see it. We're through the
(07:34):
retail side, is it.
Speaker 3 (07:36):
Yeah? I mean because maybe just concentrate Cross on Wellington
a little bit because you know the style, working style
part in the part. But you know, your clothing would
appeal to a lot of the people that have been
made redundant. You know, a lot of the government employees
are down in your area shopping with you. A lot
of people that are in more senior positions are saying shivers,
that could be us next? Are you feeling it is?
Speaker 5 (08:01):
But I think I should really qualify that by with
all respect to anyone who's had their livelihood taken away
by redundancy or restructure and the pain that that causes
anyone who goes through that. Our real problem across our
network and particularly in Wellington is people are not at work,
(08:22):
so they're at home and we're still that transition back
to I don't think it'll ever go probably back to
what it was. I think we've seen the greatest change
in how people work in the history of mankind in
some ways. You know, it's certainly not a five day
working week anymore. I've arrived in beautiful Warrington this morning
(08:46):
on a Monday morning early, and it's pretty quiet out
there on the street where you know, school holidays have
just finished. I think, is that right? I think that
just finished. It's a Monday. So Mondays across our network
are very challenging, and in Wellington it's acute and I
think the real you know, we have a hybrid mix
(09:07):
in our company of people where they work, but the
genius in our company only really happens when we bang heads,
and we really only bang heads when we're in the office.
It's quite a delicate, soft thing to do.
Speaker 3 (09:22):
But we have to be also very careful that we
don't push it too hard because if you push it
too hard, you get pulled out by social media as
being anti people working at home, and that goes against you.
So we've got to be pretty clever how we try
and get people back into workplaces, don't we.
Speaker 5 (09:38):
Yeah, yeah, I think we've also got to be pragmatic.
And you know, this is a Wellington is a pioneering
part of New Zealand. It's a raw, beautiful, gritty city
that has got everything going for it. And one of
the great attractions for Wellington for me historically, has always
been Wellentonian's. You know, they're a hardy bunch. They cluster
(10:01):
together on a foul day and have a drink together
and bond and talk and make things happen. I don't
I don't have a you know, I don't care where
people work. What I do care about is productivity and
making things happen. And I've been doing that for thirty
I've been feeding myself for thirty eight years. So you
(10:24):
can only do that if you are really honest with
yourself about what you're doing. And that doesn't mean you
have to work any harder.
Speaker 3 (10:31):
I m my dad.
Speaker 5 (10:32):
You've just got to be incredibly smart about it.
Speaker 3 (10:34):
So working from coming back to you been working from home?
Are you seeing people actually now looking for properties where
they think, oh, I can put an office in there,
or I can do this, and I can say is
that has that made any difference at all?
Speaker 2 (10:45):
Oh?
Speaker 4 (10:45):
Absolutely. One of the number one search keywords is home office.
That were when people are looking for property, so they're
looking for options to do that and whether they still
have an office option in town, they're still wanting that
flexibility to do exactly that.
Speaker 3 (11:03):
Nick, Yeah, that scares me a little bit, Chris. I mean,
you know, you're saying you need people in your shops.
We need people in the hospitality. Other retailers need them.
Speaker 5 (11:12):
Part of us doing the expansion that we've done in Wellington,
which for a humble, small little business that feeds families
was a significant splash. You know, We've done a beautiful,
big statement in downtown Wellington and part of the part
of the rationale for doing that is we believe we've
got to drag people in from the greater Wellington area,
you know, of four hundred odd thousand people and bring
(11:34):
them down into into downtown Wellington for a shopping experience
when they need stuff. So we're very realistic that things
have changed and they're just not going to have fallen
to our door like they used to. They've got they're
coming for an experience and they've done their homework. They're
coming hot and they know what they want.
Speaker 3 (11:51):
So can I just quickly ask you, because I've got
to go to an air break, but just really really quickly,
is it doing business with the carving and lambdon key
and everything is that different to Auckland. What do you
mean is, well, we're trying to be so anti cars
coming in and parking. You're saying you want people from
the area, the region coming.
Speaker 5 (12:10):
No, Auckland's got a real car culture. Well, Valentonian's got
always been blessed with a better public transport system than
Auckland's had historically, So I don't really think it matters
how they come in, whether it's on the way from
the airport out to the regions or whatever. The you know,
I've got a twofold hat on here with this conversation
(12:30):
because you wear clothes for work, celebration, life events, all
sorts of reasons. So what has changed? I think for me? Sorry,
I'm consciously your ad break is you've got to make
it happen.
Speaker 3 (12:45):
Yeah, join us for the business panel this week is
Tommy's real Estate CEO Being Castle and Working Style director
Chris Dobbs. Chris, I want to start with you on this.
I want to ask you about retail, just actual Wellington retail.
How is retail in Wellington right now? Is it better
than it was this time twelve months ago? Do you
feel it's getting.
Speaker 5 (13:04):
Better, similar saying, you know, just to sort of constant
in saying that this month's been particularly challenging, very hard
because we've you know, had Eastern school holidays and everyone's
been on holidays. So again, you've gotta be really careful.
You don't sort of beat yourself up. You know when
things are not going well, that you focus on what
(13:26):
you can focus on and ignore what you can't.
Speaker 3 (13:30):
Can I ask you to put me on the couch
because I'm that person that keeps thinking every bad day
with the end of the world and it's changing. How
do you get through that? How as a business person
do you say shivers? You know, I need to do
fifty grand this week and I've only done thirty. What
do I do?
Speaker 5 (13:45):
Do you ask yourself that what anyone who's rows their
own boat doesn't sleep that well. It was a general
rule of thumb, And when times are tough, we focus
on our team, our staff, and our customers. So we
believe that's the medicine that you need to really take
(14:07):
and focus on to actually be fast, to be better
and to have a crowd a better business because you've
got total control on that. And if you keep on
looking after your a teen beautifully and you give them
good service, things seem to come right and you can
get people coming back.
Speaker 3 (14:29):
That's good advice. Ben. Let's talk property. What's the state
of the market right? We got to the chase because
you know, I just set off in the ad break.
I've got three properties for sale. I can't get a
dog to come and sniff around the front door, so
you know it's tough out there.
Speaker 4 (14:47):
Yeah, look, it han't. It's again been well publicized how
where the market has been. I mean even qv recently
said that this latest latest quarter was virtually motionless around
any movement. But there again I disregard that to a
point because there are some numbers that we're seeing that
(15:07):
has definitely seeing life back into the market. I mean
days days to sell on the market went from forty
six down to thirty six from February through to March.
We're seeing we saw twenty percent more sales across Wellington
in the last month as well. So there are pockets
starting to creep in and I think it's only going
(15:30):
to the next twelve months will be really interesting. Property
market goes. Interest rates is a big driver, but there's
always a lag, so interest rates fall, but it doesn't
mean the property market goes from zero to hero overnight take.
There's always a bit of time, so we're starting to
see that time now catch up. We saw a drop
in April, we'll see another one probably in May into May,
(15:52):
and that will just keep keep generating some momentum.
Speaker 3 (15:55):
Can I ask you a question self question here for
me to you. Is it now more out in the regions?
Is it getting out into the suburbs? Are people not
looking to buy? I mean I know a guy that
actually sold and a very nice apartment in six days
in Wantington, so that the apartments are selling, yes, but
it does feel like that it's gone back to the
(16:16):
burbs because of all what we've talked about working from
home being in the region. Am I right?
Speaker 4 (16:21):
Yes, suburbs have certainly increased. We've seen numbers across suburbs,
but we're even just this month now we've seen the
investors come back in and apartments come back into the market.
Now we're seeing the life in that space as well,
and that's where the investors are coming at. Interest deductibility
and so on has now been cemented in so we
are seeing that suburban shift was definitely there and that
(16:43):
was possibly based around op X in town, around insurances
and rates, I mean, insurances were going through the roof
here in the city, around earthquakes and so on, a NBS,
I mean, that's it's almost a dirty word around that,
the property market. But so that did push people out
to the regions. Now insurance is definitely leveled off. We've
seen more competition in there, which has brought it back
(17:04):
down a bit, and there's some more clarity, of a
bit more clarity around MBS. It's still of a myriad
to navigate, but I think in the next twelve months
in particular, we will see some more more activity in
this market and more positive than it was.
Speaker 3 (17:18):
Chris Dobbs we rang. We read a story Ethan and
I about we both discussed it together on yesterday about
how the latest quality of life surveys found the South
Island is growing far quicker than the North Island. Now,
you're based in up and have a Wellington business, obviously,
are you are you feeling that hearing that.
Speaker 5 (17:36):
Christ Church has been solid for us for some time.
They've the Cantabs have been rolling up their sleeves and
working hard and they had a very diverse economy now
and the city's looking beautiful. It was down there recently
with my family and they loved it. They all the kids,
my wife just thought it was fabulous and I thought, well,
(17:58):
that's interesting, you know. And it's been a long journey
for them to rebuild the city and get it to
get it to where it is. So it's a mixed bag.
I think. I think you bang on the money with
the interest rate conversation. You know, it's an incredible tonic
to an economy, particularly the New Zealand economy. We've alway,
we've always paid a lot for money in New Zealand
and those interest rates coming down are really going to
(18:20):
be a great tonic for our country. And it's just
a bit of a shame with the speed bump with
Trump and the global outlook, because that's certainly put the
skids on a few parts of the country from where
I can work out. But I think once we get
a long period of you know, affordable interest rates and
(18:40):
that you know, round five percent, I think is very
is good money in New Zealand's historical levels. I think
that will really underpin the recovery that we are all wanting.
Speaker 3 (18:53):
And I love the fact you brought out the Trump
things just as we were starting to feel a bit stable,
and yeah, Ben's laughing here. As soon as we just
started to feel a little bit stable and a little
bit of greed to Trumps covered and made us feel, Oh,
we've got to careful again, don't we. Yeah, you know,
we watched.
Speaker 5 (19:10):
As some has finished and one has started, which you know,
it's a shame when.
Speaker 4 (19:15):
He's going around in circles again were who knows what
he's going to do the next the next day. I mean,
it will may may be a bit inflationary, but I
can't see interest rates really changing because of it, so
I think it won't necessarily impact us as greatly as
it will others.
Speaker 3 (19:30):
Ben, I've just got it really quickly because I've got
to go to the news break, But I've really got
it quickly. Are you hearing or you seeing people actually
selling to move down south? Are you?
Speaker 2 (19:38):
Are you?
Speaker 3 (19:38):
Is that something that the agents are talking about? Oh,
they're moving down south, They're moving.
Speaker 4 (19:42):
We'll cross it. That ciddenly was attractive. But where what
we are seeing at the moment, some of our agent
feedback at the moment is that people from out of
other regions are coming into Wellington, are starting to inquire
from Wellington, Queenstown, Aubland in particular.
Speaker 3 (19:55):
Wow, look at well Well that's positive. Chris Dobbs and
Ben Castle with us roadworks, Ben roadworks everywhere, cones everywhere.
Pain in the ass. Can we do anything about it?
I mean, why Field Streets a nightmare. I went down
and had a look and they're doing their best. In
this meeting up today we found out that Torrey Farno
has turned the dug the hole and turned the side
(20:17):
for the first time on the corner of Courtney Place,
Wakefield and Kent. We're in trouble, aren't we.
Speaker 4 (20:24):
Courtney Place revitalization, they're saying. I mean that that has
an impact on New Tunic and your business is there around?
I mean the road cones that are that are every bit.
But it's an inconvenient reality of city growth, isn't it.
I get it. It's really frustrating. Look, we all have
to deal with it, and we're banging the bondom of
the car and wanting to get there faster. But what
(20:45):
what do we do? How do we how do we
get around that? We need to keep building that city.
I know it's almost a book nd for the Golden Mile.
Whether that eventuates or not, it's probably for later in
the year. But it does need an upgrade, really, doesn't it.
Speaker 3 (20:58):
It needs a cleaner yeah, clean, But we're in financial
we're all in financial tough times, whether we like it
or so. If you start digging up, I mean they'd
dig up the front of Tommy's. You'd be sitting there thinking,
oh my gosh, how long is it's going to last?
Speaker 2 (21:10):
Yeah?
Speaker 4 (21:10):
Yeah, I mean it does have a big impact though
on travel times there are a nightmare. Car parking is
not easy. I've always already talked about. But then the
business growth and the it might give some confidence that
something's happening, But equally then we can't actually get people
into the shops or into the restaurants or into the
bars that we need them to and spending that money.
I mean road works yeah, necessary, evil probably.
Speaker 3 (21:32):
Chris, What are you hearing? I mean your staff when
you look at the reports on Saturday afternoon and you
bring your manager and Wellington say well, you know you
could have done a little bit better, and he says, well,
I've got buddy Cones all down the road, cars, car park.
What are you hearing?
Speaker 5 (21:46):
Well, what I believe is we have been through one
of the toughest things in the world with COVID, and
the recovery from COVID is still going on, and we've
talked about this new way of working where people are
at home. So my frustration really is when you've got
had the sort of trauma that we've all been through,
(22:06):
is that bureaucracy is trying to fix things and focus
on road roading and those sorts of things as opposed
to just keeping you know, supporting businesses and keeping out
of their way. Because you know, whether the pedestrianization of
Lampton Key is a good or a bad idea, I
(22:26):
don't really know. And to a certain extent, it's sorry.
I was going to say I don't really care. That's
not true. What I what I do feel is that
regardless of whether it's a good or a bad idea,
it's not the right time for it because there's just
too much pain. And I think there's a lack of
respect for the rate payers of the city in terms of,
(22:50):
you know, the businesses are paying the rates, the insurances
for those buildings, and New Zealand has something right. Six
hundred thousand small businesses four hundred thousand of those have
zero staff members and one hundred thousand have one to
six staff members. So you've got a a highly productive
sector of employment who employer a hell of a lot
(23:12):
of people who have to administer paye every week, student loans, key,
we save, a holiday, pay due, holiday paid, accrued personal
tax due every week. It has to be tended to
diligently and dutifully to ensure as an employee you don't
break the law. The point I'm getting to is that
being in business has a hell of a lot of
(23:33):
responsibility and bureaucracy that comes with it. And then to
have the person that you're paying the rates to dig
a hole in front of your business and start to
have a higher order about where they believe the city
is going, it's just rubbish and it's just not a pragmatic,
can do sort of way to be running this city.
(23:56):
And I think that is a problem because all people
in business really want to do is be able to
get on with it and not have people holding them
back with you know, really frustrating actions.
Speaker 3 (24:11):
And take a short break here here by the way.
I mean, yeah, I agree with you totally. I mean
it should be how can we assist you rather than
how can we hid hundred percent? Because we're taking all
this money from you, how do we make it better
for you? And has any one from council ever run
you and said well done, Chris, You've just spent a lot,
a lot of money building a new business. Beautiful, well done,
(24:32):
thank you. Anyone from counsel ever do that to you.
They're very quick with their rates bill, aren't they. They
are no Christmas, no Christmas cards at Christmas time. I
want to talk insurance, being Castle and Chris Doves. We've
been hearing for a while that insurance companies have been
very selective who they want to ensure. We're hearing, you know,
people that own strip clubs or own sex toys retailer shops.
(24:54):
Insurances don't want to do it. I started hearing murmurs too,
and you'll be able to correct me if I'm right
or wrong on this one. Ben that sometimes you actually
buy it, will go to buy a house and the
insurance company won't ensure the house that you're buying. Some
deals are falling through on that. Am I right or
my wrong? Or are insurance are they starting to ease
off a bit now?
Speaker 4 (25:15):
I think there's the last point there easing off, but
I think there's a bit more stability in that insurance market. Look, banks,
a lot of us are using the bank to purchase property,
and banks require insurance, and some properties have had insurance
for a period of time, and what we see is
some policy changes and some regulations change around what is
(25:36):
required in that property, and that has an impact on insurance.
I think Wellington's been a tough market to ensure and
the earthquake seismic challenges we have here has probably led
to that. We also have a city that's built in
a nice big half circle around a big body of water,
and that we will talk about global warming and so
on and the changes of water level. So that has
(25:58):
had an impact on insurability.
Speaker 3 (26:00):
And have you lost deals because insurance companies won't insurance.
Speaker 4 (26:03):
There have been deals that have fallen over through but
then you're talking to another insurance are insurance that will
take it. It just depends on what premium you're willing to pay,
and I think you know if you're that's that's where
the market sits. But as I mentioned before, around the
city moving in a more positive direction now as insurances
have started to level off. It got a bit crazy
for a while. I think there's more competitors have come
(26:25):
in and they've brought the pricing down of it.
Speaker 3 (26:27):
Chris, have you looked at your insurance? I mean, I'm
in a different business, but I'm in a business and
we've started to you know, lots of profits. We used
to pay for those. Now we actually got rid of
those because we thought during COVID, oh, don't worry, we're insured.
We found out very quickly that we were at insured
because pandemics aren't in your loss of profit. Have you
looked at your insurance and said, shiver, this is getting
(26:49):
too tough. I need to cut back on here and
do things with it.
Speaker 5 (26:51):
We we review our insurances every year, you know, in
terms of fire in general, and as you get older,
I think you also cut back your insurances in terms
of your personal policies and some of those other cross
shareholder policies and things like that.
Speaker 3 (27:08):
Do you still have health insurance?
Speaker 5 (27:09):
I do ye. Yeah, I wouldn't drop that either. And yeah,
it's those non tradable parts of the consumer price index insurance.
It's it's been a keller. It's really hurt in christ
Church after the earthquakes. What was quite interesting, Ben, picking
up on your conversation on property insurance. A lot of
(27:31):
the policies assigned to the property and transferred from owner
to our owners, which is how insurance used to be conducted.
So that was just a response to the earthquake situation.
So I suppose with Wellington and earthquakes you've seen some
more creative ways.
Speaker 3 (27:47):
It's still happening. Let's still have a deal that I
saw lately, you know that did exactly the same thing,
just crossed over. The insurance company just swapped it over
to the new owner. So those deals are.
Speaker 4 (27:57):
Getting done absolutely, and then probably eight to nine times
out of ten it's like that. It's just there. There'll
be some depending on what the transaction is or the
property type or property sector, where it may have little
For sure, we will require a bit more analysis from
either the bank or the insurer, and that's where it
can be derailed.
Speaker 3 (28:14):
Okay, the big one before we go to the side
where you're taking your guests, the Mayoralty race. Andrew Little's
put his name in the hat. Just in case you
didn't know, chrissops for you didn't know, I do, Yeah,
of course you do. Okay, I'll start with you. What
do you think, well, I mean, you're obviously I've met
Andrew and I liked him. I thought he was a
(28:38):
good guy when I met him. He I think he's
hard working, he's he's look, I think I think it's
time for a change. I don't think it's I think
I can be a political in my viewpoint in terms
of he might not have got my national vote, but
he I think he's a solid, hard working, straight shooter.
(29:00):
He's a Wealentonian born and bred Saint Pat's town, I
think from a memory definitely not born and bred because
he was born in New Plymouth.
Speaker 5 (29:08):
Right, my apologies, but he's we won't hold it back
on him that he's the left foot it. But I
think he'll do a good job for the city. I
think he'd be a good candidate.
Speaker 3 (29:18):
Did you say he went to stream?
Speaker 5 (29:19):
I went to stream?
Speaker 3 (29:20):
Did you say that town that's weird?
Speaker 4 (29:25):
Did you know that didn't they went there?
Speaker 5 (29:28):
I think I'm right, and so maybe his sons went
there anywhere.
Speaker 3 (29:33):
I'm not sure. Okay, then tell us what your thoughts
are you looking like you've got a lot of notes.
He's got smoke.
Speaker 5 (29:41):
I'm just careful.
Speaker 4 (29:43):
I love Wellington born and raised and really proud of
the city. And the biggest issue I have at the
moment around it is the division that we're seeing through local,
local government even central government to a degree, and that's
unity breeds progress for me, and I don't see that
at the moment. There's there's fighting and disagreement and we
(30:04):
can't actually get on the same page and until we
sought that out. And that's what we need from a
new lead. If it's Andrew Little, if it's Ray Cheng
or Carl or Tory or whoever is the one that
the people. We need the people to get out and vote,
but they need to get that behavior, some of the
sandpit behavior out and get some real clarity back in leadership.
And there's of course we've got debt issues, We've got
(30:25):
projects and safety in the streets and incentivizing development and
all these lists of policy that we need to look at. Firstly,
we've got to get on the same page. We're not
even there yet. We just we tend to fight a
lot of the time. We don't have that unity and
that's what's hampering I think things at the moment.
Speaker 3 (30:40):
Hear here, Okay, someone very very special is a right now, Chris,
You've just opened your shop and down and you've got
someone that you really care about and really is important
to you. Arriving into Wellington, you're driving out to the
airport and you're thinking to yourself, what the hell am
I going to do to impress this person? What are
you going to do in Wellington?
Speaker 5 (30:58):
I'd go straight to the Marineri Surf Club for breaky
or coffee on the way and from the airport. I
think that's an easy sort of segue from the airport,
isn't it.
Speaker 3 (31:07):
Yep?
Speaker 5 (31:08):
It's always been a spectacular spot to have a bite.
And then on the way back into town, I swing
by a Portneck yacht Club, which I think on a
beautiful morning is a pretty special pad of Wellington with
the water right up on the hard there and the
working yachts and boats and things and that in that
yacht Club's always been a special place for me and Wellington.
Speaker 3 (31:30):
Great. Come on and Ben, someone you played rugby with
in France Wellington and never been here before and they
are out at the airport and do you want to
show off Wellington? What are you going to do?
Speaker 4 (31:40):
Well I'd probably I'll go to Spruce Scoos this time,
Mack go the other one. And then look, I'm a
big fan of the markets on a Sunday here out
on the waterfront down here, the or the produce, everything
that's going on, the sites and sound smells all the
rest of Wellington that it's best on a nice day
(32:00):
that would be one there and then i'd I could
pick up a Saints game or a Hurricanes game, or
maybe some open homes Blair Street Street out there.
Speaker 3 (32:16):
I'll tell you what. That market is a hidden gym though.
I mean, every time I go down there, I think why.
I mean, it is very busy, but I say to myself,
why the hell isn't this actually nuts? It's so good.
It just feels so welly to know a little bit
of music playing, get yourself somebody to eat, get some
veggies for the weekend. Can't you can't beat it? Thank
you both very very much for joining us this morning.
(32:37):
I told you, Chris, it would go pretty quickly. Eve,
looked at your watching the Working Styles director Chris Dobbs,
who's just opened his new shops. So please check it out.
I'm going to check it out. He's going to give
me about you to get a discount. I say, Ben
doesn't need the discout. By the way, he's got he's
got pleady, he's got he's got a beautiful suit on,
so he's Oh, there you go. CEO of Tommy's real Estate,
(33:03):
Ben Castle and Chris Tops thank you both very much
for joining us.
Speaker 1 (33:07):
For more from Used Talk set B listen live on
air or online, and keep our shows with you wherever
you go with our podcasts on iHeartRadio.
You're listening to a podcast from News Talk sed B.
Follow this and our wide range of podcasts now on iHeartRadio.
Monday's Mean Business. It's the business panel on Willington Mornings
with Quadovic Property Management. A better regal experience for all.
Visit Quadovic dot co dot insad.
Speaker 2 (00:28):
Let's get down, let's get down to business. We'll give
you one monnight wo mon Gard. We've had a million
million nights just slash person. So let's get down. Let's
get down.
Speaker 3 (00:44):
Let's get down.
Speaker 1 (00:45):
Let's get down.
Speaker 2 (00:47):
Give you ward.
Speaker 1 (00:51):
We've got a million.
Speaker 3 (00:53):
Joining us with the business panel because we do a
business panel every second Monday at this time. Is Tommy's
real estate CEO being Castle Morning, Bed Morning Mack. Thanksgving
to do on the weekend.
Speaker 4 (01:04):
I was up and up in mail MONGINOI uh chase
this the four and Zach.
Speaker 3 (01:09):
Battle and they smash them here they got the chiefs
have got a bit of a job to do this weekend.
I think the Hurricanes.
Speaker 4 (01:17):
Big battle at sky Stadium, that's right.
Speaker 3 (01:19):
I think that. I mean, I was, I had I mean,
I don't want to sound too emotional, I am emotional.
I had a little bit of a tear by after
the Hurricanes game, I thought there was one hell of
a performance. I don't know whether he saw.
Speaker 4 (01:28):
It or against the haven't won there in a long time.
Speaker 3 (01:31):
But the first New Zealand team to win.
Speaker 4 (01:32):
Yeah, needed to.
Speaker 3 (01:34):
And needed they look great. They didn't. They did right
across them. They look great.
Speaker 4 (01:40):
So he propped a back. A lot of talk about.
Speaker 3 (01:41):
Him, gosh, didn't he play well?
Speaker 4 (01:43):
He did? He did. It's great, great.
Speaker 3 (01:45):
And my favorite player in the whole world at the
moment is Griffy. So if he's not an all black, umrong.
If he's not an all black this year, I'm running
down the key nude wow.
Speaker 4 (01:59):
Ra he might pull him in late just see.
Speaker 3 (02:01):
It and joining us as Working Style director Chris Dives. Now, Chris,
welcome to the show. The first time that we've had
a non resident person on this business panel. Now you
working Style is synonymous with Wellington. I don't know why
it's anonymous with Wellington. Maybe because I grew up. It's
probably an Auckland based company. But you're so Wellington. And
(02:23):
the reason that I was so excited to have you
on the show is that last week on the show
we had a very prominent Wellington business person saying that
no way would he set up a business in Wellington
right now. Now you have just although you've been here
for thirty odd years, whatever many years you've been here,
you just shifted, which is almost like setting up a
new business.
Speaker 5 (02:43):
Very much so moving house and moving business, they're both
painful things. But yeah, I started working style in nineteen
eighty seven, so that's thirty eight years ago, if my
maths serves me correctly. So it's been a long journey.
And then we set up Wellington in ninety two, and
there was a long time ago and we had been
(03:06):
in Woodward Street there since then. So why did you shift?
Speaker 3 (03:11):
Well, it was.
Speaker 5 (03:14):
Our staff begged me too, insisted, threatened not working for
me if we didn't. So the time had come. The
old space we've grown and grown from it, and it
wasn't it wasn't quite right. Had we had a good
tenure there and it was time to move. So we
(03:34):
felt we needed, you know, where we've moved to, down
onto Johnson Street. There we feel famal connected with the city.
Speaker 3 (03:41):
It's light, it worked for you.
Speaker 5 (03:42):
It's it's early days. We're only into our second or
third month of trade, so you know, two months doesn't
make a summer and but we feel good. But the
platform's great, the showroom's beautiful.
Speaker 3 (03:56):
Have you boys been in No, but out of my
pacecal a little bit.
Speaker 5 (04:00):
Christal, we could extend that family and friends discount to
two percent. Know, we've done a beautiful job of it.
If I may say, it's you know, I've got found
found some beautiful light fittings from around New Zealand, New
Plymouth actually your your hometown.
Speaker 3 (04:20):
There is a shop that we've used them in our
restaurants as well. That's they do very well with those
light footings, that vintage.
Speaker 5 (04:27):
Yeah, Steve, he did a great So we found lights
from a Czechoslovakian railway station, an Austrian ski lodge and
it's really given the space a good blurse. But anyway,
what was the question next?
Speaker 3 (04:39):
How's it going? How's it go? But so apart from
the light footings, that's going pretty well.
Speaker 2 (04:46):
Yeah.
Speaker 5 (04:46):
Look, we're excited about it. I think it'll be a
really good platform for us and Wellington. Wellington deserves it,
we need Wellington and it all came together and we're
really excited about it.
Speaker 3 (04:58):
I just for our listeners, do you have shops in Wellington? Auckland,
christ christ Church out. That's so just the three three
main seasons.
Speaker 5 (05:05):
Yeah, so Sex stores nationwide and we've been in Auckland,
we Wasnington and christ Church since only two and Wellington in
two thousand and christ Church and yeah.
Speaker 3 (05:15):
Great, let's talk about. The big article on this weekend's
paper was Westpact Regional Roundup report finding Wellington's facing the
lowest consumer confidence levels of any region in New Zealand
as unemployment and tough training conditions continue. Just to hang around, Ben,
I'm going to start with you right now. I mean,
you're out there selling property in Wellington. You know, you're
(05:37):
dealing with the people that are buying. You're dealing with
the people that are selling. What is the general mood
around Wellington right now?
Speaker 4 (05:45):
We are dealing with people right at that pointy end
of a real estate market, and real estate has a
big influence I think across a number of different areas
around employment, around different sectors, around the retail sector, both
commercial and residential. The feeling is quite mixed at the moment.
There are pockets of real confidence. We've seen. It's been
(06:09):
well publicized the jobs that have been cut, employment that's
been hit, especially by the public sector and private sector,
so that's one side, but there are businesses that have
spoken to and an example, Chris, you're just mentioning moving premises.
I mean that is a move, but it is a bigger,
nicer connection. So there's some confidence there to take that on.
(06:30):
And we are seeing some businesses growing, so there is
some mix there. I think the I look at the
media and that the headline tends to be negative. That's
an easier headline to write where there is there are
some good stories out there and we're certainly seeing them.
Like the market, the market is still transacting, whether it's
(06:52):
transacting what it was back in twenty twenty one. I
don't think we'll ever see those times again anyway.
Speaker 3 (06:57):
I hate That's the one thing I really hate the
narrative of people saying, you know, like from a hospitality background,
everyone says, well, don't expect it to ever come back
to what it was. It's never going to be the
same again. I mean shivers. If it isn't, we're all
a lot of us are in trouble.
Speaker 4 (07:12):
Well, I think it will definitely move back to a
certain space we were in. But COVID, post COVID was
no one had ever seen that before, and it was
it was a bit of hysteria around I think, and
that that got everyone maybe over confident a little bit
around around business expansion and so on. And look confidence
in the market. You probably see it. We're through the
(07:34):
retail side, is it.
Speaker 3 (07:36):
Yeah? I mean because maybe just concentrate Cross on Wellington
a little bit because you know the style, working style
part in the part. But you know, your clothing would
appeal to a lot of the people that have been
made redundant. You know, a lot of the government employees
are down in your area shopping with you. A lot
of people that are in more senior positions are saying shivers,
that could be us next? Are you feeling it is?
Speaker 5 (08:01):
But I think I should really qualify that by with
all respect to anyone who's had their livelihood taken away
by redundancy or restructure and the pain that that causes
anyone who goes through that. Our real problem across our
network and particularly in Wellington is people are not at work,
(08:22):
so they're at home and we're still that transition back
to I don't think it'll ever go probably back to
what it was. I think we've seen the greatest change
in how people work in the history of mankind in
some ways. You know, it's certainly not a five day
working week anymore. I've arrived in beautiful Warrington this morning
(08:46):
on a Monday morning early, and it's pretty quiet out
there on the street where you know, school holidays have
just finished. I think, is that right? I think that
just finished. It's a Monday. So Mondays across our network
are very challenging, and in Wellington it's acute and I
think the real you know, we have a hybrid mix
(09:07):
in our company of people where they work, but the
genius in our company only really happens when we bang heads,
and we really only bang heads when we're in the office.
It's quite a delicate, soft thing to do.
Speaker 3 (09:22):
But we have to be also very careful that we
don't push it too hard because if you push it
too hard, you get pulled out by social media as
being anti people working at home, and that goes against you.
So we've got to be pretty clever how we try
and get people back into workplaces, don't we.
Speaker 5 (09:38):
Yeah, yeah, I think we've also got to be pragmatic.
And you know, this is a Wellington is a pioneering
part of New Zealand. It's a raw, beautiful, gritty city
that has got everything going for it. And one of
the great attractions for Wellington for me historically, has always
been Wellentonian's. You know, they're a hardy bunch. They cluster
(10:01):
together on a foul day and have a drink together
and bond and talk and make things happen. I don't
I don't have a you know, I don't care where
people work. What I do care about is productivity and
making things happen. And I've been doing that for thirty
I've been feeding myself for thirty eight years. So you
(10:24):
can only do that if you are really honest with
yourself about what you're doing. And that doesn't mean you
have to work any harder.
Speaker 3 (10:31):
I m my dad.
Speaker 5 (10:32):
You've just got to be incredibly smart about it.
Speaker 3 (10:34):
So working from coming back to you been working from home?
Are you seeing people actually now looking for properties where
they think, oh, I can put an office in there,
or I can do this, and I can say is
that has that made any difference at all?
Speaker 2 (10:45):
Oh?
Speaker 4 (10:45):
Absolutely. One of the number one search keywords is home office.
That were when people are looking for property, so they're
looking for options to do that and whether they still
have an office option in town, they're still wanting that
flexibility to do exactly that.
Speaker 3 (11:03):
Nick, Yeah, that scares me a little bit, Chris. I mean,
you know, you're saying you need people in your shops.
We need people in the hospitality. Other retailers need them.
Speaker 5 (11:12):
Part of us doing the expansion that we've done in Wellington,
which for a humble, small little business that feeds families
was a significant splash. You know, We've done a beautiful,
big statement in downtown Wellington and part of the part
of the rationale for doing that is we believe we've
got to drag people in from the greater Wellington area,
you know, of four hundred odd thousand people and bring
(11:34):
them down into into downtown Wellington for a shopping experience
when they need stuff. So we're very realistic that things
have changed and they're just not going to have fallen
to our door like they used to. They've got they're
coming for an experience and they've done their homework. They're
coming hot and they know what they want.
Speaker 3 (11:51):
So can I just quickly ask you, because I've got
to go to an air break, but just really really quickly,
is it doing business with the carving and lambdon key
and everything is that different to Auckland. What do you
mean is, well, we're trying to be so anti cars
coming in and parking. You're saying you want people from
the area, the region coming.
Speaker 5 (12:10):
No, Auckland's got a real car culture. Well, Valentonian's got
always been blessed with a better public transport system than
Auckland's had historically, So I don't really think it matters
how they come in, whether it's on the way from
the airport out to the regions or whatever. The you know,
I've got a twofold hat on here with this conversation
(12:30):
because you wear clothes for work, celebration, life events, all
sorts of reasons. So what has changed? I think for me? Sorry,
I'm consciously your ad break is you've got to make
it happen.
Speaker 3 (12:45):
Yeah, join us for the business panel this week is
Tommy's real Estate CEO Being Castle and Working Style director
Chris Dobbs. Chris, I want to start with you on this.
I want to ask you about retail, just actual Wellington retail.
How is retail in Wellington right now? Is it better
than it was this time twelve months ago? Do you
feel it's getting.
Speaker 5 (13:04):
Better, similar saying, you know, just to sort of constant
in saying that this month's been particularly challenging, very hard
because we've you know, had Eastern school holidays and everyone's
been on holidays. So again, you've gotta be really careful.
You don't sort of beat yourself up. You know when
things are not going well, that you focus on what
(13:26):
you can focus on and ignore what you can't.
Speaker 3 (13:30):
Can I ask you to put me on the couch
because I'm that person that keeps thinking every bad day
with the end of the world and it's changing. How
do you get through that? How as a business person
do you say shivers? You know, I need to do
fifty grand this week and I've only done thirty. What
do I do?
Speaker 5 (13:45):
Do you ask yourself that what anyone who's rows their
own boat doesn't sleep that well. It was a general
rule of thumb, And when times are tough, we focus
on our team, our staff, and our customers. So we
believe that's the medicine that you need to really take
(14:07):
and focus on to actually be fast, to be better
and to have a crowd a better business because you've
got total control on that. And if you keep on
looking after your a teen beautifully and you give them
good service, things seem to come right and you can
get people coming back.
Speaker 3 (14:29):
That's good advice. Ben. Let's talk property. What's the state
of the market right? We got to the chase because
you know, I just set off in the ad break.
I've got three properties for sale. I can't get a
dog to come and sniff around the front door, so
you know it's tough out there.
Speaker 4 (14:47):
Yeah, look, it han't. It's again been well publicized how
where the market has been. I mean even qv recently
said that this latest latest quarter was virtually motionless around
any movement. But there again I disregard that to a
point because there are some numbers that we're seeing that
(15:07):
has definitely seeing life back into the market. I mean
days days to sell on the market went from forty
six down to thirty six from February through to March.
We're seeing we saw twenty percent more sales across Wellington
in the last month as well. So there are pockets
starting to creep in and I think it's only going
(15:30):
to the next twelve months will be really interesting. Property
market goes. Interest rates is a big driver, but there's
always a lag, so interest rates fall, but it doesn't
mean the property market goes from zero to hero overnight take.
There's always a bit of time, so we're starting to
see that time now catch up. We saw a drop
in April, we'll see another one probably in May into May,
(15:52):
and that will just keep keep generating some momentum.
Speaker 3 (15:55):
Can I ask you a question self question here for
me to you. Is it now more out in the regions?
Is it getting out into the suburbs? Are people not
looking to buy? I mean I know a guy that
actually sold and a very nice apartment in six days
in Wantington, so that the apartments are selling, yes, but
it does feel like that it's gone back to the
(16:16):
burbs because of all what we've talked about working from
home being in the region. Am I right?
Speaker 4 (16:21):
Yes, suburbs have certainly increased. We've seen numbers across suburbs,
but we're even just this month now we've seen the
investors come back in and apartments come back into the market.
Now we're seeing the life in that space as well,
and that's where the investors are coming at. Interest deductibility
and so on has now been cemented in so we
are seeing that suburban shift was definitely there and that
(16:43):
was possibly based around op X in town, around insurances
and rates, I mean, insurances were going through the roof
here in the city, around earthquakes and so on, a NBS,
I mean, that's it's almost a dirty word around that,
the property market. But so that did push people out
to the regions. Now insurance is definitely leveled off. We've
seen more competition in there, which has brought it back
(17:04):
down a bit, and there's some more clarity, of a
bit more clarity around MBS. It's still of a myriad
to navigate, but I think in the next twelve months
in particular, we will see some more more activity in
this market and more positive than it was.
Speaker 3 (17:18):
Chris Dobbs we rang. We read a story Ethan and
I about we both discussed it together on yesterday about
how the latest quality of life surveys found the South
Island is growing far quicker than the North Island. Now,
you're based in up and have a Wellington business, obviously,
are you are you feeling that hearing that.
Speaker 5 (17:36):
Christ Church has been solid for us for some time.
They've the Cantabs have been rolling up their sleeves and
working hard and they had a very diverse economy now
and the city's looking beautiful. It was down there recently
with my family and they loved it. They all the kids,
my wife just thought it was fabulous and I thought, well,
(17:58):
that's interesting, you know. And it's been a long journey
for them to rebuild the city and get it to
get it to where it is. So it's a mixed bag.
I think. I think you bang on the money with
the interest rate conversation. You know, it's an incredible tonic
to an economy, particularly the New Zealand economy. We've alway,
we've always paid a lot for money in New Zealand
and those interest rates coming down are really going to
(18:20):
be a great tonic for our country. And it's just
a bit of a shame with the speed bump with
Trump and the global outlook, because that's certainly put the
skids on a few parts of the country from where
I can work out. But I think once we get
a long period of you know, affordable interest rates and
(18:40):
that you know, round five percent, I think is very
is good money in New Zealand's historical levels. I think
that will really underpin the recovery that we are all wanting.
Speaker 3 (18:53):
And I love the fact you brought out the Trump
things just as we were starting to feel a bit stable,
and yeah, Ben's laughing here. As soon as we just
started to feel a little bit stable and a little
bit of greed to Trumps covered and made us feel, Oh,
we've got to careful again, don't we. Yeah, you know,
we watched.
Speaker 5 (19:10):
As some has finished and one has started, which you know,
it's a shame when.
Speaker 4 (19:15):
He's going around in circles again were who knows what
he's going to do the next the next day. I mean,
it will may may be a bit inflationary, but I
can't see interest rates really changing because of it, so
I think it won't necessarily impact us as greatly as
it will others.
Speaker 3 (19:30):
Ben, I've just got it really quickly because I've got
to go to the news break, But I've really got
it quickly. Are you hearing or you seeing people actually
selling to move down south? Are you?
Speaker 2 (19:38):
Are you?
Speaker 3 (19:38):
Is that something that the agents are talking about? Oh,
they're moving down south, They're moving.
Speaker 4 (19:42):
We'll cross it. That ciddenly was attractive. But where what
we are seeing at the moment, some of our agent
feedback at the moment is that people from out of
other regions are coming into Wellington, are starting to inquire
from Wellington, Queenstown, Aubland in particular.
Speaker 3 (19:55):
Wow, look at well Well that's positive. Chris Dobbs and
Ben Castle with us roadworks, Ben roadworks everywhere, cones everywhere.
Pain in the ass. Can we do anything about it?
I mean, why Field Streets a nightmare. I went down
and had a look and they're doing their best. In
this meeting up today we found out that Torrey Farno
has turned the dug the hole and turned the side
(20:17):
for the first time on the corner of Courtney Place,
Wakefield and Kent. We're in trouble, aren't we.
Speaker 4 (20:24):
Courtney Place revitalization, they're saying. I mean that that has
an impact on New Tunic and your business is there around?
I mean the road cones that are that are every bit.
But it's an inconvenient reality of city growth, isn't it.
I get it. It's really frustrating. Look, we all have
to deal with it, and we're banging the bondom of
the car and wanting to get there faster. But what
(20:45):
what do we do? How do we how do we
get around that? We need to keep building that city.
I know it's almost a book nd for the Golden Mile.
Whether that eventuates or not, it's probably for later in
the year. But it does need an upgrade, really, doesn't it.
Speaker 3 (20:58):
It needs a cleaner yeah, clean, But we're in financial
we're all in financial tough times, whether we like it
or so. If you start digging up, I mean they'd
dig up the front of Tommy's. You'd be sitting there thinking,
oh my gosh, how long is it's going to last?
Speaker 2 (21:10):
Yeah?
Speaker 4 (21:10):
Yeah, I mean it does have a big impact though
on travel times there are a nightmare. Car parking is
not easy. I've always already talked about. But then the
business growth and the it might give some confidence that
something's happening, But equally then we can't actually get people
into the shops or into the restaurants or into the
bars that we need them to and spending that money.
I mean road works yeah, necessary, evil probably.
Speaker 3 (21:32):
Chris, What are you hearing? I mean your staff when
you look at the reports on Saturday afternoon and you
bring your manager and Wellington say well, you know you
could have done a little bit better, and he says, well,
I've got buddy Cones all down the road, cars, car park.
What are you hearing?
Speaker 5 (21:46):
Well, what I believe is we have been through one
of the toughest things in the world with COVID, and
the recovery from COVID is still going on, and we've
talked about this new way of working where people are
at home. So my frustration really is when you've got
had the sort of trauma that we've all been through,
(22:06):
is that bureaucracy is trying to fix things and focus
on road roading and those sorts of things as opposed
to just keeping you know, supporting businesses and keeping out
of their way. Because you know, whether the pedestrianization of
Lampton Key is a good or a bad idea, I
(22:26):
don't really know. And to a certain extent, it's sorry.
I was going to say I don't really care. That's
not true. What I what I do feel is that
regardless of whether it's a good or a bad idea,
it's not the right time for it because there's just
too much pain. And I think there's a lack of
respect for the rate payers of the city in terms of,
(22:50):
you know, the businesses are paying the rates, the insurances
for those buildings, and New Zealand has something right. Six
hundred thousand small businesses four hundred thousand of those have
zero staff members and one hundred thousand have one to
six staff members. So you've got a a highly productive
sector of employment who employer a hell of a lot
(23:12):
of people who have to administer paye every week, student loans, key,
we save, a holiday, pay due, holiday paid, accrued personal
tax due every week. It has to be tended to
diligently and dutifully to ensure as an employee you don't
break the law. The point I'm getting to is that
being in business has a hell of a lot of
(23:33):
responsibility and bureaucracy that comes with it. And then to
have the person that you're paying the rates to dig
a hole in front of your business and start to
have a higher order about where they believe the city
is going, it's just rubbish and it's just not a pragmatic,
can do sort of way to be running this city.
(23:56):
And I think that is a problem because all people
in business really want to do is be able to
get on with it and not have people holding them
back with you know, really frustrating actions.
Speaker 3 (24:11):
And take a short break here here by the way.
I mean, yeah, I agree with you totally. I mean
it should be how can we assist you rather than
how can we hid hundred percent? Because we're taking all
this money from you, how do we make it better
for you? And has any one from council ever run
you and said well done, Chris, You've just spent a lot,
a lot of money building a new business. Beautiful, well done,
(24:32):
thank you. Anyone from counsel ever do that to you.
They're very quick with their rates bill, aren't they. They
are no Christmas, no Christmas cards at Christmas time. I
want to talk insurance, being Castle and Chris Doves. We've
been hearing for a while that insurance companies have been
very selective who they want to ensure. We're hearing, you know,
people that own strip clubs or own sex toys retailer shops.
(24:54):
Insurances don't want to do it. I started hearing murmurs too,
and you'll be able to correct me if I'm right
or wrong on this one. Ben that sometimes you actually
buy it, will go to buy a house and the
insurance company won't ensure the house that you're buying. Some
deals are falling through on that. Am I right or
my wrong? Or are insurance are they starting to ease
off a bit now?
Speaker 4 (25:15):
I think there's the last point there easing off, but
I think there's a bit more stability in that insurance market. Look, banks,
a lot of us are using the bank to purchase property,
and banks require insurance, and some properties have had insurance
for a period of time, and what we see is
some policy changes and some regulations change around what is
(25:36):
required in that property, and that has an impact on insurance.
I think Wellington's been a tough market to ensure and
the earthquake seismic challenges we have here has probably led
to that. We also have a city that's built in
a nice big half circle around a big body of water,
and that we will talk about global warming and so
on and the changes of water level. So that has
(25:58):
had an impact on insurability.
Speaker 3 (26:00):
And have you lost deals because insurance companies won't insurance.
Speaker 4 (26:03):
There have been deals that have fallen over through but
then you're talking to another insurance are insurance that will
take it. It just depends on what premium you're willing to pay,
and I think you know if you're that's that's where
the market sits. But as I mentioned before, around the
city moving in a more positive direction now as insurances
have started to level off. It got a bit crazy
for a while. I think there's more competitors have come
(26:25):
in and they've brought the pricing down of it.
Speaker 3 (26:27):
Chris, have you looked at your insurance? I mean, I'm
in a different business, but I'm in a business and
we've started to you know, lots of profits. We used
to pay for those. Now we actually got rid of
those because we thought during COVID, oh, don't worry, we're insured.
We found out very quickly that we were at insured
because pandemics aren't in your loss of profit. Have you
looked at your insurance and said, shiver, this is getting
(26:49):
too tough. I need to cut back on here and
do things with it.
Speaker 5 (26:51):
We we review our insurances every year, you know, in
terms of fire in general, and as you get older,
I think you also cut back your insurances in terms
of your personal policies and some of those other cross
shareholder policies and things like that.
Speaker 3 (27:08):
Do you still have health insurance?
Speaker 5 (27:09):
I do ye. Yeah, I wouldn't drop that either. And yeah,
it's those non tradable parts of the consumer price index insurance.
It's it's been a keller. It's really hurt in christ
Church after the earthquakes. What was quite interesting, Ben, picking
up on your conversation on property insurance. A lot of
(27:31):
the policies assigned to the property and transferred from owner
to our owners, which is how insurance used to be conducted.
So that was just a response to the earthquake situation.
So I suppose with Wellington and earthquakes you've seen some
more creative ways.
Speaker 3 (27:47):
It's still happening. Let's still have a deal that I
saw lately, you know that did exactly the same thing,
just crossed over. The insurance company just swapped it over
to the new owner. So those deals are.
Speaker 4 (27:57):
Getting done absolutely, and then probably eight to nine times
out of ten it's like that. It's just there. There'll
be some depending on what the transaction is or the
property type or property sector, where it may have little
For sure, we will require a bit more analysis from
either the bank or the insurer, and that's where it
can be derailed.
Speaker 3 (28:14):
Okay, the big one before we go to the side
where you're taking your guests, the Mayoralty race. Andrew Little's
put his name in the hat. Just in case you
didn't know, chrissops for you didn't know, I do, Yeah,
of course you do. Okay, I'll start with you. What
do you think, well, I mean, you're obviously I've met
Andrew and I liked him. I thought he was a
(28:38):
good guy when I met him. He I think he's
hard working, he's he's look, I think I think it's
time for a change. I don't think it's I think
I can be a political in my viewpoint in terms
of he might not have got my national vote, but
he I think he's a solid, hard working, straight shooter.
(29:00):
He's a Wealentonian born and bred Saint Pat's town, I
think from a memory definitely not born and bred because
he was born in New Plymouth.
Speaker 5 (29:08):
Right, my apologies, but he's we won't hold it back
on him that he's the left foot it. But I
think he'll do a good job for the city. I
think he'd be a good candidate.
Speaker 3 (29:18):
Did you say he went to stream?
Speaker 5 (29:19):
I went to stream?
Speaker 3 (29:20):
Did you say that town that's weird?
Speaker 4 (29:25):
Did you know that didn't they went there?
Speaker 5 (29:28):
I think I'm right, and so maybe his sons went
there anywhere.
Speaker 3 (29:33):
I'm not sure. Okay, then tell us what your thoughts
are you looking like you've got a lot of notes.
He's got smoke.
Speaker 5 (29:41):
I'm just careful.
Speaker 4 (29:43):
I love Wellington born and raised and really proud of
the city. And the biggest issue I have at the
moment around it is the division that we're seeing through local,
local government even central government to a degree, and that's
unity breeds progress for me, and I don't see that
at the moment. There's there's fighting and disagreement and we
(30:04):
can't actually get on the same page and until we
sought that out. And that's what we need from a
new lead. If it's Andrew Little, if it's Ray Cheng
or Carl or Tory or whoever is the one that
the people. We need the people to get out and vote,
but they need to get that behavior, some of the
sandpit behavior out and get some real clarity back in leadership.
And there's of course we've got debt issues, We've got
(30:25):
projects and safety in the streets and incentivizing development and
all these lists of policy that we need to look at. Firstly,
we've got to get on the same page. We're not
even there yet. We just we tend to fight a
lot of the time. We don't have that unity and
that's what's hampering I think things at the moment.
Speaker 3 (30:40):
Hear here, Okay, someone very very special is a right now, Chris,
You've just opened your shop and down and you've got
someone that you really care about and really is important
to you. Arriving into Wellington, you're driving out to the
airport and you're thinking to yourself, what the hell am
I going to do to impress this person? What are
you going to do in Wellington?
Speaker 5 (30:58):
I'd go straight to the Marineri Surf Club for breaky
or coffee on the way and from the airport. I
think that's an easy sort of segue from the airport,
isn't it.
Speaker 3 (31:07):
Yep?
Speaker 5 (31:08):
It's always been a spectacular spot to have a bite.
And then on the way back into town, I swing
by a Portneck yacht Club, which I think on a
beautiful morning is a pretty special pad of Wellington with
the water right up on the hard there and the
working yachts and boats and things and that in that
yacht Club's always been a special place for me and Wellington.
Speaker 3 (31:30):
Great. Come on and Ben, someone you played rugby with
in France Wellington and never been here before and they
are out at the airport and do you want to
show off Wellington? What are you going to do?
Speaker 4 (31:40):
Well I'd probably I'll go to Spruce Scoos this time,
Mack go the other one. And then look, I'm a
big fan of the markets on a Sunday here out
on the waterfront down here, the or the produce, everything
that's going on, the sites and sound smells all the
rest of Wellington that it's best on a nice day
(32:00):
that would be one there and then i'd I could
pick up a Saints game or a Hurricanes game, or
maybe some open homes Blair Street Street out there.
Speaker 3 (32:16):
I'll tell you what. That market is a hidden gym though.
I mean, every time I go down there, I think why.
I mean, it is very busy, but I say to myself,
why the hell isn't this actually nuts? It's so good.
It just feels so welly to know a little bit
of music playing, get yourself somebody to eat, get some
veggies for the weekend. Can't you can't beat it? Thank
you both very very much for joining us this morning.
(32:37):
I told you, Chris, it would go pretty quickly. Eve,
looked at your watching the Working Styles director Chris Dobbs,
who's just opened his new shops. So please check it out.
I'm going to check it out. He's going to give
me about you to get a discount. I say, Ben
doesn't need the discout. By the way, he's got he's
got pleady, he's got he's got a beautiful suit on,
so he's Oh, there you go. CEO of Tommy's real Estate,
(33:03):
Ben Castle and Chris Tops thank you both very much
for joining us.
Speaker 1 (33:07):
For more from Used Talk set B listen live on
air or online, and keep our shows with you wherever
you go with our podcasts on iHeartRadio.
Popular Podcasts
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com