June 13, 2026 • 42 mins
On the One Roof Radio Show buyer's agent Alex Martelli spoke to Tim Beveridge about kiwi's seemingly falling out of love with property. But is the vibe being skewed by the level of the fall as measured since prices went bonkers?
And they discuss everything apartment ownership.
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Speaker 1 (00:05):
You're listening to the Weekend Collective podcast from News Talks.
Speaker 2 (00:46):
And welcome back to the Weishkend Collective. I'm Tim Beverage
and good to have your company. You know, this is
the bit where we want you to join the conversation.
And by the way, you don't have to have the
Actually I did think it's worth mentioning this that if
you do want to give us a call, you don't
have to nail every point of view and have the
sort of and provide the art. It's just the meaning
of life. We just want you to participate in the
(01:07):
conversation and add you a little bit and we'll see
where we go from there. So you know the number,
it is eight hundred and eighty ten eighty. It's text
nine to nine two. And before we introduce my guests,
a couple of things we're going to my guest we are.
There's a couple of things we're going to touch on
in the show today. The first one is New Zealand
(01:28):
property market. Now, there was a piece I think was
by Liam Dan and the Business desk in the New
Zealand Herald and it was talking about how was raising
the question which I thought was the simplest way of
putting the issue, has New Zealand fallen out of love
with property? And if not, you know, when are we
(01:49):
going to see signs of a return to it? And
what are the issues? What does it mean for the
property market if we're out of love with it at
the moment? Does it mean? I mean, because we all
love to have something somewhere to live. But maybe if
you're an investor, you're not so thrilled at the prospect
of how much money you might make. Remember Labour's got
a capital gains tax which is predicated on probably of
taxing the gains of the last ten or twenty years.
(02:12):
But also is that sense that where you know things
are just a little bit flat? Is that being skewed
or I could say skew word as well, by the
level of the fall because we sort of measure it
since remember when prices went absolutely nuts in twenty twenty
one around then post COVID. So yeah, has New Zealand
finally fallen out of love with property? And the other
thing I want to touch on as well is the
(02:34):
whole thing about an apartment. Now I have, I have,
there's someone I know who has bought an apartment back
when property prices were bonkers and so apartments were looking
at being the way in and look, he's in a
nice spot with his family, but now that he's looking
to move on, it's hard to sell and it's not
(02:58):
worth but with the mortgage commitments, it's not something where
he would feel he can take on another property and
still keep the one that he's in. And so the
question is is an apartment a good first option for
a first time buyer or is it a good first
option to get into something that you'll never get out of. Oh,
eight hundred eighty ten eighty. It's that's a quite feisty
(03:18):
way of putting that question. But anyway to discuss that.
She is a founder of Martelli's Martelli Buyers, and she's
actually one of these rare things. She's an agent in
real estate, but she doesn't work for the seller. She
works for the buyers. And it's Alex Martelli. Hello, Alex,
how are you going?
Speaker 3 (03:33):
I'm really well, Thank you, Jim, thanks for having me back.
Speaker 2 (03:35):
Yeah, house things busy, busy. What does does that mean?
Lots of people wanting to buy in, and it.
Speaker 3 (03:43):
Means that there's still a lot of buyers in the market,
and I think there is this perception that the market
drops and it goes up and down, it's all cyclical
throughout the year. The thing is is that if you
are a buyer, you're still looking even though all those
properties might have been to market in February and March.
If you didn't buy in that period Februemy, March, April May,
(04:06):
you are still looking to buy a home. So I
think there's this idea that vendors go over where you're
going to sell in summer, but the buyers are still
there throughout the winter as well.
Speaker 2 (04:14):
Better switch my mic on. Actually, So what are you
observing about the market itself? I mean, obviously from your
point of view as a buyer's agent, most of your clients.
Are they buying for a home for them or are
they buying for one an investment property? Is there sort
of a skew in your stats?
Speaker 3 (04:34):
It's mixed, yeah, and it's probably I would say that
the market at the moment is confused. So there is
in some price points and in some areas there's a
huge amount of stock, there's a glut of stock, and
in other areas there's absolutely nothing. So if you are
a young family looking for a good property, four bedrooms,
wanting to get in in a good school zone, and
(04:57):
you've got an Auckland call at two million dollars. There's
very very little and you've got you know, you're looking
for a four bedroom home. You don't want to buy
a standtownhouse. But you want to get into a Glendalie
college zone or range toot of College or one of
the really nice zones. It's really hard to get in.
Speaker 2 (05:13):
Two million bucks is a lot of money.
Speaker 3 (05:15):
It's a lot of money. There isn't a lot out there.
Speaker 2 (05:18):
Wow, Why isn't there a lot out there in that level?
Speaker 3 (05:22):
Because they are the properties that people are now keeping
for a long time. You know, at the lower end
you might see the properties turn over more often, but
as you go up, they tend to be held for longer.
And we're you know, maybe thirty forty years ago the
ratio between salary and property value was more realistic. Now
obviously we know that it's further out, so your salaries
(05:43):
haven't kept up to property growth, which is part of
the problem we're seeing the property market. And so those
people trying to get you know, they've done their first home.
Now they're looking to get into their next home, and
it's actually really hard to make that next jump. That
is highly competitive.
Speaker 2 (05:56):
Actually, I know it's an inflammatory way of asking the question,
but I mean I host a property show and you
can judge by the type of issues that get people interested.
And when I say people have people, you know the
question is and as Lim Dan's story pose that question,
has New Zealand fallen out of love with property? I
(06:18):
actually would say yes, but only not from the point
of view that we all want a home. We love
New Zealanders love a home that they can call their own.
I mean it's like there's a song lyric there somewhere.
So we want a home and we want to get
the home that's right for our family. And in that respect,
of course, there's always passion for your home. It's your
(06:41):
biggest investment you ever make. But there was a time
when we'd be doing the property how where you'd have
a bit of market talk and it was just water
war calls because people were fascinated and energized by investing.
And I would say that the guts have fallen out
of that in a major way, and so people are
not in love with property as an investment anymore.
Speaker 3 (07:02):
I agree the people still want I think we're still
in love with the idea of property ownership when it's
our family home or our first home, but as an investment,
and I think people have finally learned you can't punt
on making money out of real estate on its own.
So we do get a lot of investors. We had
a big increase in the last twelve months of investors,
(07:23):
but mainly New Zealand is living offshore wanting to put
their money back into New Zealand. They look at what's
happening in the world, they're thinking about coming back to
New Zealand. They go, you know what, we're going to
buy something, we'd like to rent it out for twelve months,
twenty four months, thirty six months. We can see, we're
reading the news. We see that the market is flat.
So let's get in now, let's rent the property and
then let's move into it.
Speaker 2 (07:43):
So that's a different kind of love. It's a sort
of love for we want to be there one day
and this is the time, and so now is a
good time to get in. But the primary aim is
to have their bolt hole.
Speaker 3 (07:55):
It's not the rent, No, it's never the rent. And
one thing I always say to our clients is we
don't talk about yield. If you're driven by yield, something
else is going to be compromised for our investor. And
let's put them in two categories, ones who are pure
investors and the ones who are looking for to buy,
and then keep as a bolt hole for the ones
that are pure investors. I say, what do you want
to achieve? And they tend to say I want capital
(08:15):
growth and I said, well, that's crystal ball stuff.
Speaker 2 (08:18):
Well, also, hang on, what do you want? I want
capital growth? I mean, hello, yes, everyone wants capital growth.
Speaker 3 (08:23):
Well, the interesting one is people tend to go I
want capital growth and I want yield, and you go, well,
those two, you know, never show the two meat. They
often don't go together, particularly in this market. So you say,
if you want growth on the property, you're going to
have to look at some sort of value add and
have you got the energy and resource and time to
add value to a property? And in fact, most of them,
(08:45):
when they really get down to it, they want the
security of brick and mortar. And I think that's what
we can't really get away from in New Zealand is
that we still at the crux of it. We still
like buying bricks.
Speaker 2 (08:57):
Literally bricks. I'm just thinking, I'm just thinking of constructions.
Speaker 3 (09:01):
We try to skip the plaster ones.
Speaker 2 (09:03):
Yeah oh yeah, so hang on, so so people, So
what are the investors buying for now?
Speaker 3 (09:10):
Then I think they're buying because they want somewhere to
put their savings that are secure. They still when you're
considering international markets, and I mean Australia has already shot
itself on the foot with investors. So we have seen
immediately and.
Speaker 2 (09:24):
Talk about capital actually not just talk sorry, ye what
we're actually just before you go on, what have they
done in Australia specifically.
Speaker 3 (09:33):
So it relates to the well, there's one thing on
tax deductibility and on capital gains and exemption. So more
and more Australians are now saying, if I you know,
I'm paying tax everywhere.
Speaker 4 (09:46):
The thing.
Speaker 3 (09:46):
When I speak to my Australian friends, they just say,
I am paying tax on everything, and we will promised
there'd be no more taxes. And now these taxes on
investment properties as well, so they're more We're getting more
Australians saying I'm going to buy into New Zealand. We
still get the Australians living in sorry, the New Zealanders
living in Australia saying I want to put my money
back into New Zealand. So when people are considering, you know,
(10:08):
where am I going to put my capital? Do I
put it into shares? The mark? You know, the world
is uncertain, people are worried about wars, they're worried about
what's going on. They still say, actually, I want to
put it back into traditional residential properties. What we tend
to see people coming back and saying, what is it
that secure and safe in terms of real estate? You know,
(10:28):
is it buying bricantile properties as opposed to buying apartments?
Can we get in and buy a reasonable house? What's
the profile of the tenant going to be as well?
Speaker 2 (10:38):
So actually I've got a question. You know, I've always
try and stick to the topics of outline, but often
other issues pop up. Does a capital gains tax no
matter where it does? I mean plenty of places have
capital gains taxes technically speaking in New Zealand. Always make
this point that if you have bought the property with
the purpose of making a capital gains, technically you actually
(11:01):
should play tax on that. But It's just that we
have a device in New Zealand where you pretend you're
doing it for the yield. Sure everyone goes, oh, no,
I'm just doing it for the rentaling coming. So but
I've got a theory that capital gains in terms of
its impact on investors isn't as overstated. So, for instance,
if I can make a lot of money in property,
(11:22):
the fact that I have to pay tax on it
doesn't mean I don't want to make a lot of money.
I still want to make that, you know, I mean
I turn it. We all to everyone in New Zealand
turns up and does their day job and knowing we
have to pay tax on it, but we do it
because we make money. So making I always think that
it's a little it's sort of like this. It's like
(11:43):
a pantomime and it's like ooh, there here comes the
villain now and everyone's supposed to do and hiss, and
capital gains is the villain. But is the villain? Really?
Is it really that bad?
Speaker 4 (11:53):
Ooh?
Speaker 3 (11:54):
Getting into a query of politics and economics there. But
I think I lived in Australia and I was a
BIA's Asian Australia in twenty twelve thirteen fourteen, and they
had capital gains in the market still going crazy, so
it didn't stopping.
Speaker 2 (12:08):
And I hate stamp duty.
Speaker 3 (12:11):
I don't hate stamped Actually, what would you what's the.
Speaker 2 (12:14):
Worst thing to do to a property market? I mean,
not that it's part of the conversation, but you can
call us on that. What is the worst policy when
it comes to having a property market that's sort of
fair and still something people want to participate in. What's
the worst thing you can do? Because I would have
thought stamp duty. I don't know why. I just don't
like paying something when I haven't made any money out
(12:34):
of it. Only we pay rates as well.
Speaker 3 (12:37):
That's oh yes, I mean we're all paying taxes and
something along the way. What's the worst policy? I don't know.
I actually think any regulation that holds people back for
me to build property and provide more supply in real estate,
that to me seems a doozy. Why would you Why
would you make it impossible for people to build good
(12:57):
quality homes?
Speaker 2 (12:58):
Okay, so yeah, yeah, yeah, I see that The tax
side is some it's sort of more of a political thing.
It doesn't necessarily kill a market, does it? As true?
Speaker 1 (13:08):
And we've seen.
Speaker 3 (13:08):
It doesn't kill a market. You know, it's still Sydney
was going crazy when I lived there. People would queue,
they would queue for the open homes around the block.
When I was buying property in Sydney, the only way
we would buy it is a pre action offer.
Speaker 2 (13:21):
So where is the energy in the market now? You say,
is it more? The word that came to my mind
and I wanted to push back on it, but I'll
use it as boutique. You know, there is a certain
we're not talking people, I don't know, entry level or
a million dollars. Isn't amazing that we're talking about million
dollars in some markets being entry level? But is it
(13:42):
more people who want it for another purpose? So they
want it for the school zone because actually they want
their kids to go to a particular school and that
place will retain its value, et cetera, et cetera.
Speaker 3 (13:52):
I think the majority of the buyers that we're seeing
at the moment are families. Their families, they've got two children,
they are time poor, they've bought the first home, they're
now ready to move on to the next one. The
challenge is that mum and dad are both working, they're
both busy. They're stretching themselves to get into that property.
They want indoor outdoor flow, they want some garden, and
they want to be in a good school zone.
Speaker 2 (14:12):
We'd love your cause on this. How's New Zealand fallen
out of love with property? Or is it just sort
of changed? What's on the menu. I'm trying to search
for all these different metaphors, but anyway, the simple question,
has we fallen out of love with property in New Zeeland?
I say yes. But also we will dig into that
question around apartments because every new apartment block and you
see them go up and you go, gosh, that looks fantastic.
(14:34):
But then a couple or three years later, it's no
longer the cutest apartment on the block, and suddenly people
are looking at other things. So is buying an apartment
for your first property? Is that? Does that create a
danger that you're locked into that because you can't sell
it and you therefore you can't move on? Oh right,
(14:54):
one hundred and eighty ten eighty, you'll reckons. It's twenty
one past four. Alex Martelli is my guest this afternoon,
back in a tick. Newstalk said B. News Talk said B.
This is one roofradio show. We've got a couple of
questions out there. Is buying an apartment a great first
step into a market, into housing or is it a
(15:15):
first step into something you can never get out of?
And also our new Zealander is out of Love? Have
we fallen out of love? With property? Eight hundred and
eighty ten eighty Alex Martelli, who is a buyer's agent. So,
by the way, if you're looking at getting something you
want some tactics, maybe give her a call. But let's
get into the calls right now. Chris, Hello, Chris hang On.
Speaker 5 (15:35):
Yeah, yeah, get it, guys. Yeah, good question for Alex.
Can keep my eye out on the apartments in three
specific areas in Auckland. And yeah, I'm quite stunned the
amount of apartments that have been on the market for
six months plus. And obviously they're difficult to sell, which
(15:57):
is an issue. But the big issue for me is
that the agents selling them never declare what the body
corporate is except for one there's one list in a
few and well two apartments and Takapuna that decleares what
the body corporate is. But you know why aren't they
doing that? Because I've seen body corporates from like five
(16:20):
K up to fifty K and they're not declaring it all.
Speaker 2 (16:26):
Okay, what do we know about that? Alex, Hey, I
turn your mic on to you. There we go.
Speaker 3 (16:30):
Thanks to Hey, Chris, thanks for your call in your message.
The thing with body corporates is that they I mean,
if I was being negative, I would say, oh, some
agents may not have looked into it. The chances are
that the agents will know what the body corporate is.
The challenge with body corporate, this kind of back goes
back to a culture of buying apartments in New Zealand
(16:50):
is I think a lot of people they spook when
they hear what the body corporate is without really understanding
what that body corporate actually covers. There's a lot that
is good about a body corporate because ultimately you're paying
for someone to manage that buildings that you don't have to,
and the facilities and all the benefits with it. But
I think a lot of agents, I mean, it should
be a very simple question, what is the body corporate?
They should be able to tell you that. If they're
(17:11):
not telling you from the outset, that's one thing, But
if they actually hold that information, then it would be.
Speaker 2 (17:17):
That's range really strange, Chris. So are these existing apartments
or new developments where they haven't where it's they actually haven't.
I don't know. It seems strange that they wouldn't have
an idea.
Speaker 5 (17:27):
What are no no, no, I'm saying. I'm not saying
they don't have an idea. I'm saying that they don't
openly tell you because they're a big put off.
Speaker 2 (17:38):
Do they tell you when you ask them?
Speaker 6 (17:41):
Oh?
Speaker 5 (17:41):
Yeah, so I'll tell you when you are. But there's
a lot of people, a lot of people who go
and blind who don't realize is actually a body corporate
and what it could be. And as I've said, I said,
I've seen a range from five and a half k
a year up to fifty K year. And when you
talk about what some of them offer you as far
(18:02):
as the body corporate managing it, I mean some offer
a lot, but some offer not much at all. And
another thing that's stunned me is I looked at a
reasonably large complex and I saw some smaller apartments and
some larger apartments, and the body corporates were huge. The
(18:22):
difference between you know, like two bedroom and three bedroom
and I asked the reason why, because I thought all
the body corporate would have been the same for the development,
and they said no, they said, the body corporate's derived
because of square meter.
Speaker 2 (18:35):
Okay, Actually, why are you looking for an apartment?
Speaker 5 (18:41):
Why am I looking for apartment? Yeah, because I want
to down Well, I'm looking at apartments for downsizing.
Speaker 2 (18:48):
Okay, oh, fair enough. And how are you What are
you looking for in that apartment? Are you looking for
something brand new? Are you looking for something that's established
and you know, still seems to be a popular place to.
Speaker 7 (19:00):
Live or what?
Speaker 6 (19:01):
Yeah?
Speaker 5 (19:01):
Well, yeah, you will an establish one in you're in
a good area. I mean, schools and things like that
don't don't really bother me, but you know, something that's modern.
But you know, my knowledge of a lot of the
existing ones, particularly in the three areas I'm looking at,
there's not many of them that are sort of in
(19:21):
the ten year plus sort of age that haven't been repaired,
and that's a problem.
Speaker 2 (19:28):
Can I ask, roughly what budget and what body corporate?
You know what the body corporate is in relation to
the budget you've been looking at, so what the So
can I ask what sort of budget you're looking at
when it comes to price for the apartment and what
the Body Corporate attached to that sort of price might
be roughly which you know, which you would find.
Speaker 5 (19:49):
Well, even if you're looking, even if you're looking between
sort of one point five and two, you know you
can pay anything from five and a half k up
to thirty k.
Speaker 2 (20:04):
God you're getting for that.
Speaker 5 (20:05):
And don't forget when you talk about Body Corporate of
thirty k or even five k. Well, one I looked
at which was eight and a half k was the
Body Corporate on top of that was four and a
half grand for the rates?
Speaker 2 (20:19):
Oh okay, Yeah, that's quite a whack, isn't it. Oh hey,
good luck with it, Chris. Anyway, I actually that was
going to be my next question is how often are
rate's a clearer than the Body corporate? But I guess
you pay rates separately. I imagine actually for a million
and a half to two million, if you're looking for
an apartment, you might actually get something quite reasonably flash,
wouldn't you for that?
Speaker 3 (20:37):
It depends on where you're looking. Okay, on that point.
For what Chris said, in terms of wanting to downsize,
that will be and I know you want to speak
to me about apartments. That is going to be the
next shift as people go, well and good, we don't
like apartments, but if you're downsizing out of a large
home and you want something on single level living, there
aren't that many options. Going into an apartment is actually
a really good idea. But whenever a client comes to
(21:00):
us saying we want an apartment, I know the bulk
of our work is going to be in the due diligence.
What's going on with the body corporate? Where's the money going,
how's it being spent? What is their track record?
Speaker 2 (21:09):
Okay, right, let's go to I've interrupted my thoughts on
a bunch of things there. That's why I'm in an ring.
But Helen, hello, oh.
Speaker 6 (21:19):
Yeah, I hide Tim and Alex. Now if I was,
I'm not actually in this situation, but I could be.
So it's the issue. Really, it's hypothetical, yes, but it's
a very important issue, really commonly afflicting people. Now, if
(21:41):
I was looking to buy or even to rent somewhere
but they were threatening to put the rent up, or
I was wanting to buy somewhere that it was access
you know, wheelchair accessible or even disability of friendly. So
(22:02):
elderly people who don't want to have to climb or
stairs to go to the bathroom, et cetera. It seems
to me I'm assuming that the that the the options
are extremely limited, and if you were so renting, for instance,
then you were being threatened with the rent rises, you
might be really stuck there. And you know, if you
(22:23):
wanted to buy somewhere that was accessible, that these options
are extremely limited, and this is the Greek worry. And
I think I think I'm right.
Speaker 2 (22:34):
Or apartments, because I would have thought that apartments would
be more likely to be accessible simply by the and
no one wants to take the stairs anyway. I mean,
I'm sorry, that's a crude summation of it. There might
be a bunch of issues I'm missing there, but it's
just act of choice.
Speaker 6 (22:51):
But if you're wanting to say, say, wanting to buy
a house or something, you know, and you know that
does seem to be a real lack of accessible how
so that a lot of people out there with disabilities.
Speaker 2 (23:08):
But I think the question is you'd be expected to
You're the owner of the house, so you can do
what you need to do with it to make it accessible.
Speaker 6 (23:17):
But that's expensive. Well, you want you want to be
able to buy something that that's successible, and it seems
to me the options are extremely limited. And if I'm right,
I think I'm right, But you know, we need to
be looking at this more.
Speaker 2 (23:34):
Well, what do you mean you mean if I'm going
to sell my house, I should make sure it's successible
just in case you want to buy it. So I
think that's a tough sell.
Speaker 6 (23:42):
Well, I'm not saying that at all.
Speaker 2 (23:44):
I mean, what's the solution to it is?
Speaker 6 (23:46):
Well, its the houses and houses that are being built.
For instance, you know, there seems to be not that
there seems to be a real lack of or very
limited amount of wheelchair accessible house houses, you know, fair.
Speaker 2 (24:03):
Enough, Yeah, I don't know what I mean. It's an
on going challenge for anyone has got issues like that.
Speaker 3 (24:08):
But you do see quite a number of the new
builds are being built with wider hallways, and we now
see more of them being built with a lift to
get between the floors. And certainly, I mean that the
argument for apartments is that they do tend to have
again wider hallways accessibility for wheelchairs. So it's a middedly
it's the market may not be as big as we
would hope that there are properties being built because we
(24:29):
have worked with clients who have had disabilities before and
needed accessibility cert.
Speaker 2 (24:32):
A curiosity how many levels? Is how many levels before
you have to stick out a lift done? Or is
that just a question of the market looks after that
that no one's going to walk up ten flights, but
they might walk up two or three.
Speaker 3 (24:45):
Well, it's interesting because one of the upsides of not
having a lift in a building, like if you're look
at one of the older apartment buildings, then you don't
have to pay the body corporate for it, right. But
in terms of actual residential houses we're now seeing there
is a development on Takpoona and there were three houses
these off of big money and they were designed for
downsizes and the lift just went between two levels ground
level and first level, so that people could downsize into
(25:06):
the house but could bring all their furniture with them
and if they needed to then they would have lift
access within the property.
Speaker 2 (25:12):
Actually, I've been aware of that, and the lift was
that was an able bodied house, but the lift was
used when there was a lot of shopping and they
just sprowed open the lift and they wouldn't even go
up with it. They just loaded up and push the
button and then wait for it at the top stairs.
Speaker 3 (25:24):
Keep your foot, they're good.
Speaker 2 (25:25):
Yeah. Yeah, I've got a watch that tells me when
I've been up and down my steps so many times.
I'm going I didn't even know they could do that.
But anyway, there was something else I was going to mention.
Oh no, so there's no how many are there still
apartments that are like three or four stories where it's
just stairs only in Auckland and New Belts, No older
I'm thinking of the older ones for sure. How many
(25:48):
how many? How many floors would it go before there's.
Speaker 3 (25:50):
A lift, and probably three floors?
Speaker 2 (25:52):
Okay, yep, okay, just having some reminiscence. It's about my
Sydney apartment, which I think was four Yeah, but you know, young,
unfitted and everything. But luckily luckily at the time. Anyway,
lot'll tell you what we'll we'll come back with some
more course and just to tick we've got Maxine and
Bruce who are next. It's twenty five minutes to five.
My guest is Alex Martelli. She's a buyer's agent, and
(26:14):
we're talking about whether we've fallen out of love with property,
but also as an apartment A good first time. We
haven't really got onto that as she yet, but I'll
keep throwing it out there and see where we go
back in a moment. News Talk SeeDB News Talk SeeDB.
My guest, It's I Tim Beverage. My guest is Alex Martellier.
This is one refradio show and let's continue with your
(26:37):
cause about the property market and also apartments. Are they
are good? First time? Maxine?
Speaker 5 (26:43):
Hello, Hello, Hi Alex.
Speaker 4 (26:47):
We are an upper heart. We have a two bedroom
house just both vacated by tenants. We're just deciding whether
to list it for sale or to rerench it. And
the other thing is what would be the impact of
the capital gains text if there was a government change.
Speaker 2 (27:04):
Oh, that's a big question. Let's go with You want
to start with the easy one.
Speaker 3 (27:09):
Should you rent it or should you sell it? I
mean there are pros and cons to both. What does
it mean to you to let go of the property.
Because if your concern is am I going to make
enough money out of the sale of the property versus
how could I use that cap and actually invest it
somewhere else? And that's the thing you have to decide
(27:31):
because if you are realistic, and I would always say
to people, go out and speak to a couple of
different real estate agents and really understand the comparable sales
that they're using so that you yourself get a feel
for what the property is worth. Be realistic about the price.
And I know that is always hard you're getting all
this different information, but try and get comparable sales and
understand what is the value of my home, how is
(27:51):
the agent going to market it, what is going to
be their unique selling point for this property, and what
would success look like for me to sell this property.
Because it is going to be an investment. It's going
to be an emotional investment, time investment. You might have
to get staging in the proper cleaning, tidying, open homes,
all the rest of it. So it is an investment.
So make sure that you have the right motivations and
(28:11):
what the trade off is of. You know, if we
let this property go, what can we do with the
capital versus having it tied up and having it rented
out on the subject and I can maybe to answer
any other questions on that on the subject of capital
gains tax, so that I can't comment on because I'm
not sure what the you know, what sort of tax
they're planning in terms of percentages. But it will certainly,
(28:35):
I mean, I suspect it will dampen the interest in investors,
but I don't know because I don't know if literally
what the figures will be.
Speaker 4 (28:45):
Is that, yeah, it's very good.
Speaker 2 (28:48):
Oh good, Well, arts are so comprehensively. No no follow
up there, Alex. Actually, just before we get to Bruce,
I'll just deal with this text, which is quite a
simple one. But I think I've taken it for granted
that people would know. Hi, Alex, how does a buyers
agent differ from a selling agent question?
Speaker 3 (29:06):
So, a buyer's agent, a sales agent has a fiduciary
legal responsibility to the vendor. They have to do the
best thing by the vendor. They have a duty of
care to a buyer, and it's a complicated relationship to
try and balance both. As a buyer's agent, we put
it the other way. So we have a fiduciary responsibility
to the buyer, which means we need to represent the
(29:27):
buyer's best intersts to go out and find them as
many homes as possible to qualify those homes and make
sure that they meet the brief for them and complete
really thorough due diligence on that property. If I was
to think about sales agents, they are very good at
marketing a property. As a buyer's agent, we're not particularly
interested in the marketing of the property. We don't really
care if the carpet is beautiful and the curtains are green.
(29:51):
What we care about is what's actually happening with the property,
What is the due diligence, what's happening to the property
next door. Is there a development site across the road
that we need to be aware of, what's happening with
the piles under the property? Is this actually a good property?
Is it a good investment? And then also what is
the right amount to pay for the property? So we're
a sales agent is trying to get as many buyers
(30:11):
for a home as possible. We're trying to find as
many options for our buyer as possible to give a
bit of leveraging and power back to the buyer.
Speaker 2 (30:18):
And it is something that is there. Weren't were hardly
any buyers agent not too long ago. It's just something
that's creeping into the market now. And people want people
with buyers want people to look after their interests.
Speaker 3 (30:28):
They do. I mean buyers agents are common overseas. I
used to be a buyers agent in Australia many years
ago in Sydney. When I lived in the UK working
for CBO. There are fourteen hundred buyers agencies at the
time the US. It's common. When I lived out in
Hong Kong, it was common when I came back to
New Zealand. I'm you're dreaming. No one would ever use
a buyer's agent and set the business up three years
ago and it's just growing.
Speaker 2 (30:49):
How satisfying to take a punt like that in a way,
because every business is a punt to see that it
works good on you? Right? We need to go to
Bruce Solo.
Speaker 7 (31:01):
How are you? I heard an interesting just the other
day that in the next ten to fifteen years in
the horticultural and agricultural world, fifty to sixty percent of
farms and large horticultural properties will come up for succession,
and it's going to be a real problem because the
(31:23):
next generation don't want to become farmers. Is that same
thing going to happen in the housing market? That as
the vast majority of our population is older. Are they
going to be wanting to sell their houses and downsize?
And so no one's going to want to buy these
beginnings because there's to buy them.
Speaker 2 (31:43):
Any Okay, Well, if they've got kids, I'm sure the
kids would love it to be part of the inheritance.
Speaker 7 (31:50):
Yeah, but that's if your parents go. That's or rather
than the carved way of looking at it, you know what,
I need to sell the property? Well just but but
people are well now. So if you're an older person,
now you can speak. If you get to seventy, you've
got an eighty received chance of getting eighties. You don't
want to live in a four bedroomed house and up
(32:13):
keep it?
Speaker 2 (32:13):
And yes, okay, so you're talking about downside and not
just dying and leaving the property to someone.
Speaker 7 (32:18):
Yeah, downsides. So you know, our apartments going to become
more attractive and houses are actually not because there won't
be anyone to buy them.
Speaker 2 (32:28):
Interesting thinking, Bruce, what do you reckon, Alex?
Speaker 3 (32:30):
It's a really good question, Bruce, because it's something I've
been thinking about a lot recently. And we're seeing a
trend where we're seeing a lot of big family homes
it's based in Auckland. But let's talk about big old
traditional mounted and homes. They might be five six bedroom homes.
The challenges is no one has three or four children.
You know, the vast majority of people we're dealing with,
we've got one or two children, and they don't have
(32:51):
the money to stretch to the value of these properties.
So if you think of how many people bought the
big old houses and say the nineties or eighties, and
they're holding on to them, and they'll call me off
and get vendors call me direct, going we've got this beautiful,
big home if you've got a family for it. I said, look,
the average family doesn't have that money to stretch to.
Speaker 2 (33:09):
So so the question, shortly put, is there going to
be a blut of big, expensive properties that doesn't have
the buyers to match it.
Speaker 3 (33:16):
I think there will be. Wow, Yeah, I do because
and I think what's going to happen is you're just
going to see a bit of an adjustment where people
are going to go, Okay, we thought our home was
going to be worth X millions, Maybe it's not. Maybe
we're just going to have to adjust it down. But
to be honest, if you bought your home in nineteen
ninety one, every dollar is profit. So I think that
(33:36):
that part of the market's going to shift anyway.
Speaker 2 (33:38):
Ah, yeah, but that is quite a interesting one about
the fact that would have on that part of the market.
Speaker 3 (33:44):
It's the area I actually think there's going to be
some of the biggest shift in the market.
Speaker 2 (33:47):
So what would people how do you think those properties
are going to end up being disposed? No, obviously if
they're gorgeous property and they've got if they're an outstanding property,
there's going to be a wealthy buyer for it, probably,
But yeah, would they be selling them for demolition to
it to.
Speaker 3 (34:06):
A developer for us? Well, you see this again if
we looked at the example of Mount Eden, you see
these big, big properties sitting on thy twelve hundred and
fifteen hundred square meters. We know those houses are being
taken away now if they don't have a character overlay
or heritage listing on them, then those advertised as development sites.
And you see them all the time, beautiful big old
(34:27):
houses and people go and I've seen this where realistated
agents have said or that's a protected property. I say,
are you sure about that? No? And I say, it
will be very careful to check if it is actually
a protected property. Just because it's old and looks beautiful
doesn't mean it's protected.
Speaker 2 (34:40):
If it's protected, does that mean you're basically saddled with
having to keep it essentially as it was?
Speaker 3 (34:46):
Yeah, with the you know, and that can be a
hindrance as well by me.
Speaker 2 (34:50):
That is actually that's going to be a fascinating space
to watch, isn't it. Wait one hundred eighty ten eighty.
We'd love to you to join the conversation. By the way,
just something you touched on before, the whole school zone thing.
Where is that all going with? I don't know what
it means for the schools where you're getting more housing intensification,
(35:10):
whether the schools are having to grow, you know, I'm
thinking for the grammar zome. But how much extra is
a house worth whether it's in or out of the
grammar zone? Is it? Because it's so?
Speaker 3 (35:21):
I was on a podcast a couple of years ago
about this, and they ran some research at the time
that for grammar zone, on average, it was about two
hundred thousand dollars to be in grammar zone versus out.
There are factors that influence that though, because you'd also
argue on their very premium suburbs and not everyone who
lives there actually sends their children to Grammar. But across
(35:42):
the board they said, look there's about two hundred thousand
dollars difference.
Speaker 2 (35:45):
Wow, that is actually I'm surprised it's not more. Actually
thought i'd heard rumors that it was a bit even
a bit bigger than that.
Speaker 3 (35:53):
But well there's been a lot of intensification within Gramma
zone as well. Think about all that infill housing development.
Speaker 2 (35:59):
Yeah, okay, right, tell you what we need to take
a moment. It's the property of the week, the one
roof property of the week is and it is. If
it was an Auckland it would probably be worth I
don't know. Ah, Look, it's a silly conversation. If any
properties in Auckland in the right spot, it's worth millions
and millions. But it's quite an amazing one in Palmerston
North that we're going to be sending you to have
(36:20):
a look at. And we'll be back in just a moment.
This is one roof radio show. It is eleven and
a half minutes to five anyway, So look, we've just
got a quick note about razines because if you are looking.
There's a bit of a discussion going on about if
you're moving into a new house and there's a new
early two thousand's purple feature war, what prep do you
(36:41):
need to do to cover it? So here's the advice.
You've got to give it a good clean with Razine
interior paint work cleaner to remove any marks or build up.
I would then recommend a coat of quick dry primer,
which is great for blocking strong colors, and then you
apply two top coats in your new color in space
coat low sheen, so you know if you stick with
(37:01):
the feature wall, I mean that's the thing. Are they
still in because actually they're not out of fashion. They
have evolved because there are more people using color across
all walls to create cozy, cohesive spaces, and feature walls
also a great way to define or zone areas like
anchoring a bear or open planned living spaces. So yeah,
and there's also solutions for painting bathroom floor tiles as
(37:24):
well if you don't like to look at those with
razine waterborne sure seal and razine walk on floor paint,
So you can go to Razine dot co dot m
Z anyway, righty ho. Now, so it's time for that
time of the week and I'm just doing a couple
of clicks here because we're just chasing our tail on
a couple of other things before. But it is time for.
Speaker 1 (37:45):
The one roof Quantity of the week on the Weekend Collective.
Speaker 2 (37:51):
And the one roof Property of the week. It is
twenty Ashgrove Lane, Ashhurst, Palmerston North and it is quite
a spectacular property. And the interesting thing is for what
you get now. The first image you will see is
a beautiful sort of pool area with deck chairs and
(38:12):
it's got a slide. It looks like it's also got
it's got a colossal amount of outdoor living as well.
It's got a bar, I mean like literally a bar,
like it's your own bar, you're the bartender. It is
the swimming pool, open areas, putting green pool, spa fire
pit I can't and there's a dome there. It's got
(38:37):
a kennel as well, which also looks like it's sort
of on some sort of artificial turf. It's a gorgeous
looking property that is available for what you might think
would be millions and millions of dollars. But it's a
four bedroom residents. Where as it's described, it's beautifully designed,
effortless outdoor living space, world class dining, and it is
(38:58):
valued at one point eight million dollars. Well not when
I say valued. It's value probably at a bit less
in terms of the CV, but never pay any attention
to those one point eight million dollars. Twenty Ashgrove Lane
in Ashurst, Palmerston North. So i've actually I'm not sure
if Alex has managed to find a reference to. Have
(39:18):
you managed to take adlimpse of it? What do you
think of it?
Speaker 3 (39:20):
It's pretty stunning, isn't it. You'd be pretty comfortable there,
wouldn't you.
Speaker 2 (39:26):
That's the Actually, it's not funny. The front page of
the ad for it shows the slide into the pool.
The slide is quite dominant. That's the first thing I
noticed on it.
Speaker 3 (39:34):
But maybe it's the usp.
Speaker 2 (39:36):
It does look quite flash So I mean, yeah, there
we go. I just thought we'd give the listeners that
reference to that. That is again, hang on min and
I'll give you the address. It is twenty Ashgrove Lane
in Ashurst, Palmerston North. And if you've got around you
know something a little bit more than one and a
half million dollars. Then you'll be able to get into
(39:59):
the pizza oven, the bar, the fire pit, our fresco
living areas, multiple ones, a great louver system for the
indoor outdoor flow as well. So go and check it out.
It's a pretty new looking home. Actually, I don't know
how how does it look to you? It looks like
on something only in the last few.
Speaker 3 (40:15):
Years, say, for less than a decade.
Speaker 2 (40:17):
Yeah. Anyway, that's it for the one roof Property of
the Week and Alex any sort of parting thoughts on
well the I think the thing with apartments, I've just
got one final question, how would you work out if
an apartment was something that's not only going to be
a great place for you to live in, but will
have you'll have the ability to resell it later on?
(40:40):
Because that was originally original genesis of that question.
Speaker 3 (40:43):
I think we tend to be very negative about apartments
and there's actually a lot that's great about apartment living.
Apartments give accessibility to people. I've been to a friend
about this who moved back from Wellington recently and it
allowed him to live in a really cool part of
the city for his budget. He loves the lifestyle it's
low maintenance, it's easy. So I think if we say
(41:06):
that there is a glut of apartments, or there's a
lot of apartments at the moment, then chances are you'll
actually be able to pick one up for a very
good price. And we are seeing a lot of competitive
pricing on apartments. And what's most important is if you're
buying an apartment, make sure you understand the building. It's
boring and tedious as it is, get into the body
corporate minutes, understand it, who are the people behind it,
have there been any issues? Look into it and understand.
Speaker 2 (41:28):
It is it also, is there a case that there
I mean, I imagine I can the one that comes
to ones that come to mind of apartments around Parnell
and other areas where there are established apartments which have
become an established part of the landscape, and I imagine
that those keep their value and sellability as opposed to
the latest development that's sprung up as a sort of
(41:51):
a housing development where I don't know the next one's
going to be just around the corner.
Speaker 3 (41:57):
Time wise, location, location, location, And that was the point
I made about if you can buy an apartment in
a highly desirable area and as you say, like, there's
a building, very famous building right on the end of
Saint Stephens Avenue Auckland's Crime de la Creme Street. Someone
might argue with me on that, but one of the
absolute best streets if you're on Saint Stephen's av in
that building, they continue to go up.
Speaker 2 (42:17):
In Okay, Hey Alex, great to see you. People want
to get in touch with you. Where do they go?
Speaker 3 (42:22):
Martellibias, dot co, dot and ZID excellent?
Speaker 2 (42:25):
Thanks so much. The Parents Squad with John Carners next,
Can you teach your kids to drive? Shouldn't drive? Should you?
Shouldn't you? How does it work? We'll be back with
that and more things with the Parents Squad next.
Speaker 1 (42:39):
For more from the Weekend Collective, listen live to News
Talk zed be weekends from three pm, or follow the
podcast on iHeartRadio
You're listening to the Weekend Collective podcast from News Talks.
Speaker 2 (00:46):
And welcome back to the Weishkend Collective. I'm Tim Beverage
and good to have your company. You know, this is
the bit where we want you to join the conversation.
And by the way, you don't have to have the
Actually I did think it's worth mentioning this that if
you do want to give us a call, you don't
have to nail every point of view and have the
sort of and provide the art. It's just the meaning
of life. We just want you to participate in the
(01:07):
conversation and add you a little bit and we'll see
where we go from there. So you know the number,
it is eight hundred and eighty ten eighty. It's text
nine to nine two. And before we introduce my guests,
a couple of things we're going to my guest we are.
There's a couple of things we're going to touch on
in the show today. The first one is New Zealand
(01:28):
property market. Now, there was a piece I think was
by Liam Dan and the Business desk in the New
Zealand Herald and it was talking about how was raising
the question which I thought was the simplest way of
putting the issue, has New Zealand fallen out of love
with property? And if not, you know, when are we
(01:49):
going to see signs of a return to it? And
what are the issues? What does it mean for the
property market if we're out of love with it at
the moment? Does it mean? I mean, because we all
love to have something somewhere to live. But maybe if
you're an investor, you're not so thrilled at the prospect
of how much money you might make. Remember Labour's got
a capital gains tax which is predicated on probably of
taxing the gains of the last ten or twenty years.
(02:12):
But also is that sense that where you know things
are just a little bit flat? Is that being skewed
or I could say skew word as well, by the
level of the fall because we sort of measure it
since remember when prices went absolutely nuts in twenty twenty
one around then post COVID. So yeah, has New Zealand
finally fallen out of love with property? And the other
thing I want to touch on as well is the
(02:34):
whole thing about an apartment. Now I have, I have,
there's someone I know who has bought an apartment back
when property prices were bonkers and so apartments were looking
at being the way in and look, he's in a
nice spot with his family, but now that he's looking
to move on, it's hard to sell and it's not
(02:58):
worth but with the mortgage commitments, it's not something where
he would feel he can take on another property and
still keep the one that he's in. And so the
question is is an apartment a good first option for
a first time buyer or is it a good first
option to get into something that you'll never get out of. Oh,
eight hundred eighty ten eighty. It's that's a quite feisty
(03:18):
way of putting that question. But anyway to discuss that.
She is a founder of Martelli's Martelli Buyers, and she's
actually one of these rare things. She's an agent in
real estate, but she doesn't work for the seller. She
works for the buyers. And it's Alex Martelli. Hello, Alex,
how are you going?
Speaker 3 (03:33):
I'm really well, Thank you, Jim, thanks for having me back.
Speaker 2 (03:35):
Yeah, house things busy, busy. What does does that mean?
Lots of people wanting to buy in, and it.
Speaker 3 (03:43):
Means that there's still a lot of buyers in the market,
and I think there is this perception that the market
drops and it goes up and down, it's all cyclical
throughout the year. The thing is is that if you
are a buyer, you're still looking even though all those
properties might have been to market in February and March.
If you didn't buy in that period Februemy, March, April May,
(04:06):
you are still looking to buy a home. So I
think there's this idea that vendors go over where you're
going to sell in summer, but the buyers are still
there throughout the winter as well.
Speaker 2 (04:14):
Better switch my mic on. Actually, So what are you
observing about the market itself? I mean, obviously from your
point of view as a buyer's agent, most of your clients.
Are they buying for a home for them or are
they buying for one an investment property? Is there sort
of a skew in your stats?
Speaker 3 (04:34):
It's mixed, yeah, and it's probably I would say that
the market at the moment is confused. So there is
in some price points and in some areas there's a
huge amount of stock, there's a glut of stock, and
in other areas there's absolutely nothing. So if you are
a young family looking for a good property, four bedrooms,
wanting to get in in a good school zone, and
(04:57):
you've got an Auckland call at two million dollars. There's
very very little and you've got you know, you're looking
for a four bedroom home. You don't want to buy
a standtownhouse. But you want to get into a Glendalie
college zone or range toot of College or one of
the really nice zones. It's really hard to get in.
Speaker 2 (05:13):
Two million bucks is a lot of money.
Speaker 3 (05:15):
It's a lot of money. There isn't a lot out there.
Speaker 2 (05:18):
Wow, Why isn't there a lot out there in that level?
Speaker 3 (05:22):
Because they are the properties that people are now keeping
for a long time. You know, at the lower end
you might see the properties turn over more often, but
as you go up, they tend to be held for longer.
And we're you know, maybe thirty forty years ago the
ratio between salary and property value was more realistic. Now
obviously we know that it's further out, so your salaries
(05:43):
haven't kept up to property growth, which is part of
the problem we're seeing the property market. And so those
people trying to get you know, they've done their first home.
Now they're looking to get into their next home, and
it's actually really hard to make that next jump. That
is highly competitive.
Speaker 2 (05:56):
Actually, I know it's an inflammatory way of asking the question,
but I mean I host a property show and you
can judge by the type of issues that get people interested.
And when I say people have people, you know the
question is and as Lim Dan's story pose that question,
has New Zealand fallen out of love with property? I
(06:18):
actually would say yes, but only not from the point
of view that we all want a home. We love
New Zealanders love a home that they can call their own.
I mean it's like there's a song lyric there somewhere.
So we want a home and we want to get
the home that's right for our family. And in that respect,
of course, there's always passion for your home. It's your
(06:41):
biggest investment you ever make. But there was a time
when we'd be doing the property how where you'd have
a bit of market talk and it was just water
war calls because people were fascinated and energized by investing.
And I would say that the guts have fallen out
of that in a major way, and so people are
not in love with property as an investment anymore.
Speaker 3 (07:02):
I agree the people still want I think we're still
in love with the idea of property ownership when it's
our family home or our first home, but as an investment,
and I think people have finally learned you can't punt
on making money out of real estate on its own.
So we do get a lot of investors. We had
a big increase in the last twelve months of investors,
(07:23):
but mainly New Zealand is living offshore wanting to put
their money back into New Zealand. They look at what's
happening in the world, they're thinking about coming back to
New Zealand. They go, you know what, we're going to
buy something, we'd like to rent it out for twelve months,
twenty four months, thirty six months. We can see, we're
reading the news. We see that the market is flat.
So let's get in now, let's rent the property and
then let's move into it.
Speaker 2 (07:43):
So that's a different kind of love. It's a sort
of love for we want to be there one day
and this is the time, and so now is a
good time to get in. But the primary aim is
to have their bolt hole.
Speaker 3 (07:55):
It's not the rent, No, it's never the rent. And
one thing I always say to our clients is we
don't talk about yield. If you're driven by yield, something
else is going to be compromised for our investor. And
let's put them in two categories, ones who are pure
investors and the ones who are looking for to buy,
and then keep as a bolt hole for the ones
that are pure investors. I say, what do you want
to achieve? And they tend to say I want capital
(08:15):
growth and I said, well, that's crystal ball stuff.
Speaker 2 (08:18):
Well, also, hang on, what do you want? I want
capital growth? I mean, hello, yes, everyone wants capital growth.
Speaker 3 (08:23):
Well, the interesting one is people tend to go I
want capital growth and I want yield, and you go, well,
those two, you know, never show the two meat. They
often don't go together, particularly in this market. So you say,
if you want growth on the property, you're going to
have to look at some sort of value add and
have you got the energy and resource and time to
add value to a property? And in fact, most of them,
(08:45):
when they really get down to it, they want the
security of brick and mortar. And I think that's what
we can't really get away from in New Zealand is
that we still at the crux of it. We still
like buying bricks.
Speaker 2 (08:57):
Literally bricks. I'm just thinking, I'm just thinking of constructions.
Speaker 3 (09:01):
We try to skip the plaster ones.
Speaker 2 (09:03):
Yeah oh yeah, so hang on, so so people, So
what are the investors buying for now?
Speaker 3 (09:10):
Then I think they're buying because they want somewhere to
put their savings that are secure. They still when you're
considering international markets, and I mean Australia has already shot
itself on the foot with investors. So we have seen
immediately and.
Speaker 2 (09:24):
Talk about capital actually not just talk sorry, ye what
we're actually just before you go on, what have they
done in Australia specifically.
Speaker 3 (09:33):
So it relates to the well, there's one thing on
tax deductibility and on capital gains and exemption. So more
and more Australians are now saying, if I you know,
I'm paying tax everywhere.
Speaker 4 (09:46):
The thing.
Speaker 3 (09:46):
When I speak to my Australian friends, they just say,
I am paying tax on everything, and we will promised
there'd be no more taxes. And now these taxes on
investment properties as well, so they're more We're getting more
Australians saying I'm going to buy into New Zealand. We
still get the Australians living in sorry, the New Zealanders
living in Australia saying I want to put my money
back into New Zealand. So when people are considering, you know,
(10:08):
where am I going to put my capital? Do I
put it into shares? The mark? You know, the world
is uncertain, people are worried about wars, they're worried about
what's going on. They still say, actually, I want to
put it back into traditional residential properties. What we tend
to see people coming back and saying, what is it
that secure and safe in terms of real estate? You know,
(10:28):
is it buying bricantile properties as opposed to buying apartments?
Can we get in and buy a reasonable house? What's
the profile of the tenant going to be as well?
Speaker 2 (10:38):
So actually I've got a question. You know, I've always
try and stick to the topics of outline, but often
other issues pop up. Does a capital gains tax no
matter where it does? I mean plenty of places have
capital gains taxes technically speaking in New Zealand. Always make
this point that if you have bought the property with
the purpose of making a capital gains, technically you actually
(11:01):
should play tax on that. But It's just that we
have a device in New Zealand where you pretend you're
doing it for the yield. Sure everyone goes, oh, no,
I'm just doing it for the rentaling coming. So but
I've got a theory that capital gains in terms of
its impact on investors isn't as overstated. So, for instance,
if I can make a lot of money in property,
(11:22):
the fact that I have to pay tax on it
doesn't mean I don't want to make a lot of money.
I still want to make that, you know, I mean
I turn it. We all to everyone in New Zealand
turns up and does their day job and knowing we
have to pay tax on it, but we do it
because we make money. So making I always think that
it's a little it's sort of like this. It's like
(11:43):
a pantomime and it's like ooh, there here comes the
villain now and everyone's supposed to do and hiss, and
capital gains is the villain. But is the villain? Really?
Is it really that bad?
Speaker 4 (11:53):
Ooh?
Speaker 3 (11:54):
Getting into a query of politics and economics there. But
I think I lived in Australia and I was a
BIA's Asian Australia in twenty twelve thirteen fourteen, and they
had capital gains in the market still going crazy, so
it didn't stopping.
Speaker 2 (12:08):
And I hate stamp duty.
Speaker 3 (12:11):
I don't hate stamped Actually, what would you what's the.
Speaker 2 (12:14):
Worst thing to do to a property market? I mean,
not that it's part of the conversation, but you can
call us on that. What is the worst policy when
it comes to having a property market that's sort of
fair and still something people want to participate in. What's
the worst thing you can do? Because I would have
thought stamp duty. I don't know why. I just don't
like paying something when I haven't made any money out
(12:34):
of it. Only we pay rates as well.
Speaker 3 (12:37):
That's oh yes, I mean we're all paying taxes and
something along the way. What's the worst policy? I don't know.
I actually think any regulation that holds people back for
me to build property and provide more supply in real estate,
that to me seems a doozy. Why would you Why
would you make it impossible for people to build good
(12:57):
quality homes?
Speaker 2 (12:58):
Okay, so yeah, yeah, yeah, I see that The tax
side is some it's sort of more of a political thing.
It doesn't necessarily kill a market, does it? As true?
Speaker 1 (13:08):
And we've seen.
Speaker 3 (13:08):
It doesn't kill a market. You know, it's still Sydney
was going crazy when I lived there. People would queue,
they would queue for the open homes around the block.
When I was buying property in Sydney, the only way
we would buy it is a pre action offer.
Speaker 2 (13:21):
So where is the energy in the market now? You say,
is it more? The word that came to my mind
and I wanted to push back on it, but I'll
use it as boutique. You know, there is a certain
we're not talking people, I don't know, entry level or
a million dollars. Isn't amazing that we're talking about million
dollars in some markets being entry level? But is it
(13:42):
more people who want it for another purpose? So they
want it for the school zone because actually they want
their kids to go to a particular school and that
place will retain its value, et cetera, et cetera.
Speaker 3 (13:52):
I think the majority of the buyers that we're seeing
at the moment are families. Their families, they've got two children,
they are time poor, they've bought the first home, they're
now ready to move on to the next one. The
challenge is that mum and dad are both working, they're
both busy. They're stretching themselves to get into that property.
They want indoor outdoor flow, they want some garden, and
they want to be in a good school zone.
Speaker 2 (14:12):
We'd love your cause on this. How's New Zealand fallen
out of love with property? Or is it just sort
of changed? What's on the menu. I'm trying to search
for all these different metaphors, but anyway, the simple question,
has we fallen out of love with property in New Zeeland?
I say yes. But also we will dig into that
question around apartments because every new apartment block and you
see them go up and you go, gosh, that looks fantastic.
(14:34):
But then a couple or three years later, it's no
longer the cutest apartment on the block, and suddenly people
are looking at other things. So is buying an apartment
for your first property? Is that? Does that create a
danger that you're locked into that because you can't sell
it and you therefore you can't move on? Oh right,
(14:54):
one hundred and eighty ten eighty, you'll reckons. It's twenty
one past four. Alex Martelli is my guest this afternoon,
back in a tick. Newstalk said B. News Talk said B.
This is one roofradio show. We've got a couple of
questions out there. Is buying an apartment a great first
step into a market, into housing or is it a
(15:15):
first step into something you can never get out of?
And also our new Zealander is out of Love? Have
we fallen out of love? With property? Eight hundred and
eighty ten eighty Alex Martelli, who is a buyer's agent. So,
by the way, if you're looking at getting something you
want some tactics, maybe give her a call. But let's
get into the calls right now. Chris, Hello, Chris hang On.
Speaker 5 (15:35):
Yeah, yeah, get it, guys. Yeah, good question for Alex.
Can keep my eye out on the apartments in three
specific areas in Auckland. And yeah, I'm quite stunned the
amount of apartments that have been on the market for
six months plus. And obviously they're difficult to sell, which
(15:57):
is an issue. But the big issue for me is
that the agents selling them never declare what the body
corporate is except for one there's one list in a
few and well two apartments and Takapuna that decleares what
the body corporate is. But you know why aren't they
doing that? Because I've seen body corporates from like five
(16:20):
K up to fifty K and they're not declaring it all.
Speaker 2 (16:26):
Okay, what do we know about that? Alex, Hey, I
turn your mic on to you. There we go.
Speaker 3 (16:30):
Thanks to Hey, Chris, thanks for your call in your message.
The thing with body corporates is that they I mean,
if I was being negative, I would say, oh, some
agents may not have looked into it. The chances are
that the agents will know what the body corporate is.
The challenge with body corporate, this kind of back goes
back to a culture of buying apartments in New Zealand
(16:50):
is I think a lot of people they spook when
they hear what the body corporate is without really understanding
what that body corporate actually covers. There's a lot that
is good about a body corporate because ultimately you're paying
for someone to manage that buildings that you don't have to,
and the facilities and all the benefits with it. But
I think a lot of agents, I mean, it should
be a very simple question, what is the body corporate?
They should be able to tell you that. If they're
(17:11):
not telling you from the outset, that's one thing, But
if they actually hold that information, then it would be.
Speaker 2 (17:17):
That's range really strange, Chris. So are these existing apartments
or new developments where they haven't where it's they actually haven't.
I don't know. It seems strange that they wouldn't have
an idea.
Speaker 5 (17:27):
What are no no, no, I'm saying. I'm not saying
they don't have an idea. I'm saying that they don't
openly tell you because they're a big put off.
Speaker 2 (17:38):
Do they tell you when you ask them?
Speaker 6 (17:41):
Oh?
Speaker 5 (17:41):
Yeah, so I'll tell you when you are. But there's
a lot of people, a lot of people who go
and blind who don't realize is actually a body corporate
and what it could be. And as I've said, I said,
I've seen a range from five and a half k
a year up to fifty K year. And when you
talk about what some of them offer you as far
(18:02):
as the body corporate managing it, I mean some offer
a lot, but some offer not much at all. And
another thing that's stunned me is I looked at a
reasonably large complex and I saw some smaller apartments and
some larger apartments, and the body corporates were huge. The
(18:22):
difference between you know, like two bedroom and three bedroom
and I asked the reason why, because I thought all
the body corporate would have been the same for the development,
and they said no, they said, the body corporate's derived
because of square meter.
Speaker 2 (18:35):
Okay, Actually, why are you looking for an apartment?
Speaker 5 (18:41):
Why am I looking for apartment? Yeah, because I want
to down Well, I'm looking at apartments for downsizing.
Speaker 2 (18:48):
Okay, oh, fair enough. And how are you What are
you looking for in that apartment? Are you looking for
something brand new? Are you looking for something that's established
and you know, still seems to be a popular place to.
Speaker 7 (19:00):
Live or what?
Speaker 6 (19:01):
Yeah?
Speaker 5 (19:01):
Well, yeah, you will an establish one in you're in
a good area. I mean, schools and things like that
don't don't really bother me, but you know, something that's modern.
But you know, my knowledge of a lot of the
existing ones, particularly in the three areas I'm looking at,
there's not many of them that are sort of in
(19:21):
the ten year plus sort of age that haven't been repaired,
and that's a problem.
Speaker 2 (19:28):
Can I ask, roughly what budget and what body corporate?
You know what the body corporate is in relation to
the budget you've been looking at, so what the So
can I ask what sort of budget you're looking at
when it comes to price for the apartment and what
the Body Corporate attached to that sort of price might
be roughly which you know, which you would find.
Speaker 5 (19:49):
Well, even if you're looking, even if you're looking between
sort of one point five and two, you know you
can pay anything from five and a half k up
to thirty k.
Speaker 2 (20:04):
God you're getting for that.
Speaker 5 (20:05):
And don't forget when you talk about Body Corporate of
thirty k or even five k. Well, one I looked
at which was eight and a half k was the
Body Corporate on top of that was four and a
half grand for the rates?
Speaker 2 (20:19):
Oh okay, Yeah, that's quite a whack, isn't it. Oh hey,
good luck with it, Chris. Anyway, I actually that was
going to be my next question is how often are
rate's a clearer than the Body corporate? But I guess
you pay rates separately. I imagine actually for a million
and a half to two million, if you're looking for
an apartment, you might actually get something quite reasonably flash,
wouldn't you for that?
Speaker 3 (20:37):
It depends on where you're looking. Okay, on that point.
For what Chris said, in terms of wanting to downsize,
that will be and I know you want to speak
to me about apartments. That is going to be the
next shift as people go, well and good, we don't
like apartments, but if you're downsizing out of a large
home and you want something on single level living, there
aren't that many options. Going into an apartment is actually
a really good idea. But whenever a client comes to
(21:00):
us saying we want an apartment, I know the bulk
of our work is going to be in the due diligence.
What's going on with the body corporate? Where's the money going,
how's it being spent? What is their track record?
Speaker 2 (21:09):
Okay, right, let's go to I've interrupted my thoughts on
a bunch of things there. That's why I'm in an ring.
But Helen, hello, oh.
Speaker 6 (21:19):
Yeah, I hide Tim and Alex. Now if I was,
I'm not actually in this situation, but I could be.
So it's the issue. Really, it's hypothetical, yes, but it's
a very important issue, really commonly afflicting people. Now, if
(21:41):
I was looking to buy or even to rent somewhere
but they were threatening to put the rent up, or
I was wanting to buy somewhere that it was access
you know, wheelchair accessible or even disability of friendly. So
(22:02):
elderly people who don't want to have to climb or
stairs to go to the bathroom, et cetera. It seems
to me I'm assuming that the that the the options
are extremely limited, and if you were so renting, for instance,
then you were being threatened with the rent rises, you
might be really stuck there. And you know, if you
(22:23):
wanted to buy somewhere that was accessible, that these options
are extremely limited, and this is the Greek worry. And
I think I think I'm right.
Speaker 2 (22:34):
Or apartments, because I would have thought that apartments would
be more likely to be accessible simply by the and
no one wants to take the stairs anyway. I mean,
I'm sorry, that's a crude summation of it. There might
be a bunch of issues I'm missing there, but it's
just act of choice.
Speaker 6 (22:51):
But if you're wanting to say, say, wanting to buy
a house or something, you know, and you know that
does seem to be a real lack of accessible how
so that a lot of people out there with disabilities.
Speaker 2 (23:08):
But I think the question is you'd be expected to
You're the owner of the house, so you can do
what you need to do with it to make it accessible.
Speaker 6 (23:17):
But that's expensive. Well, you want you want to be
able to buy something that that's successible, and it seems
to me the options are extremely limited. And if I'm right,
I think I'm right, But you know, we need to
be looking at this more.
Speaker 2 (23:34):
Well, what do you mean you mean if I'm going
to sell my house, I should make sure it's successible
just in case you want to buy it. So I
think that's a tough sell.
Speaker 6 (23:42):
Well, I'm not saying that at all.
Speaker 2 (23:44):
I mean, what's the solution to it is?
Speaker 6 (23:46):
Well, its the houses and houses that are being built.
For instance, you know, there seems to be not that
there seems to be a real lack of or very
limited amount of wheelchair accessible house houses, you know, fair.
Speaker 2 (24:03):
Enough, Yeah, I don't know what I mean. It's an
on going challenge for anyone has got issues like that.
Speaker 3 (24:08):
But you do see quite a number of the new
builds are being built with wider hallways, and we now
see more of them being built with a lift to
get between the floors. And certainly, I mean that the
argument for apartments is that they do tend to have
again wider hallways accessibility for wheelchairs. So it's a middedly
it's the market may not be as big as we
would hope that there are properties being built because we
(24:29):
have worked with clients who have had disabilities before and
needed accessibility cert.
Speaker 2 (24:32):
A curiosity how many levels? Is how many levels before
you have to stick out a lift done? Or is
that just a question of the market looks after that
that no one's going to walk up ten flights, but
they might walk up two or three.
Speaker 3 (24:45):
Well, it's interesting because one of the upsides of not
having a lift in a building, like if you're look
at one of the older apartment buildings, then you don't
have to pay the body corporate for it, right. But
in terms of actual residential houses we're now seeing there
is a development on Takpoona and there were three houses
these off of big money and they were designed for
downsizes and the lift just went between two levels ground
level and first level, so that people could downsize into
(25:06):
the house but could bring all their furniture with them
and if they needed to then they would have lift
access within the property.
Speaker 2 (25:12):
Actually, I've been aware of that, and the lift was
that was an able bodied house, but the lift was
used when there was a lot of shopping and they
just sprowed open the lift and they wouldn't even go
up with it. They just loaded up and push the
button and then wait for it at the top stairs.
Speaker 3 (25:24):
Keep your foot, they're good.
Speaker 2 (25:25):
Yeah. Yeah, I've got a watch that tells me when
I've been up and down my steps so many times.
I'm going I didn't even know they could do that.
But anyway, there was something else I was going to mention.
Oh no, so there's no how many are there still
apartments that are like three or four stories where it's
just stairs only in Auckland and New Belts, No older
I'm thinking of the older ones for sure. How many
(25:48):
how many? How many floors would it go before there's.
Speaker 3 (25:50):
A lift, and probably three floors?
Speaker 2 (25:52):
Okay, yep, okay, just having some reminiscence. It's about my
Sydney apartment, which I think was four Yeah, but you know, young,
unfitted and everything. But luckily luckily at the time. Anyway,
lot'll tell you what we'll we'll come back with some
more course and just to tick we've got Maxine and
Bruce who are next. It's twenty five minutes to five.
My guest is Alex Martelli. She's a buyer's agent, and
(26:14):
we're talking about whether we've fallen out of love with property,
but also as an apartment A good first time. We
haven't really got onto that as she yet, but I'll
keep throwing it out there and see where we go
back in a moment. News Talk SeeDB News Talk SeeDB.
My guest, It's I Tim Beverage. My guest is Alex Martellier.
This is one refradio show and let's continue with your
(26:37):
cause about the property market and also apartments. Are they
are good? First time? Maxine?
Speaker 5 (26:43):
Hello, Hello, Hi Alex.
Speaker 4 (26:47):
We are an upper heart. We have a two bedroom
house just both vacated by tenants. We're just deciding whether
to list it for sale or to rerench it. And
the other thing is what would be the impact of
the capital gains text if there was a government change.
Speaker 2 (27:04):
Oh, that's a big question. Let's go with You want
to start with the easy one.
Speaker 3 (27:09):
Should you rent it or should you sell it? I
mean there are pros and cons to both. What does
it mean to you to let go of the property.
Because if your concern is am I going to make
enough money out of the sale of the property versus
how could I use that cap and actually invest it
somewhere else? And that's the thing you have to decide
(27:31):
because if you are realistic, and I would always say
to people, go out and speak to a couple of
different real estate agents and really understand the comparable sales
that they're using so that you yourself get a feel
for what the property is worth. Be realistic about the price.
And I know that is always hard you're getting all
this different information, but try and get comparable sales and
understand what is the value of my home, how is
(27:51):
the agent going to market it, what is going to
be their unique selling point for this property, and what
would success look like for me to sell this property.
Because it is going to be an investment. It's going
to be an emotional investment, time investment. You might have
to get staging in the proper cleaning, tidying, open homes,
all the rest of it. So it is an investment.
So make sure that you have the right motivations and
(28:11):
what the trade off is of. You know, if we
let this property go, what can we do with the
capital versus having it tied up and having it rented
out on the subject and I can maybe to answer
any other questions on that on the subject of capital
gains tax, so that I can't comment on because I'm
not sure what the you know, what sort of tax
they're planning in terms of percentages. But it will certainly,
(28:35):
I mean, I suspect it will dampen the interest in investors,
but I don't know because I don't know if literally
what the figures will be.
Speaker 4 (28:45):
Is that, yeah, it's very good.
Speaker 2 (28:48):
Oh good, Well, arts are so comprehensively. No no follow
up there, Alex. Actually, just before we get to Bruce,
I'll just deal with this text, which is quite a
simple one. But I think I've taken it for granted
that people would know. Hi, Alex, how does a buyers
agent differ from a selling agent question?
Speaker 3 (29:06):
So, a buyer's agent, a sales agent has a fiduciary
legal responsibility to the vendor. They have to do the
best thing by the vendor. They have a duty of
care to a buyer, and it's a complicated relationship to
try and balance both. As a buyer's agent, we put
it the other way. So we have a fiduciary responsibility
to the buyer, which means we need to represent the
(29:27):
buyer's best intersts to go out and find them as
many homes as possible to qualify those homes and make
sure that they meet the brief for them and complete
really thorough due diligence on that property. If I was
to think about sales agents, they are very good at
marketing a property. As a buyer's agent, we're not particularly
interested in the marketing of the property. We don't really
care if the carpet is beautiful and the curtains are green.
(29:51):
What we care about is what's actually happening with the property,
What is the due diligence, what's happening to the property
next door. Is there a development site across the road
that we need to be aware of, what's happening with
the piles under the property? Is this actually a good property?
Is it a good investment? And then also what is
the right amount to pay for the property? So we're
a sales agent is trying to get as many buyers
(30:11):
for a home as possible. We're trying to find as
many options for our buyer as possible to give a
bit of leveraging and power back to the buyer.
Speaker 2 (30:18):
And it is something that is there. Weren't were hardly
any buyers agent not too long ago. It's just something
that's creeping into the market now. And people want people
with buyers want people to look after their interests.
Speaker 3 (30:28):
They do. I mean buyers agents are common overseas. I
used to be a buyers agent in Australia many years
ago in Sydney. When I lived in the UK working
for CBO. There are fourteen hundred buyers agencies at the
time the US. It's common. When I lived out in
Hong Kong, it was common when I came back to
New Zealand. I'm you're dreaming. No one would ever use
a buyer's agent and set the business up three years
ago and it's just growing.
Speaker 2 (30:49):
How satisfying to take a punt like that in a way,
because every business is a punt to see that it
works good on you? Right? We need to go to
Bruce Solo.
Speaker 7 (31:01):
How are you? I heard an interesting just the other
day that in the next ten to fifteen years in
the horticultural and agricultural world, fifty to sixty percent of
farms and large horticultural properties will come up for succession,
and it's going to be a real problem because the
(31:23):
next generation don't want to become farmers. Is that same
thing going to happen in the housing market? That as
the vast majority of our population is older. Are they
going to be wanting to sell their houses and downsize?
And so no one's going to want to buy these
beginnings because there's to buy them.
Speaker 2 (31:43):
Any Okay, Well, if they've got kids, I'm sure the
kids would love it to be part of the inheritance.
Speaker 7 (31:50):
Yeah, but that's if your parents go. That's or rather
than the carved way of looking at it, you know what,
I need to sell the property? Well just but but
people are well now. So if you're an older person,
now you can speak. If you get to seventy, you've
got an eighty received chance of getting eighties. You don't
want to live in a four bedroomed house and up
(32:13):
keep it?
Speaker 2 (32:13):
And yes, okay, so you're talking about downside and not
just dying and leaving the property to someone.
Speaker 7 (32:18):
Yeah, downsides. So you know, our apartments going to become
more attractive and houses are actually not because there won't
be anyone to buy them.
Speaker 2 (32:28):
Interesting thinking, Bruce, what do you reckon, Alex?
Speaker 3 (32:30):
It's a really good question, Bruce, because it's something I've
been thinking about a lot recently. And we're seeing a
trend where we're seeing a lot of big family homes
it's based in Auckland. But let's talk about big old
traditional mounted and homes. They might be five six bedroom homes.
The challenges is no one has three or four children.
You know, the vast majority of people we're dealing with,
we've got one or two children, and they don't have
(32:51):
the money to stretch to the value of these properties.
So if you think of how many people bought the
big old houses and say the nineties or eighties, and
they're holding on to them, and they'll call me off
and get vendors call me direct, going we've got this beautiful,
big home if you've got a family for it. I said, look,
the average family doesn't have that money to stretch to.
Speaker 2 (33:09):
So so the question, shortly put, is there going to
be a blut of big, expensive properties that doesn't have
the buyers to match it.
Speaker 3 (33:16):
I think there will be. Wow, Yeah, I do because
and I think what's going to happen is you're just
going to see a bit of an adjustment where people
are going to go, Okay, we thought our home was
going to be worth X millions, Maybe it's not. Maybe
we're just going to have to adjust it down. But
to be honest, if you bought your home in nineteen
ninety one, every dollar is profit. So I think that
(33:36):
that part of the market's going to shift anyway.
Speaker 2 (33:38):
Ah, yeah, but that is quite a interesting one about
the fact that would have on that part of the market.
Speaker 3 (33:44):
It's the area I actually think there's going to be
some of the biggest shift in the market.
Speaker 2 (33:47):
So what would people how do you think those properties
are going to end up being disposed? No, obviously if
they're gorgeous property and they've got if they're an outstanding property,
there's going to be a wealthy buyer for it, probably,
But yeah, would they be selling them for demolition to
it to.
Speaker 3 (34:06):
A developer for us? Well, you see this again if
we looked at the example of Mount Eden, you see
these big, big properties sitting on thy twelve hundred and
fifteen hundred square meters. We know those houses are being
taken away now if they don't have a character overlay
or heritage listing on them, then those advertised as development sites.
And you see them all the time, beautiful big old
(34:27):
houses and people go and I've seen this where realistated
agents have said or that's a protected property. I say,
are you sure about that? No? And I say, it
will be very careful to check if it is actually
a protected property. Just because it's old and looks beautiful
doesn't mean it's protected.
Speaker 2 (34:40):
If it's protected, does that mean you're basically saddled with
having to keep it essentially as it was?
Speaker 3 (34:46):
Yeah, with the you know, and that can be a
hindrance as well by me.
Speaker 2 (34:50):
That is actually that's going to be a fascinating space
to watch, isn't it. Wait one hundred eighty ten eighty.
We'd love to you to join the conversation. By the way,
just something you touched on before, the whole school zone thing.
Where is that all going with? I don't know what
it means for the schools where you're getting more housing intensification,
(35:10):
whether the schools are having to grow, you know, I'm
thinking for the grammar zome. But how much extra is
a house worth whether it's in or out of the
grammar zone? Is it? Because it's so?
Speaker 3 (35:21):
I was on a podcast a couple of years ago
about this, and they ran some research at the time
that for grammar zone, on average, it was about two
hundred thousand dollars to be in grammar zone versus out.
There are factors that influence that though, because you'd also
argue on their very premium suburbs and not everyone who
lives there actually sends their children to Grammar. But across
(35:42):
the board they said, look there's about two hundred thousand
dollars difference.
Speaker 2 (35:45):
Wow, that is actually I'm surprised it's not more. Actually
thought i'd heard rumors that it was a bit even
a bit bigger than that.
Speaker 3 (35:53):
But well there's been a lot of intensification within Gramma
zone as well. Think about all that infill housing development.
Speaker 2 (35:59):
Yeah, okay, right, tell you what we need to take
a moment. It's the property of the week, the one
roof property of the week is and it is. If
it was an Auckland it would probably be worth I
don't know. Ah, Look, it's a silly conversation. If any
properties in Auckland in the right spot, it's worth millions
and millions. But it's quite an amazing one in Palmerston
North that we're going to be sending you to have
(36:20):
a look at. And we'll be back in just a moment.
This is one roof radio show. It is eleven and
a half minutes to five anyway, So look, we've just
got a quick note about razines because if you are looking.
There's a bit of a discussion going on about if
you're moving into a new house and there's a new
early two thousand's purple feature war, what prep do you
(36:41):
need to do to cover it? So here's the advice.
You've got to give it a good clean with Razine
interior paint work cleaner to remove any marks or build up.
I would then recommend a coat of quick dry primer,
which is great for blocking strong colors, and then you
apply two top coats in your new color in space
coat low sheen, so you know if you stick with
(37:01):
the feature wall, I mean that's the thing. Are they
still in because actually they're not out of fashion. They
have evolved because there are more people using color across
all walls to create cozy, cohesive spaces, and feature walls
also a great way to define or zone areas like
anchoring a bear or open planned living spaces. So yeah,
and there's also solutions for painting bathroom floor tiles as
(37:24):
well if you don't like to look at those with
razine waterborne sure seal and razine walk on floor paint,
So you can go to Razine dot co dot m
Z anyway, righty ho. Now, so it's time for that
time of the week and I'm just doing a couple
of clicks here because we're just chasing our tail on
a couple of other things before. But it is time for.
Speaker 1 (37:45):
The one roof Quantity of the week on the Weekend Collective.
Speaker 2 (37:51):
And the one roof Property of the week. It is
twenty Ashgrove Lane, Ashhurst, Palmerston North and it is quite
a spectacular property. And the interesting thing is for what
you get now. The first image you will see is
a beautiful sort of pool area with deck chairs and
(38:12):
it's got a slide. It looks like it's also got
it's got a colossal amount of outdoor living as well.
It's got a bar, I mean like literally a bar,
like it's your own bar, you're the bartender. It is
the swimming pool, open areas, putting green pool, spa fire
pit I can't and there's a dome there. It's got
(38:37):
a kennel as well, which also looks like it's sort
of on some sort of artificial turf. It's a gorgeous
looking property that is available for what you might think
would be millions and millions of dollars. But it's a
four bedroom residents. Where as it's described, it's beautifully designed,
effortless outdoor living space, world class dining, and it is
(38:58):
valued at one point eight million dollars. Well not when
I say valued. It's value probably at a bit less
in terms of the CV, but never pay any attention
to those one point eight million dollars. Twenty Ashgrove Lane
in Ashurst, Palmerston North. So i've actually I'm not sure
if Alex has managed to find a reference to. Have
(39:18):
you managed to take adlimpse of it? What do you
think of it?
Speaker 3 (39:20):
It's pretty stunning, isn't it. You'd be pretty comfortable there,
wouldn't you.
Speaker 2 (39:26):
That's the Actually, it's not funny. The front page of
the ad for it shows the slide into the pool.
The slide is quite dominant. That's the first thing I
noticed on it.
Speaker 3 (39:34):
But maybe it's the usp.
Speaker 2 (39:36):
It does look quite flash So I mean, yeah, there
we go. I just thought we'd give the listeners that
reference to that. That is again, hang on min and
I'll give you the address. It is twenty Ashgrove Lane
in Ashurst, Palmerston North. And if you've got around you
know something a little bit more than one and a
half million dollars. Then you'll be able to get into
(39:59):
the pizza oven, the bar, the fire pit, our fresco
living areas, multiple ones, a great louver system for the
indoor outdoor flow as well. So go and check it out.
It's a pretty new looking home. Actually, I don't know
how how does it look to you? It looks like
on something only in the last few.
Speaker 3 (40:15):
Years, say, for less than a decade.
Speaker 2 (40:17):
Yeah. Anyway, that's it for the one roof Property of
the Week and Alex any sort of parting thoughts on
well the I think the thing with apartments, I've just
got one final question, how would you work out if
an apartment was something that's not only going to be
a great place for you to live in, but will
have you'll have the ability to resell it later on?
(40:40):
Because that was originally original genesis of that question.
Speaker 3 (40:43):
I think we tend to be very negative about apartments
and there's actually a lot that's great about apartment living.
Apartments give accessibility to people. I've been to a friend
about this who moved back from Wellington recently and it
allowed him to live in a really cool part of
the city for his budget. He loves the lifestyle it's
low maintenance, it's easy. So I think if we say
(41:06):
that there is a glut of apartments, or there's a
lot of apartments at the moment, then chances are you'll
actually be able to pick one up for a very
good price. And we are seeing a lot of competitive
pricing on apartments. And what's most important is if you're
buying an apartment, make sure you understand the building. It's
boring and tedious as it is, get into the body
corporate minutes, understand it, who are the people behind it,
have there been any issues? Look into it and understand.
Speaker 2 (41:28):
It is it also, is there a case that there
I mean, I imagine I can the one that comes
to ones that come to mind of apartments around Parnell
and other areas where there are established apartments which have
become an established part of the landscape, and I imagine
that those keep their value and sellability as opposed to
the latest development that's sprung up as a sort of
(41:51):
a housing development where I don't know the next one's
going to be just around the corner.
Speaker 3 (41:57):
Time wise, location, location, location, And that was the point
I made about if you can buy an apartment in
a highly desirable area and as you say, like, there's
a building, very famous building right on the end of
Saint Stephens Avenue Auckland's Crime de la Creme Street. Someone
might argue with me on that, but one of the
absolute best streets if you're on Saint Stephen's av in
that building, they continue to go up.
Speaker 2 (42:17):
In Okay, Hey Alex, great to see you. People want
to get in touch with you. Where do they go?
Speaker 3 (42:22):
Martellibias, dot co, dot and ZID excellent?
Speaker 2 (42:25):
Thanks so much. The Parents Squad with John Carners next,
Can you teach your kids to drive? Shouldn't drive? Should you?
Shouldn't you? How does it work? We'll be back with
that and more things with the Parents Squad next.
Speaker 1 (42:39):
For more from the Weekend Collective, listen live to News
Talk zed be weekends from three pm, or follow the
podcast on iHeartRadio
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