June 20, 2026 • 41 mins
On the One Roof Radio Show Harcourts Managing Director Bryan Thomson joins Tim Beveridge to talk about how a Capital Gains Tax would affect the property market.
And The Opportunity Party proposed a land tax on urban residential properties, and Bryan isn't keen on the idea.
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Speaker 1 (00:05):
You're listening to the Weekend Collective podcast from News Talks Barton.
Speaker 2 (00:36):
Hi, Yes, welcome back to the show. This is the
Weekend Collective. I'm Tim Beverage. Now that as my producer
locks response to me having a crack at England winning
the World Cup. So of course football is coming home. Yeah, anyway,
you won't get into that because I really want to
have a hot take on the whole World Cup. But
I do love the World Cup. I've actually haven't watched
too much of it yet, but it is just big
(00:59):
sporting occasions where people can get actually get out there
and enjoy supporting their countries and having a good time
and all that. You know, a great antidote for the
world's problems, isn't it. Anyway? Look the One Roof radio show.
That's what it is this hour, and we want your
calls on eight hundred eighty ten eighty and you can
text nine two nine two and in essence, you know,
(01:20):
we're just having text on text nineteen nine two will
call us. We'd love you to. I put it as
joining the conversation. Really you might have a query for
the guests that we have on the show, but it's
also part of you joining the conversation and adding your
tuppence to what we're chatting about, and you don't have
to have the final answers to everything and the meaning
of life. Let's just chip in with your point of
(01:42):
view and we'll keep moving the conversation. So please give
us a call eight hundred and eighty ten eighty, and
don't save it for the last seven minutes when all
of a sudden we get slammed and then no one
can get on. So anyway, before I introduce my guest, look, okay,
if you want to talk politics, you might say Labor
has been a bit slow with some policy announcement, but
it seems that a lot of their announcements are cad
(02:05):
on the successful implementation of a capital gains tax. And
question is what effect will a capital gains tax have
on the market. I mean, you can always say, look,
I like capital gains tax, and it's something that hasn't
been far from the conversation recently on our won Roof
radio show and Rights and wrongs aside, what do you
(02:29):
think the effect would actually be on the property market
of a capital gains tax? Now, before we get and
continue with that, it's worth pointing out that the Opportunities Party,
And look, I don't know if they're going to get
or not my inclinations probably no, But they've had a
pretty good show in one of the recent polls, something
over three percent, I think. And they're keen on a
(02:52):
land tax, which I have to say, I really do
not like the land tax. So you could say, which
sort of tax if you're going to go, tax, tax, tax, tax,
tax on property? Which is the lesser of the two
evils or none of them evil? If you're a top voter,
you probably think that's not an evil. It's a great idea. Anyway.
They want to introduce one point seventy five percent annual
land value tax on all urban residential land, so no shops,
(03:18):
conservation land, or rural areas would be affected, which does
beg the question as to whether that would have an
effect on people buying commercial land property. And the idea
is to free up more land for development by I
guess driving people off their land because they can't afford
to pay it. Maybe that's it. Anyway, I don't like
the idea, but what do we you know, what do
you reckon? What is the effect going to be of
(03:39):
these taxes on the market FNY and I know when
I say on FNI it sounds like a stupid thing
to say, but you know, we've got to go from
one extreme to the other. We want to know of
your cause I e. One hundred and eighty ten eighty
you can text on nine two nine two and joining
us to discuss it. Well, I think he knows a
little bit about property. He's the managing director at Harcourt's
New Zealand and his name is Bran Thompson and he's
(04:00):
with me. Now, Okida, Brian, how are you going here?
Speaker 3 (04:02):
Good to think? It's great to be here. I do
have to say, with the topic of talk on, I
sort of felt a bit like a turkey must feel
leading into Christmas. Really a real estate agent being asked
about tax on property. So do you actually like me?
Or was this deliberate?
Speaker 2 (04:16):
Umm, it's deliberate. No, No, I mean it's deliberate. But we
like you because we view and high, we hold you
in high esteam and we think, oh, Brian, I'll be
all over this. He'll be great. But here's my hot
take for it, because I get the sense that within
the property world, no one likes the idea of a
capital gains tax. But my really short and people have
(04:38):
heard me say this before I turn up to work
and I get paid, and because they get taxed on
my income, it doesn't turn me stop me turning up.
I think a property gains a capital gains tax is
not something people necessarily like, and it's got some problems
with you know, if you value it after someone's paid.
(04:58):
Say somebody bought in the COVID boom, you know when
money was cheap and everything went squiffy. If you bought
there and then you made a loss and then suddenly
they started measuring property values from them, that's not fair either.
But in principle, the idea that I would have to
pay a capital gains tax on a property wouldn't stop
me necessarily wanting to invest in property, because I'd still
(05:21):
want to make money. So I've thrown in a few
things there. What goys, you're grimacing? I think I need
to get the need to get the blood pressure stuff anyway. Firstly,
which is the worst one, the land tax or the
property gain capital gains tax?
Speaker 3 (05:39):
Oh that's a great question, isn't it. I hate both
of them.
Speaker 2 (05:43):
I think that the land one.
Speaker 3 (05:45):
Is really easy to explain why I don't like it.
You can imagine you've worked your whole life, you go
into retirement, you're living in a property, you've got limited income,
but you've got a mortgage free home, and you're getting
by on the pension and the bit you've put aside,
and all of a sudden you've got to pay tax
on an asset that you haven't sold. Where's the money
meant to come from?
Speaker 2 (06:05):
It?
Speaker 3 (06:05):
Just to me it biggers belief. And then you have
people who invest in property where they are building property
for the future of New Zealand. They might be building
an apartment block, an investment, a block, commercial building, and
all of a sudden you're being taxed on unrealized Again,
where's the money coming from? It seems to me a
bigger belief.
Speaker 2 (06:25):
I do wonder. I don't know the details of the
Opportunities Parties parti's policy, but would one would hope that
if it was I mean, look, they're not going to
get it, and we're talking a theory really, but one
would hope that if you're retired, that it could be
deferred until after your death, in which case would come
out of your state, which would be better than coming
out of it. While you're alive and you have to move.
Speaker 3 (06:45):
But you're already playing rates on your land, aren't you
for the services you use them or not? So you're
already being taxed on your land. This is just another tax. Yeah,
it's just another tax. Yeah.
Speaker 2 (06:56):
Okay, So I'm guessing that if I said to you, right, Bryan,
you are making the choice now the future of the
countries in your hands. You have to choose either a
land tax or a capital gains tax on property. You
would reluctantly go property or capital gains, wouldn't you.
Speaker 3 (07:14):
No, No, I wouldn't at all if you put me
in charge of running.
Speaker 2 (07:17):
No, no, I'm giving you one choice. I'm giving you
Hobson's choice. You have to choose one or the other.
Speaker 3 (07:21):
Yeah, no, no, no, I'm not playing that game. I'm not
playing that game. That's like asking someone I'm going to
cut your arm or your leg off, which one would
you prefer. I'm keeping them both.
Speaker 2 (07:30):
Okay, okay, what's okay? I reckon that a capital gains
isn't as dramatic on a property because we are on
the property market, although instantly there would be an effect.
What do you think the effect that capital gains tax
would have.
Speaker 3 (07:45):
The problem you have, tim if you look at the
facts of the matter is we already have a capital
gains tax here in New Zealand. That's the bright line test.
So if you buy and sell a property and make
a profit within the bright line test timeline, you're getting
taxed on it. If you buy a property for the
pur what is that now to years? So if you
buy a property and your intention when you buy it
was to sell it for a profit, you're going to
(08:05):
be taxed on it already. So there's already a capital
gains tax in place for speculators. So people thinking that
this is a tax which will penalize speculators, that tax
is already in place. The second thing that I'll put
to you is that if a capital gains tax comes
on and people look at it as in their longer
term property investment strategy, they just won't sell. So where's
(08:27):
the money coming from. There's no money to fund the
infrastructure that will be required to put that in place.
And the last thing I'll say is there is a
population in New Zealand who either choose to rent property
or rent property because they need to. And the residential
property investors are the people who provide a massive amount
of those properties. And if there is a capital gains
(08:48):
tax put on place, which means when those investors, the
mum and dads who own one or two properties come
to retire that they're going to lose a whole lot
of their asset. Then that may mean they think, well,
we'll put it somewhere else. Because there are other areas
where they're proposed and there's no details around it. But
the propose, well that's the proposal. Well not just for this,
is it. I mean we like to see some detail,
(09:10):
but in this particular proposal, when you work your way through,
there are other assets where you don't get text on
your capital gains.
Speaker 2 (09:19):
I mean, come on, yeah, do you think actually that
would have that It could have the contrary effect when
it comes to property values of restricting supply because people
holding on and not wanting to turn over. I mean,
obviously investors are not going to be flicking something on
to buy another one because then they'd be realizing that
the capital gain and then paying tax. Do you think
it would have a restrictive effect on supply?
Speaker 3 (09:41):
It could do. It could do, but we're speculating that
because there's no detail around the world. Well, there's no
detail around the property. We're looking at here and thinking
what could it?
Speaker 2 (09:48):
Well, the word speculation and property sometimes do go hand
in hand.
Speaker 3 (09:52):
That's fair, Well, no question it does for some people.
And if you are a property speculator, you should really
celebrate when you when you make a dollar and don't
winge when you don't, because that's the game you're in.
Speaker 2 (10:04):
What's actually just because before we go to a first call,
what do you what sort of how do you think
people should approach investment when it comes to property, because
I would imagine you don't really like the bar it
and fleck it on, and you know the sort of
speculative market which when it goes well for people, it
(10:25):
can be really an inflationary sort of effect on the market.
What sort of what sort of investor do you like? Actually,
that's a curve of board persson, isn't it, Because you're like,
who are the ones that I don't like? That? It
may be my clians right now?
Speaker 3 (10:38):
Well, I think people who buy and sell property or adults,
they live and die by their own decisions. So if
you decide to be a speculator, if you're going to
buy a property and probably improve it and sell it
in the future because your aim is to make a profit.
And it's what I said to you before. You should
celebrate when you do well and don't come whinging when
you don't, because that's the game you're in. If you're
(10:59):
a long term property investor who is providing rental accommodation
for people who need, need, or have to rent, then
good on you keep doing it. They're both fell Actually
you've made a good point there.
Speaker 2 (11:11):
I used to find the reporting on it kind of
there would be you know, people say, oh, a speculator
brought it and they bought it for you know, eight
hundred thousand. They sold it a few weeks later for
nine hundred thousand, and I sort of think, well, you know,
that's a gamble they've taken and it could have gone
the other way.
Speaker 3 (11:29):
And what did they spend on it?
Speaker 2 (11:30):
Yeah, interim, But also even if they were doing it,
I mean that's when the market maybe has got it
wrong with somebody, you know, where hasn't been enough interest
in a property that suddenly it's a few weeks a
few weeks later a property so it used to sell
for a big profit. I'm thinking something's gone wrong and
the whole process full stuff.
Speaker 3 (11:47):
But I think the reporting of the market sometimes drives
people's view towards speculation, because we'll even see in publications
now where people say here are the people who made
a profit this quarter from the properties they sold, and
you read it, it says they bought it ten years
ago for this much money. They sold it now been
two bedrooms, added, a swimming pool put in and completely refurbished.
(12:08):
In the caller a profit, it's not a profit at all.
Speaker 2 (12:11):
No, no good point. Look, we want to take your
cause on this. But the broader question is what effect
do you think a property sorry I keep them calling
the property gains a capital gains tax would have on
New Zealand's property market because you either like it or not.
But what effect will it have? Because I don't think
(12:31):
it'll make any much difference at all. But that's just me.
So eight hundred and eighty how iny minutes. Sorry, Scott's
just disappeared on me, and let's go to Ralph gooday.
Speaker 4 (12:43):
Hi hei.
Speaker 2 (12:45):
Good things.
Speaker 5 (12:49):
So I know that say this doesn't apply to residential
or whatever, but just there as an example. So I
bought my house for two point years ago for fifty
eight thousand, and.
Speaker 2 (13:09):
How many years ago? Sorry? Sorry, how many years ago? Okay, right,
a little while.
Speaker 5 (13:17):
Ago, thirty nine years ago. Now I sold it in
twenty twenty for one point three million, and that sounds
pretty good. But so what that one point three million?
All I can do is by the same or similar
or equivalent property.
Speaker 3 (13:41):
Ralph, I one hundred percent agree with your view of
the property, because what's happened with your property, and I
don't know what you've done to improve it. You've probably
done a lot, but a lot of the growth and
value has been inflation. But what we're talking about when
you talk about a property, when you sell and buy
another one, you're buying and selling on the same market.
So your equity is what allows you to stay in
(14:02):
the market at the same level. If people put a
capital gains tax on your property, and I do believe
it's not going to apply to your to your own house,
your your.
Speaker 2 (14:12):
Home, otherwise you'd be text on reading.
Speaker 3 (14:14):
Yeah, but if you buy and sell a property in
the same market, it's called buying power. If your property's
gone up to one point three so have all the
others gone up the same? If it's dropped the others
have dropped as well.
Speaker 5 (14:25):
Yes, so the point I can make, that's that's the
first point I was going to make. The second point
I was going to make is this that has been
driven by governments, the Reserve back printing money and pumping
money into the system. So you've got irresponsible socialist governments
(14:45):
or one other that are pumping money into the system
and creating inflation, and there they want to punishment for
their bad financial management.
Speaker 2 (14:56):
Yeah, well it brought more broadly speaking, it's also, as
they say, the question of it being a tax on
inflation is a little bit problematic, isn't it. Yeah, so
I gather you don't like it, Ralph? What what what? What
effect do you think it will have on the property market?
Do you think we'll have much? Because there are plenty
of countries around the world that have a capital gains tax.
Speaker 5 (15:18):
I haven't really thought about it, but all I'm saying
they have created the inflation, They've caused a problem, and
they want to punish you for the problem that they
have created.
Speaker 2 (15:27):
Yeah, okay, not fair enough mate. Hey, thanks for your call, Ralph.
Any further comment on that, brand I could see.
Speaker 3 (15:34):
I think what I would say is this it depends
which side of the argument or the no not the argument.
It depends on what the rationale is for having a
capital gains tax. If the rationale is is that it's
going to impact the market and slow house prices down.
If that's the rationale, you go to Queensland and have
a look what's happening on the gold ghost market, and
through Australia where they've got capital gains tax and they've
(15:56):
got stamp duty and the market it certainly is strong.
Speaker 2 (16:00):
Well, that's why I don't think it ultimately will have
a big effect on Zale's property market. But because people
will still want to buy and sell and make money. Well, well,
I mean, if it doesn't over there, why we're here.
Speaker 3 (16:11):
Well, the second thing I'd say to you, you've got
to look at the detail around the capital gains tax
and how it works so compared to ours before you
can make that judgment. And we don't have details around
this one. So the second thing I'd say to you
is if the rationale behind having a capital gains tax
is that it's going to generate income, I would suggest
to you that that could well be a failure. I'm
(16:32):
sure clever people and the Treasury have done their numbers,
but it would be a big infrastructure needed to be
put behind it. And then if people look at it
and say, well, I'm not paying the tax, but I
don't sell, I'll keep the property, then where's the money
coming from over the next four or five, six, ten
years when there's already a capital gains tax in place
with the bright line test and the intention when you
buy the property. So I just can't see the point.
Speaker 2 (16:54):
How much do they think they're going to be how
much do they think they're going to be earning out
of the capital gains tax labor? I might have to
do google that in the break and just remind myself.
But it's predicated on a few assumptions, isn't it. It's
predicated on three percent growth I think in the market.
I heard Barbara Edmonds right, it's predicated on a three
percent growth per anum per year, which seems I don't
(17:17):
have a problem with that prediction so much, But it
might be the other side of that is that you
assume a certain turnover, and I'm not sure I think
they're turnover assumptions are potentially a bit out of whack.
Speaker 3 (17:30):
The other thing, of course, is term if there was
a capital gains tax, but it didn't apply to your
own home. You may decide, well, I'm not going to
buy that property as an investment property where someone could
go and live who requires a rental home. I'm going
to sell the property I've got at the moment by
home where I don't pay capital gains tax, and I'm
going to buy that great big mention down the road
(17:50):
because I won't pay tax when I sell that to
trade down as we get older into a smaller unit.
Speaker 2 (17:57):
I guess you know the idea of pragmatic solutions to
any sort of tax. It's not a new thing, is it.
Speaker 3 (18:03):
Well. I think that if anyone in an allegislative body
decides that they want to get involved in a market,
there is always a directly opposing and equal response to
the opposite of what you're trying to achieve.
Speaker 2 (18:18):
Right, We're going to we'd love to take more calls
on this. The couple of questions and a look, it
does end up being a little bit about what do
you think about a capital gains tax? But it is
on the agenda because Labor's talking about how it's going
to fund a lot of its promises. They reckon they
they're going to raise about seven hundred million a year
with the CGT. The question that I've started out with
(18:40):
is do you think, regardless of the rights or wrongs,
what effect do you think a CGT will have on
the New Zealand property market? Eight hundred and eighty ten eighty.
You've got a bunch of texts, but you're welcome to
jump the queue by giving us a call on that number.
It's twenty. My guest is Brian Thompson from Hard Courts
and we'll be back in just a Moment's twenty five
past four News Talk said, b this is one roof show.
(19:05):
We're talking about what your reckons are. If we ended
up with a labor government and we end up with
a capital gains tax and there's a whole lot of things.
Do you think it would have any significant impact on
the market, and if so, what would that be? Eight
hundred eighty ten eighty Sue, Hello, a good afternoon, afternoon.
Speaker 4 (19:26):
In good afternoon, Brian, great, yea, you do know each
other well. I've got a very well balanced for him,
but it's probably the opposite of yours.
Speaker 2 (19:39):
Where we go let's climb into it.
Speaker 4 (19:41):
So I haven't got to argue with now, so I'll
do it with you instead. Speculation became rampant land, not
the dwelling ended up having overinflated prices. And to be fair,
Brian people in this situation pay no tax on profits.
(20:06):
Everyone else says too, we all have to and I
have a third option. But it was mentioned just before,
and that's a stamp duty. Most countries, I think all
the as I had all the documents here, all the
Asian countries, they had capital gains text stamp duty and
(20:28):
it was about fifteen percent. Some of them have gone
up for rotsince then. But I think that's an absolute.
Speaker 2 (20:37):
Must, which does a must hang on?
Speaker 3 (20:39):
Now?
Speaker 2 (20:39):
It down for us.
Speaker 4 (20:39):
So the first one and I'll tell you why capital
going to text wouldn't bring money and straight away, but
if you had a stamp duty that would that's the difference,
you know, And that stamp duty.
Speaker 2 (20:54):
I don't know what what do they pay in Australia.
Speaker 3 (20:56):
It's quite significant and it certainly hasn't hasn't slowed down.
The growth of property. Property is cyclical, so you have
years when it goes really well, in other years when not.
Speaker 4 (21:05):
Every teen years or no. But what you have to
do is, and you won't agree with this, Brian Is.
You've got to You've got to regulate. You can't just
have you know, the Sheriff of Nottingham Society and have
have opened sleather. You've got to regulate this stuff. And
(21:27):
I can remember when it wasn't like this and we
had beautiful communities. People weren't greedy. I think the trouble
is greed's taken over. I really do.
Speaker 2 (21:40):
I can I just chip on there so, but you're
not greedy, No, no, no no. I was going to say.
You might have argued that greed was prevailing with really
cheap money and people piling in tooks. I thought there's
a fortune to be made.
Speaker 3 (21:53):
I don't see.
Speaker 2 (21:54):
I don't see a property market right now which is
driven by greed. I think there are people who have
you know, who've got who have spent way more than
they than they would have, say, waited a few years.
It feels because the property market it feels pretty quiet
these days. So I mean, that doesn't feel like a
greed driven market.
Speaker 3 (22:11):
I think. I think the one thing I'd say so
is it's great to have you on the radio. You
mentioned Sherwood Forest and I'm hoping that you're not Robin
Hood thinking that that by putting a capital gains and
a stamp duty on is a reallocation of money. Because
but the thing I was say is one of the
things that frustrates me about about the whole discussion around
(22:34):
we're going to put on another tax here and another
tack here. That's not going to be the solution that
that's going to make our country go forward and continue
to be the best country to live anywhere in the world,
even though we've got the odd issue. It's the best
place to live in the world without question. So the way,
the way, the way.
Speaker 2 (22:52):
We'll hang on half so just let them do unfinished it.
Speaker 3 (22:54):
The way we'll solve that so is by having a
positive drive forward to increase the performance, get everyone's heads up,
looking forward, son on our backs, having a crack like
like we've been better at doing in the past. It's
really easy now as you turn the radio on, not
this radio, of course, but other stations, or you turn
the television news on, or you read the paper, of course,
(23:16):
not this paper, but it's or you listen to the
six o'clock news, and you've got to get to the
sports news before you hear one positive story, so I'm
completely the reverse. I think tax is not the solution
to anything. The solution is is to back people who
are having a crack so that there are more jobs
and property has remain strong because everyone wants to live
in their own house if they can. I don't. I
(23:37):
don't care who you are. So I think the negative
connotation of a tax conversation is the piece that I
don't like. Let's get on the front foot and have
a crack like Henry Nichols did at the Oval last night.
Speaker 2 (23:49):
There we go a nice supporting analogy for your So
you'd be loving the cricket, wouldn't you before?
Speaker 4 (23:54):
Before you well, we don't.
Speaker 2 (23:57):
Have to go. No, we've got we do. We've got
a lineup of communication. But no, no, you said somebody
you want Yeah, I thank you. No.
Speaker 4 (24:09):
But when you look at it logically and honestly, if
you're making a profit, you don't pay any text because
there isn't one. You don't work every day, you've got
I can remember paying sixty six cents in the bloody
dollar tech you pay text working, you pay texts flogging
(24:30):
off property. You pay no text And it's not fair.
Speaker 2 (24:33):
Okay, fair enough, So that's hey, thanks for sharing that
with us. Actually, the other to be and I've mentioned
this a million times technically, and this is the great
lie's strong language, but it's the great lie that the
whole system indulges in that most investeds. I don't know
many investors who there will be some who buy because
(24:55):
they want to get the rental return and that's their
form of income and their retirement, you know, and they'll
gradually paid off and they look for them. But funnily enough,
the test for cap gains in New Zealand currently is
if you buy property with the intention of making a
capital gain, then you should pay You're legally obliged to
pay tax on it. But everyone pretends they haven't bought
(25:16):
it for the capital gain. Everyone pretends they've bought it
for the rental income. And most of us know that
that's BSh. Yeah, and that's I'm correct, aren't I that legal?
Speaker 3 (25:26):
Everyone is a sweeping generalization, And I haven't got the
figures from the inland revenue, but I assure that I'm
sure they look into that. But if you look at it,
we've got a bright line test. If you that's the
pretense that we all indulge. I'm sure there's been somebody
who's done that.
Speaker 2 (25:42):
Excellent somebody, just one. It is a fascinating conversation, and
I can tell you it triggers people because we've got
the text rushing on. In eight hundred eighty ten eighty,
somebody's texted me saying that I can't be one minute
having thinking I'm talking about Trump. I don't know what
(26:03):
shay you're listening to. You might, but you need to
maybe turn your hearing aid up a little bit. Anyway,
let's go to ben Hello.
Speaker 6 (26:12):
Oh hi, Yes, Alclism's strong thoughts and strong ideas on this.
I agree tax can world country down, but it can
also bring a country up. And I think what we need,
Zella need to do is change our system in such
a way that brings it up. It's a few statistics
for you. The number of superhutonts we have at the
(26:33):
moment is about nine hundred thousand. That's probably going to
double in the next nine years or so. The cost
of that is going to be an extra twenty billion.
At the moment it costs twenty billion. We collect about
one hundred and twenty billion in tax per year, so
the burden's going to increase. Now you know that's a
bit of a problem. So how do you solve that problem?
(26:54):
And what most people say is well, look, we need
to collect more tax to pay for that further expense.
My answer to that is that if you do put
a capital gains tax on people, what they will do?
The rich people will do. They've got the ability to
move to Australia. And a lot of people might not
know this, but if if wealthy people move to Australia,
(27:17):
they can become temporary residents for tax purposes in Australia
and not pay tax on their capital gains.
Speaker 2 (27:25):
Well, they wouldn't pay tax. They would pay tax if
they relocate their assets to Australia.
Speaker 6 (27:30):
Oh, I know they wouldn't. So so the special rule
in Australia that says that if you are a key,
we go to Australia intro on a speed category of either,
then you're temporary residents in Australia for tax purposes, which
means you don't pay tax in Australia on your farm
sorces didn't come so you're on your Australian source. Did
income you would But that's what I'm.
Speaker 2 (27:47):
Talking about if you really like your assets.
Speaker 3 (27:49):
Yeah, I think. I think. Being I'm not going to
make any comment at all about what happens when you
move countries or talk about tax The one thing I
will say that I'm one hundred percent on in line
with your first comment was, is that we need to
make positive impact on our societ and on our country,
not a negative one. Because you're coming around the superannuation.
(28:10):
I hear that a lot, and it is an issue
which people far clever than me will have to address.
But if you load more and more tax on the
working population, and I don't mind whether you're at the
higher end of income or at the lower end, but
if you load more and more tax on people and
take away some of their aspirations, the risk is you
give up. Whereas if we can amplify the people who
(28:32):
are trying to invest in business, who are trying to
invest in great jobs, and invest in developing people, and
invest in our education, then we'll look back in ten
years and say, what a wonderful place to live. We
will not solve what we need to solve by lumping
more and more tax on people. It will just stop
people trying.
Speaker 6 (28:50):
Yeah, no, I agree with that it stopsicle from trying.
But the wealthy people, it makes them leave because they
don't have to go to the strategy to get that treatment.
They can go to other countries like Singapore or Hong Kong.
Speaker 2 (29:01):
Then again, if you've got a lot of money, do
you really care about where you live? I mean, you
will live where you want to, So I would still
live in New Zealand. Ben. I think the idea that
people suddenly just go to live somewhere simply for the money,
if you've already got a lot of it, I'm not
quite as convinced about that as you might be. But anyway, Hey,
thanks for cole mate. I appreciate it. It's twenty two
(29:21):
minutes to five. News Talk, said B. News Talk said B.
I'm with Brian Thompson. He's managing director at Harcourts. This
is the one roof radio show we're talking about. You
know what effect. I mean, Inevitably we end up talking
(29:43):
about the morals, you know, the moral arguing about it
about what sort of tax you like, whether you're like
a capital gains tax or whatever. So yeah, but what
effect it will have on the market. Here's a bunch
of texts Brian let's let's see where we go. We
can add your thoughts on this or not. You can
chip in as we go. Stamp duty and Sydney go
straight into their brilliant infrastructure system s. Is this person
(30:06):
I'm not. I don't know. I'm assuming tax goes into
all sorts of things. Doesn't do we know about where
the stamp duty goes.
Speaker 3 (30:11):
It just goes into the tax spot. What they spend
it on. I don't know.
Speaker 2 (30:14):
Do we know how much money they raise through stamp
juty because it must be an immense amount of money.
Speaker 3 (30:18):
Yes, and I'm not aware of the facts.
Speaker 2 (30:20):
The only bummer the other bummer about a stamp juty.
I look, I hate the idea of a stamp jutty.
If you had to say, what's my least favorite and
would be stamp duty because if you had to move
for work, you've got to pay your tax. If there's
a tax on it, which means the purchasing next property,
you're paying a stamp juty. All right, let's say, Tim,
it isn't isn't land tax rates?
Speaker 4 (30:44):
Oh?
Speaker 2 (30:44):
Well, I mean effectively we do have a land tax
here with your rates bill, Yes.
Speaker 4 (30:48):
We do.
Speaker 2 (30:49):
A CGT will apply it to shares as well. They
reckon not just property gains which have been zero for ages.
I don't know about that actually.
Speaker 3 (30:57):
If you google it. And as I said earlier, it'd
be great to have some detail around a whole lot
of stuff at the moment. But my understanding is will
not apply to shares.
Speaker 2 (31:06):
Hey, guys, why does everyone keep calling it a capital
gains tax. It's a property investor tax. All other assets
have no capital tax applied. That's from Bill. In fact,
that's what I understand it to be. What Labor would
be planning titum the huge elephant in the room with
opportunities land tax policies, that the tax would never be
applied to a lot of Mario own land, especially community
held Mario own land. Well, it also precludes commercial premises
(31:29):
as well. This person says, can you imagine how politically
expos explosive that bomb will be in the wrong populist hands. Possibly,
I agree with your guests, one hundred percent capital gains
tax just another tax. It hurts, and it's time suggesting
more taxes stops. Actually that's like that Tex He agrees
(31:50):
with me because also Labor, I don't think they're talking
about offsetting it with anyone else. Simply we need more
revenue and so we're going to add another tax to
the New Zealand economy. That's my understanding, my right or wrong, Bran.
I mean, I know you're not a political I don't.
Speaker 3 (32:09):
I don't know as the answer. I mean, there was
some talk it might mean that other taxes could could fall.
I can't say that it can because I don't think
it's going to raise a lot of money, particularly initially,
and we already have a capital gains tax. It's called
the brightline test.
Speaker 2 (32:21):
Hey, by the way, what what how are things looking
with the market in terms of just energy and volume?
Actually that's because that does tie into it, because I
have a suspicion that labour's assumed volume as we've seen
in the past when everything's going bonkers. But of course
with the capital gains tax and the volume is not
(32:41):
great at the moment, what are we Where are we
at with the market?
Speaker 3 (32:44):
Yes, well, that's a good question, tim, because the market
we've had quite a long period of lull you would
say probably four years now, particularly in Auckland and Wellington
after the sugar rush that we had post COVID. It
was recovering until the until the conflict started in the
Middle East, and we had a bit of an easying
April and April and may have been a little bit
quiet and than we would like, particularly in the North Island.
(33:09):
And if you look at April, it's easy to understand
we had a couple of long weekends and school holidays
and tracking through into the winds of it. It appears
this month things are getting a little bit better, but
it certainly there are parts of New Zealand where the
volumes are under where we would like them to be.
Speaker 2 (33:24):
Another one here says the majority of property texts are
the majority of property investors are setting themselves up for
choices and financial security and not state dependency. They're responsibly
preparing for their retirement. So there's a room for others
less fortunate requiring state assistant It's offensive to call it greed.
People need to start showing some respect appreciation for the
(33:44):
homes they have provided others. I one thousand percent agree
with you, guest. Everyone needs to focus on building a
positive future for everyone.
Speaker 3 (33:52):
And the other thing I'll add to that term is,
if you look at New Zealand, we're a land of
small businesses, employing people, giving jobs to people so they
can grow their families and their own curatey. And so
many of the people who own those businesses that have
leveraged their properties to do that, they've put their own
properties at risk to secure bank funding. So it needs
(34:15):
to be recognized.
Speaker 2 (34:15):
Actually, I've got to say also, I think the idea
of I think the idea of people used to be
everyone thinking, oh God, I've really got an get investment
property if I can. I'm not sure people see it
that way at the moment because the property market has
taken a bit of a kicking lately. I mean, how
many people are what's what are you know, in terms
of the number of people who are buying property from
(34:37):
an investment point of view compared to what you might
have seen previously.
Speaker 3 (34:41):
I think the statistics would tell you that it's been
a little bit quieter than it had been previously. But
when you look at it, human beings are heard animals.
When everyone's buying, everyone buys, and when everyone's selling, everyone's
trying a seal. So the real investors don't change their behavior.
They look for the right property for their portfolio and
they buy no matter what the market is. People who
(35:02):
are just having a goal or thinking about getting in
will normally do when things are a little bit more positive.
Speaker 2 (35:07):
Just while we're on that, I did meant to mention
this in the introduction. We went in and not long
to discuss it, but I was curious to get your
take on Wellington and Wellington over the next you know,
we were We're going to see not just their rate
spills go up, but their water rates are going to
go crazy. Thousands of dollars a year on water to
(35:29):
fix her infrastructure. What is I'm no expert, but just
gut reaction tells me that that's really going to screw
the Wellington market for quite some time in terms of
any gains because of the I mean, who'd want to
own a property in Wellington when you're paying the rates
and the water rates you're going to end up paying.
Speaker 3 (35:47):
Yeah, I think you've used to diet him. To be
honest with you, I mean, what have I done? You're
too diet. I mean you've caught the negativity bug. You've
caught the negativity bug that fest the world. I was
in Wellington this week on Wednesday. It is it is
a great location to be. There is so much opportunity
in well I should say yes, their property market has
(36:08):
been difficult and so is their rental market over a
period of time. And there's been a lot of negative
rhetoric about what's happening in the public service. The public service,
the people who potentially are not going to be in
the public service overcoming months and years. Before they went
into the public service, they all had jobs, so there
will be jobs for them. The Wellington community is strong
(36:30):
and it will keep going. Now, the question you raised
about the cost of fixing their infrastructure, I have seen
so many different amounts put against. The rates are going
to be here. The rates are going to be there.
I don't think anyone's got a firm figure. Yes, it's
going to be challenging, but that is the job of
our elected representatives to sort it, and I'm sure they will.
(36:50):
How's that for a positive comment, Ah.
Speaker 2 (36:53):
Bollocks, I'd said to say that for fun No, but no.
The reason I laughed is because you're talking about Wellington
Council fixing the politics and Wellington fixing their problem with
the rates. And I would have to say that just
from the gist of discussions I've had over the years
with talkback is that. I'm glad that we've got the
(37:17):
council we've got on Auckland, and I'm really sorry for
Wellington Montonians that they've got the quality of council that
they have had over the last few years, because I
wouldn't have any faith on them fixing it.
Speaker 3 (37:28):
Yeah. No, I'm not saying I've got faith in any one.
Speaker 2 (37:31):
Of your clothes.
Speaker 3 (37:36):
I just have been a turn I just choose to
have a positive outlook. I think there's a major problem
in some parts of the country. Infrastructure needs to be fixed.
It's not just a local issue, it's a national issue.
Well Wellington's a gateway city, it's our capital and there
will be a lot of people need to work together
over a long period of time to put things in
place that they needed because the worst thing of d
(37:56):
You don't want to see water exploding through your street.
Speaker 2 (37:58):
Oh no, that's the thing. But I guess there's a
cost to owning property. And that's just a simple quest
on the costamating property. And so if you buy a
property in Wellington, you've got a mortgage, you're paying a
certain interest rate. You know what you've got for rates.
But there's a cost to owning that property, which is
going to be markedly more than maybe what the rest
of the country pays. And I was just wondering, how
(38:20):
you see that affecting where the property market is in
Wellington right now to where it's going to be, you know,
compared to the rest of the country. Well, I could
be positive and say the rest of the country is
going to be magnificent, but how's.
Speaker 3 (38:31):
Well, every location's got positive as positives as negatives, isn't
I think you wouldn't want to speculate that the rates
will not get to us to a level that people
can't afford to pay them, because that's just makes no sense. Whatever,
there will be a solution there. It will be a
long term solution, and all it's going to do is
fix what should have been done earlier. I think most
(38:53):
people would agree, Oh gosh, do you wish.
Speaker 2 (38:54):
That we'd followed the advice of some of our leaders
from thirty forty fifty years ago about a whole bunch
of things with infrastructure. But there we go, and you're right,
I mean things will be fixed because.
Speaker 3 (39:03):
Actually, and I'd have to be fair, if you want
to be in the most positive city in New Zealand
at seven o'clock to night. You'll be down there in
that great stadium watching the Super Rugby Final, because no
one in there will be worrying about their rates, nobody
will be worrying about capital gains tax. They'll just be
shouting at the top of their voices to both half backs,
don't you kick that ball again.
Speaker 2 (39:24):
That's the magic of sport too. We can escape our
problems temporarily, just for a couple of hours. Anyway, Hey, look,
we'll be back in a moment. It's eight and a
half minutes to five, and his talks he'd b yes,
welcome back to the One Roof, One Roof radio show.
And it is that time of the day. It is
time for.
Speaker 1 (39:45):
The one roof property of the Week on the weekend collective.
Speaker 2 (39:48):
One week probably of the Week is an interesting one
because it's quite a sort of flash apartment. It's in
the It's positioned above the newly refurbished Marriott JW. Marriott,
and it's described as representing one of them well the cities,
should I say, most exclusive and prestigious. The building's about
eighteen years old, substantially upgraded about than twenty twenty three,
(40:11):
so an award winning development It's described as seamlessly bent,
blending timeless architecture with contemporary refinement. It's a penthouse. You
want to know what a penthouse sits you back, it's
it's with Harbor Bridge views, afternoon sun near New condition
raally lived in and five point two nine to five million,
(40:31):
five point three, let's call it that. It is two
three oh seven dash twenty. It's Albert Street, basically in
the JW. Marriott and the thing that still stood out
for me. We'll get Brann's take. In fact, we'll get
Brann's taken. Now do you like it? Brian?
Speaker 3 (40:47):
We've lived in an apartment for the last I'm going
to say sixteen years, and so I can tell you
all of the benefits of being an apartment Liver, And
that's a beautiful apartment. It's large, it's got lots of sun,
plenty of glass, and it's in a building that's in
a great location, walk down some lovely restaurants, close by waterfront,
not far away. So it looks beautiful.
Speaker 2 (41:07):
Except the bathroom and the toilet looks like it's a
hotel bathroom toilet, you know what I mean. It's just
it looks a little bit like they're expecting someone to
sort of, I don't know, have an accident on the floor.
It's got drains here and.
Speaker 3 (41:18):
A lot of tiling, lots of tiles. You're in an
apartment building. You want to make sure any water that
gets spilt goes down the drain.
Speaker 2 (41:24):
Yeah, that's the one. And if you've got an extra
half million to buy it, maybe set aside a few
thousand to redo the tiles. Anyway, Hey Brian, great to
have you on the show mate, thanks to you know
where hardcourts are go and check them out if you
need some help with your real estate.
Speaker 3 (41:38):
Love to hear from you. Catch you next time, See
you next time.
Speaker 2 (41:40):
Parrots quad As next.
Speaker 1 (41:44):
For more from the Weekend Collective, listen live to News
Talk said Be weekends from three pm, or follow the
podcast on iHeartRadio
You're listening to the Weekend Collective podcast from News Talks Barton.
Speaker 2 (00:36):
Hi, Yes, welcome back to the show. This is the
Weekend Collective. I'm Tim Beverage. Now that as my producer
locks response to me having a crack at England winning
the World Cup. So of course football is coming home. Yeah, anyway,
you won't get into that because I really want to
have a hot take on the whole World Cup. But
I do love the World Cup. I've actually haven't watched
too much of it yet, but it is just big
(00:59):
sporting occasions where people can get actually get out there
and enjoy supporting their countries and having a good time
and all that. You know, a great antidote for the
world's problems, isn't it. Anyway? Look the One Roof radio show.
That's what it is this hour, and we want your
calls on eight hundred eighty ten eighty and you can
text nine two nine two and in essence, you know,
(01:20):
we're just having text on text nineteen nine two will
call us. We'd love you to. I put it as
joining the conversation. Really you might have a query for
the guests that we have on the show, but it's
also part of you joining the conversation and adding your
tuppence to what we're chatting about, and you don't have
to have the final answers to everything and the meaning
of life. Let's just chip in with your point of
(01:42):
view and we'll keep moving the conversation. So please give
us a call eight hundred and eighty ten eighty, and
don't save it for the last seven minutes when all
of a sudden we get slammed and then no one
can get on. So anyway, before I introduce my guest, look, okay,
if you want to talk politics, you might say Labor
has been a bit slow with some policy announcement, but
it seems that a lot of their announcements are cad
(02:05):
on the successful implementation of a capital gains tax. And
question is what effect will a capital gains tax have
on the market. I mean, you can always say, look,
I like capital gains tax, and it's something that hasn't
been far from the conversation recently on our won Roof
radio show and Rights and wrongs aside, what do you
(02:29):
think the effect would actually be on the property market
of a capital gains tax? Now, before we get and
continue with that, it's worth pointing out that the Opportunities Party,
And look, I don't know if they're going to get
or not my inclinations probably no, But they've had a
pretty good show in one of the recent polls, something
over three percent, I think. And they're keen on a
(02:52):
land tax, which I have to say, I really do
not like the land tax. So you could say, which
sort of tax if you're going to go, tax, tax, tax, tax,
tax on property? Which is the lesser of the two
evils or none of them evil? If you're a top voter,
you probably think that's not an evil. It's a great idea. Anyway.
They want to introduce one point seventy five percent annual
land value tax on all urban residential land, so no shops,
(03:18):
conservation land, or rural areas would be affected, which does
beg the question as to whether that would have an
effect on people buying commercial land property. And the idea
is to free up more land for development by I
guess driving people off their land because they can't afford
to pay it. Maybe that's it. Anyway, I don't like
the idea, but what do we you know, what do
you reckon? What is the effect going to be of
(03:39):
these taxes on the market FNY and I know when
I say on FNI it sounds like a stupid thing
to say, but you know, we've got to go from
one extreme to the other. We want to know of
your cause I e. One hundred and eighty ten eighty
you can text on nine two nine two and joining
us to discuss it. Well, I think he knows a
little bit about property. He's the managing director at Harcourt's
New Zealand and his name is Bran Thompson and he's
(04:00):
with me. Now, Okida, Brian, how are you going here?
Speaker 3 (04:02):
Good to think? It's great to be here. I do
have to say, with the topic of talk on, I
sort of felt a bit like a turkey must feel
leading into Christmas. Really a real estate agent being asked
about tax on property. So do you actually like me?
Or was this deliberate?
Speaker 2 (04:16):
Umm, it's deliberate. No, No, I mean it's deliberate. But we
like you because we view and high, we hold you
in high esteam and we think, oh, Brian, I'll be
all over this. He'll be great. But here's my hot
take for it, because I get the sense that within
the property world, no one likes the idea of a
capital gains tax. But my really short and people have
(04:38):
heard me say this before I turn up to work
and I get paid, and because they get taxed on
my income, it doesn't turn me stop me turning up.
I think a property gains a capital gains tax is
not something people necessarily like, and it's got some problems
with you know, if you value it after someone's paid.
(04:58):
Say somebody bought in the COVID boom, you know when
money was cheap and everything went squiffy. If you bought
there and then you made a loss and then suddenly
they started measuring property values from them, that's not fair either.
But in principle, the idea that I would have to
pay a capital gains tax on a property wouldn't stop
me necessarily wanting to invest in property, because I'd still
(05:21):
want to make money. So I've thrown in a few
things there. What goys, you're grimacing? I think I need
to get the need to get the blood pressure stuff anyway. Firstly,
which is the worst one, the land tax or the
property gain capital gains tax?
Speaker 3 (05:39):
Oh that's a great question, isn't it. I hate both
of them.
Speaker 2 (05:43):
I think that the land one.
Speaker 3 (05:45):
Is really easy to explain why I don't like it.
You can imagine you've worked your whole life, you go
into retirement, you're living in a property, you've got limited income,
but you've got a mortgage free home, and you're getting
by on the pension and the bit you've put aside,
and all of a sudden you've got to pay tax
on an asset that you haven't sold. Where's the money
meant to come from?
Speaker 2 (06:05):
It?
Speaker 3 (06:05):
Just to me it biggers belief. And then you have
people who invest in property where they are building property
for the future of New Zealand. They might be building
an apartment block, an investment, a block, commercial building, and
all of a sudden you're being taxed on unrealized Again,
where's the money coming from? It seems to me a
bigger belief.
Speaker 2 (06:25):
I do wonder. I don't know the details of the
Opportunities Parties parti's policy, but would one would hope that
if it was I mean, look, they're not going to
get it, and we're talking a theory really, but one
would hope that if you're retired, that it could be
deferred until after your death, in which case would come
out of your state, which would be better than coming
out of it. While you're alive and you have to move.
Speaker 3 (06:45):
But you're already playing rates on your land, aren't you
for the services you use them or not? So you're
already being taxed on your land. This is just another tax. Yeah,
it's just another tax. Yeah.
Speaker 2 (06:56):
Okay, So I'm guessing that if I said to you, right, Bryan,
you are making the choice now the future of the
countries in your hands. You have to choose either a
land tax or a capital gains tax on property. You
would reluctantly go property or capital gains, wouldn't you.
Speaker 3 (07:14):
No, No, I wouldn't at all if you put me
in charge of running.
Speaker 2 (07:17):
No, no, I'm giving you one choice. I'm giving you
Hobson's choice. You have to choose one or the other.
Speaker 3 (07:21):
Yeah, no, no, no, I'm not playing that game. I'm not
playing that game. That's like asking someone I'm going to
cut your arm or your leg off, which one would
you prefer. I'm keeping them both.
Speaker 2 (07:30):
Okay, okay, what's okay? I reckon that a capital gains
isn't as dramatic on a property because we are on
the property market, although instantly there would be an effect.
What do you think the effect that capital gains tax
would have.
Speaker 3 (07:45):
The problem you have, tim if you look at the
facts of the matter is we already have a capital
gains tax here in New Zealand. That's the bright line test.
So if you buy and sell a property and make
a profit within the bright line test timeline, you're getting
taxed on it. If you buy a property for the
pur what is that now to years? So if you
buy a property and your intention when you buy it
was to sell it for a profit, you're going to
(08:05):
be taxed on it already. So there's already a capital
gains tax in place for speculators. So people thinking that
this is a tax which will penalize speculators, that tax
is already in place. The second thing that I'll put
to you is that if a capital gains tax comes
on and people look at it as in their longer
term property investment strategy, they just won't sell. So where's
(08:27):
the money coming from. There's no money to fund the
infrastructure that will be required to put that in place.
And the last thing I'll say is there is a
population in New Zealand who either choose to rent property
or rent property because they need to. And the residential
property investors are the people who provide a massive amount
of those properties. And if there is a capital gains
(08:48):
tax put on place, which means when those investors, the
mum and dads who own one or two properties come
to retire that they're going to lose a whole lot
of their asset. Then that may mean they think, well,
we'll put it somewhere else. Because there are other areas
where they're proposed and there's no details around it. But
the propose, well that's the proposal. Well not just for this,
is it. I mean we like to see some detail,
(09:10):
but in this particular proposal, when you work your way through,
there are other assets where you don't get text on
your capital gains.
Speaker 2 (09:19):
I mean, come on, yeah, do you think actually that
would have that It could have the contrary effect when
it comes to property values of restricting supply because people
holding on and not wanting to turn over. I mean,
obviously investors are not going to be flicking something on
to buy another one because then they'd be realizing that
the capital gain and then paying tax. Do you think
it would have a restrictive effect on supply?
Speaker 3 (09:41):
It could do. It could do, but we're speculating that
because there's no detail around the world. Well, there's no
detail around the property. We're looking at here and thinking
what could it?
Speaker 2 (09:48):
Well, the word speculation and property sometimes do go hand
in hand.
Speaker 3 (09:52):
That's fair, Well, no question it does for some people.
And if you are a property speculator, you should really
celebrate when you when you make a dollar and don't
winge when you don't, because that's the game you're in.
Speaker 2 (10:04):
What's actually just because before we go to a first call,
what do you what sort of how do you think
people should approach investment when it comes to property, because
I would imagine you don't really like the bar it
and fleck it on, and you know the sort of
speculative market which when it goes well for people, it
(10:25):
can be really an inflationary sort of effect on the market.
What sort of what sort of investor do you like? Actually,
that's a curve of board persson, isn't it, Because you're like,
who are the ones that I don't like? That? It
may be my clians right now?
Speaker 3 (10:38):
Well, I think people who buy and sell property or adults,
they live and die by their own decisions. So if
you decide to be a speculator, if you're going to
buy a property and probably improve it and sell it
in the future because your aim is to make a profit.
And it's what I said to you before. You should
celebrate when you do well and don't come whinging when
you don't, because that's the game you're in. If you're
(10:59):
a long term property investor who is providing rental accommodation
for people who need, need, or have to rent, then
good on you keep doing it. They're both fell Actually
you've made a good point there.
Speaker 2 (11:11):
I used to find the reporting on it kind of
there would be you know, people say, oh, a speculator
brought it and they bought it for you know, eight
hundred thousand. They sold it a few weeks later for
nine hundred thousand, and I sort of think, well, you know,
that's a gamble they've taken and it could have gone
the other way.
Speaker 3 (11:29):
And what did they spend on it?
Speaker 2 (11:30):
Yeah, interim, But also even if they were doing it,
I mean that's when the market maybe has got it
wrong with somebody, you know, where hasn't been enough interest
in a property that suddenly it's a few weeks a
few weeks later a property so it used to sell
for a big profit. I'm thinking something's gone wrong and
the whole process full stuff.
Speaker 3 (11:47):
But I think the reporting of the market sometimes drives
people's view towards speculation, because we'll even see in publications
now where people say here are the people who made
a profit this quarter from the properties they sold, and
you read it, it says they bought it ten years
ago for this much money. They sold it now been
two bedrooms, added, a swimming pool put in and completely refurbished.
(12:08):
In the caller a profit, it's not a profit at all.
Speaker 2 (12:11):
No, no good point. Look, we want to take your
cause on this. But the broader question is what effect
do you think a property sorry I keep them calling
the property gains a capital gains tax would have on
New Zealand's property market because you either like it or not.
But what effect will it have? Because I don't think
(12:31):
it'll make any much difference at all. But that's just me.
So eight hundred and eighty how iny minutes. Sorry, Scott's
just disappeared on me, and let's go to Ralph gooday.
Speaker 4 (12:43):
Hi hei.
Speaker 2 (12:45):
Good things.
Speaker 5 (12:49):
So I know that say this doesn't apply to residential
or whatever, but just there as an example. So I
bought my house for two point years ago for fifty
eight thousand, and.
Speaker 2 (13:09):
How many years ago? Sorry? Sorry, how many years ago? Okay, right,
a little while.
Speaker 5 (13:17):
Ago, thirty nine years ago. Now I sold it in
twenty twenty for one point three million, and that sounds
pretty good. But so what that one point three million?
All I can do is by the same or similar
or equivalent property.
Speaker 3 (13:41):
Ralph, I one hundred percent agree with your view of
the property, because what's happened with your property, and I
don't know what you've done to improve it. You've probably
done a lot, but a lot of the growth and
value has been inflation. But what we're talking about when
you talk about a property, when you sell and buy
another one, you're buying and selling on the same market.
So your equity is what allows you to stay in
(14:02):
the market at the same level. If people put a
capital gains tax on your property, and I do believe
it's not going to apply to your to your own house,
your your.
Speaker 2 (14:12):
Home, otherwise you'd be text on reading.
Speaker 3 (14:14):
Yeah, but if you buy and sell a property in
the same market, it's called buying power. If your property's
gone up to one point three so have all the
others gone up the same? If it's dropped the others
have dropped as well.
Speaker 5 (14:25):
Yes, so the point I can make, that's that's the
first point I was going to make. The second point
I was going to make is this that has been
driven by governments, the Reserve back printing money and pumping
money into the system. So you've got irresponsible socialist governments
(14:45):
or one other that are pumping money into the system
and creating inflation, and there they want to punishment for
their bad financial management.
Speaker 2 (14:56):
Yeah, well it brought more broadly speaking, it's also, as
they say, the question of it being a tax on
inflation is a little bit problematic, isn't it. Yeah, so
I gather you don't like it, Ralph? What what what? What
effect do you think it will have on the property market?
Do you think we'll have much? Because there are plenty
of countries around the world that have a capital gains tax.
Speaker 5 (15:18):
I haven't really thought about it, but all I'm saying
they have created the inflation, They've caused a problem, and
they want to punish you for the problem that they
have created.
Speaker 2 (15:27):
Yeah, okay, not fair enough mate. Hey, thanks for your call, Ralph.
Any further comment on that, brand I could see.
Speaker 3 (15:34):
I think what I would say is this it depends
which side of the argument or the no not the argument.
It depends on what the rationale is for having a
capital gains tax. If the rationale is is that it's
going to impact the market and slow house prices down.
If that's the rationale, you go to Queensland and have
a look what's happening on the gold ghost market, and
through Australia where they've got capital gains tax and they've
(15:56):
got stamp duty and the market it certainly is strong.
Speaker 2 (16:00):
Well, that's why I don't think it ultimately will have
a big effect on Zale's property market. But because people
will still want to buy and sell and make money. Well, well,
I mean, if it doesn't over there, why we're here.
Speaker 3 (16:11):
Well, the second thing I'd say to you, you've got
to look at the detail around the capital gains tax
and how it works so compared to ours before you
can make that judgment. And we don't have details around
this one. So the second thing I'd say to you
is if the rationale behind having a capital gains tax
is that it's going to generate income, I would suggest
to you that that could well be a failure. I'm
(16:32):
sure clever people and the Treasury have done their numbers,
but it would be a big infrastructure needed to be
put behind it. And then if people look at it
and say, well, I'm not paying the tax, but I
don't sell, I'll keep the property, then where's the money
coming from over the next four or five, six, ten
years when there's already a capital gains tax in place
with the bright line test and the intention when you
buy the property. So I just can't see the point.
Speaker 2 (16:54):
How much do they think they're going to be how
much do they think they're going to be earning out
of the capital gains tax labor? I might have to
do google that in the break and just remind myself.
But it's predicated on a few assumptions, isn't it. It's
predicated on three percent growth I think in the market.
I heard Barbara Edmonds right, it's predicated on a three
percent growth per anum per year, which seems I don't
(17:17):
have a problem with that prediction so much, But it
might be the other side of that is that you
assume a certain turnover, and I'm not sure I think
they're turnover assumptions are potentially a bit out of whack.
Speaker 3 (17:30):
The other thing, of course, is term if there was
a capital gains tax, but it didn't apply to your
own home. You may decide, well, I'm not going to
buy that property as an investment property where someone could
go and live who requires a rental home. I'm going
to sell the property I've got at the moment by
home where I don't pay capital gains tax, and I'm
going to buy that great big mention down the road
(17:50):
because I won't pay tax when I sell that to
trade down as we get older into a smaller unit.
Speaker 2 (17:57):
I guess you know the idea of pragmatic solutions to
any sort of tax. It's not a new thing, is it.
Speaker 3 (18:03):
Well. I think that if anyone in an allegislative body
decides that they want to get involved in a market,
there is always a directly opposing and equal response to
the opposite of what you're trying to achieve.
Speaker 2 (18:18):
Right, We're going to we'd love to take more calls
on this. The couple of questions and a look, it
does end up being a little bit about what do
you think about a capital gains tax? But it is
on the agenda because Labor's talking about how it's going
to fund a lot of its promises. They reckon they
they're going to raise about seven hundred million a year
with the CGT. The question that I've started out with
(18:40):
is do you think, regardless of the rights or wrongs,
what effect do you think a CGT will have on
the New Zealand property market? Eight hundred and eighty ten eighty.
You've got a bunch of texts, but you're welcome to
jump the queue by giving us a call on that number.
It's twenty. My guest is Brian Thompson from Hard Courts
and we'll be back in just a Moment's twenty five
past four News Talk said, b this is one roof show.
(19:05):
We're talking about what your reckons are. If we ended
up with a labor government and we end up with
a capital gains tax and there's a whole lot of things.
Do you think it would have any significant impact on
the market, and if so, what would that be? Eight
hundred eighty ten eighty Sue, Hello, a good afternoon, afternoon.
Speaker 4 (19:26):
In good afternoon, Brian, great, yea, you do know each
other well. I've got a very well balanced for him,
but it's probably the opposite of yours.
Speaker 2 (19:39):
Where we go let's climb into it.
Speaker 4 (19:41):
So I haven't got to argue with now, so I'll
do it with you instead. Speculation became rampant land, not
the dwelling ended up having overinflated prices. And to be fair,
Brian people in this situation pay no tax on profits.
(20:06):
Everyone else says too, we all have to and I
have a third option. But it was mentioned just before,
and that's a stamp duty. Most countries, I think all
the as I had all the documents here, all the
Asian countries, they had capital gains text stamp duty and
(20:28):
it was about fifteen percent. Some of them have gone
up for rotsince then. But I think that's an absolute.
Speaker 2 (20:37):
Must, which does a must hang on?
Speaker 3 (20:39):
Now?
Speaker 2 (20:39):
It down for us.
Speaker 4 (20:39):
So the first one and I'll tell you why capital
going to text wouldn't bring money and straight away, but
if you had a stamp duty that would that's the difference,
you know, And that stamp duty.
Speaker 2 (20:54):
I don't know what what do they pay in Australia.
Speaker 3 (20:56):
It's quite significant and it certainly hasn't hasn't slowed down.
The growth of property. Property is cyclical, so you have
years when it goes really well, in other years when not.
Speaker 4 (21:05):
Every teen years or no. But what you have to
do is, and you won't agree with this, Brian Is.
You've got to You've got to regulate. You can't just
have you know, the Sheriff of Nottingham Society and have
have opened sleather. You've got to regulate this stuff. And
(21:27):
I can remember when it wasn't like this and we
had beautiful communities. People weren't greedy. I think the trouble
is greed's taken over. I really do.
Speaker 2 (21:40):
I can I just chip on there so, but you're
not greedy, No, no, no no. I was going to say.
You might have argued that greed was prevailing with really
cheap money and people piling in tooks. I thought there's
a fortune to be made.
Speaker 3 (21:53):
I don't see.
Speaker 2 (21:54):
I don't see a property market right now which is
driven by greed. I think there are people who have
you know, who've got who have spent way more than
they than they would have, say, waited a few years.
It feels because the property market it feels pretty quiet
these days. So I mean, that doesn't feel like a
greed driven market.
Speaker 3 (22:11):
I think. I think the one thing I'd say so
is it's great to have you on the radio. You
mentioned Sherwood Forest and I'm hoping that you're not Robin
Hood thinking that that by putting a capital gains and
a stamp duty on is a reallocation of money. Because
but the thing I was say is one of the
things that frustrates me about about the whole discussion around
(22:34):
we're going to put on another tax here and another
tack here. That's not going to be the solution that
that's going to make our country go forward and continue
to be the best country to live anywhere in the world,
even though we've got the odd issue. It's the best
place to live in the world without question. So the way,
the way, the way.
Speaker 2 (22:52):
We'll hang on half so just let them do unfinished it.
Speaker 3 (22:54):
The way we'll solve that so is by having a
positive drive forward to increase the performance, get everyone's heads up,
looking forward, son on our backs, having a crack like
like we've been better at doing in the past. It's
really easy now as you turn the radio on, not
this radio, of course, but other stations, or you turn
the television news on, or you read the paper, of course,
(23:16):
not this paper, but it's or you listen to the
six o'clock news, and you've got to get to the
sports news before you hear one positive story, so I'm
completely the reverse. I think tax is not the solution
to anything. The solution is is to back people who
are having a crack so that there are more jobs
and property has remain strong because everyone wants to live
in their own house if they can. I don't. I
(23:37):
don't care who you are. So I think the negative
connotation of a tax conversation is the piece that I
don't like. Let's get on the front foot and have
a crack like Henry Nichols did at the Oval last night.
Speaker 2 (23:49):
There we go a nice supporting analogy for your So
you'd be loving the cricket, wouldn't you before?
Speaker 4 (23:54):
Before you well, we don't.
Speaker 2 (23:57):
Have to go. No, we've got we do. We've got
a lineup of communication. But no, no, you said somebody
you want Yeah, I thank you. No.
Speaker 4 (24:09):
But when you look at it logically and honestly, if
you're making a profit, you don't pay any text because
there isn't one. You don't work every day, you've got
I can remember paying sixty six cents in the bloody
dollar tech you pay text working, you pay texts flogging
(24:30):
off property. You pay no text And it's not fair.
Speaker 2 (24:33):
Okay, fair enough, So that's hey, thanks for sharing that
with us. Actually, the other to be and I've mentioned
this a million times technically, and this is the great
lie's strong language, but it's the great lie that the
whole system indulges in that most investeds. I don't know
many investors who there will be some who buy because
(24:55):
they want to get the rental return and that's their
form of income and their retirement, you know, and they'll
gradually paid off and they look for them. But funnily enough,
the test for cap gains in New Zealand currently is
if you buy property with the intention of making a
capital gain, then you should pay You're legally obliged to
pay tax on it. But everyone pretends they haven't bought
(25:16):
it for the capital gain. Everyone pretends they've bought it
for the rental income. And most of us know that
that's BSh. Yeah, and that's I'm correct, aren't I that legal?
Speaker 3 (25:26):
Everyone is a sweeping generalization, And I haven't got the
figures from the inland revenue, but I assure that I'm
sure they look into that. But if you look at it,
we've got a bright line test. If you that's the
pretense that we all indulge. I'm sure there's been somebody
who's done that.
Speaker 2 (25:42):
Excellent somebody, just one. It is a fascinating conversation, and
I can tell you it triggers people because we've got
the text rushing on. In eight hundred eighty ten eighty,
somebody's texted me saying that I can't be one minute
having thinking I'm talking about Trump. I don't know what
(26:03):
shay you're listening to. You might, but you need to
maybe turn your hearing aid up a little bit. Anyway,
let's go to ben Hello.
Speaker 6 (26:12):
Oh hi, Yes, Alclism's strong thoughts and strong ideas on this.
I agree tax can world country down, but it can
also bring a country up. And I think what we need,
Zella need to do is change our system in such
a way that brings it up. It's a few statistics
for you. The number of superhutonts we have at the
(26:33):
moment is about nine hundred thousand. That's probably going to
double in the next nine years or so. The cost
of that is going to be an extra twenty billion.
At the moment it costs twenty billion. We collect about
one hundred and twenty billion in tax per year, so
the burden's going to increase. Now you know that's a
bit of a problem. So how do you solve that problem?
(26:54):
And what most people say is well, look, we need
to collect more tax to pay for that further expense.
My answer to that is that if you do put
a capital gains tax on people, what they will do?
The rich people will do. They've got the ability to
move to Australia. And a lot of people might not
know this, but if if wealthy people move to Australia,
(27:17):
they can become temporary residents for tax purposes in Australia
and not pay tax on their capital gains.
Speaker 2 (27:25):
Well, they wouldn't pay tax. They would pay tax if
they relocate their assets to Australia.
Speaker 6 (27:30):
Oh, I know they wouldn't. So so the special rule
in Australia that says that if you are a key,
we go to Australia intro on a speed category of either,
then you're temporary residents in Australia for tax purposes, which
means you don't pay tax in Australia on your farm
sorces didn't come so you're on your Australian source. Did
income you would But that's what I'm.
Speaker 2 (27:47):
Talking about if you really like your assets.
Speaker 3 (27:49):
Yeah, I think. I think. Being I'm not going to
make any comment at all about what happens when you
move countries or talk about tax The one thing I
will say that I'm one hundred percent on in line
with your first comment was, is that we need to
make positive impact on our societ and on our country,
not a negative one. Because you're coming around the superannuation.
(28:10):
I hear that a lot, and it is an issue
which people far clever than me will have to address.
But if you load more and more tax on the
working population, and I don't mind whether you're at the
higher end of income or at the lower end, but
if you load more and more tax on people and
take away some of their aspirations, the risk is you
give up. Whereas if we can amplify the people who
(28:32):
are trying to invest in business, who are trying to
invest in great jobs, and invest in developing people, and
invest in our education, then we'll look back in ten
years and say, what a wonderful place to live. We
will not solve what we need to solve by lumping
more and more tax on people. It will just stop
people trying.
Speaker 6 (28:50):
Yeah, no, I agree with that it stopsicle from trying.
But the wealthy people, it makes them leave because they
don't have to go to the strategy to get that treatment.
They can go to other countries like Singapore or Hong Kong.
Speaker 2 (29:01):
Then again, if you've got a lot of money, do
you really care about where you live? I mean, you
will live where you want to, So I would still
live in New Zealand. Ben. I think the idea that
people suddenly just go to live somewhere simply for the money,
if you've already got a lot of it, I'm not
quite as convinced about that as you might be. But anyway, Hey,
thanks for cole mate. I appreciate it. It's twenty two
(29:21):
minutes to five. News Talk, said B. News Talk said B.
I'm with Brian Thompson. He's managing director at Harcourts. This
is the one roof radio show we're talking about. You
know what effect. I mean, Inevitably we end up talking
(29:43):
about the morals, you know, the moral arguing about it
about what sort of tax you like, whether you're like
a capital gains tax or whatever. So yeah, but what
effect it will have on the market. Here's a bunch
of texts Brian let's let's see where we go. We
can add your thoughts on this or not. You can
chip in as we go. Stamp duty and Sydney go
straight into their brilliant infrastructure system s. Is this person
(30:06):
I'm not. I don't know. I'm assuming tax goes into
all sorts of things. Doesn't do we know about where
the stamp duty goes.
Speaker 3 (30:11):
It just goes into the tax spot. What they spend
it on. I don't know.
Speaker 2 (30:14):
Do we know how much money they raise through stamp
juty because it must be an immense amount of money.
Speaker 3 (30:18):
Yes, and I'm not aware of the facts.
Speaker 2 (30:20):
The only bummer the other bummer about a stamp juty.
I look, I hate the idea of a stamp jutty.
If you had to say, what's my least favorite and
would be stamp duty because if you had to move
for work, you've got to pay your tax. If there's
a tax on it, which means the purchasing next property,
you're paying a stamp juty. All right, let's say, Tim,
it isn't isn't land tax rates?
Speaker 4 (30:44):
Oh?
Speaker 2 (30:44):
Well, I mean effectively we do have a land tax
here with your rates bill, Yes.
Speaker 4 (30:48):
We do.
Speaker 2 (30:49):
A CGT will apply it to shares as well. They
reckon not just property gains which have been zero for ages.
I don't know about that actually.
Speaker 3 (30:57):
If you google it. And as I said earlier, it'd
be great to have some detail around a whole lot
of stuff at the moment. But my understanding is will
not apply to shares.
Speaker 2 (31:06):
Hey, guys, why does everyone keep calling it a capital
gains tax. It's a property investor tax. All other assets
have no capital tax applied. That's from Bill. In fact,
that's what I understand it to be. What Labor would
be planning titum the huge elephant in the room with
opportunities land tax policies, that the tax would never be
applied to a lot of Mario own land, especially community
held Mario own land. Well, it also precludes commercial premises
(31:29):
as well. This person says, can you imagine how politically
expos explosive that bomb will be in the wrong populist hands. Possibly,
I agree with your guests, one hundred percent capital gains
tax just another tax. It hurts, and it's time suggesting
more taxes stops. Actually that's like that Tex He agrees
(31:50):
with me because also Labor, I don't think they're talking
about offsetting it with anyone else. Simply we need more
revenue and so we're going to add another tax to
the New Zealand economy. That's my understanding, my right or wrong, Bran.
I mean, I know you're not a political I don't.
Speaker 3 (32:09):
I don't know as the answer. I mean, there was
some talk it might mean that other taxes could could fall.
I can't say that it can because I don't think
it's going to raise a lot of money, particularly initially,
and we already have a capital gains tax. It's called
the brightline test.
Speaker 2 (32:21):
Hey, by the way, what what how are things looking
with the market in terms of just energy and volume?
Actually that's because that does tie into it, because I
have a suspicion that labour's assumed volume as we've seen
in the past when everything's going bonkers. But of course
with the capital gains tax and the volume is not
(32:41):
great at the moment, what are we Where are we
at with the market?
Speaker 3 (32:44):
Yes, well, that's a good question, tim, because the market
we've had quite a long period of lull you would
say probably four years now, particularly in Auckland and Wellington
after the sugar rush that we had post COVID. It
was recovering until the until the conflict started in the
Middle East, and we had a bit of an easying
April and April and may have been a little bit
quiet and than we would like, particularly in the North Island.
(33:09):
And if you look at April, it's easy to understand
we had a couple of long weekends and school holidays
and tracking through into the winds of it. It appears
this month things are getting a little bit better, but
it certainly there are parts of New Zealand where the
volumes are under where we would like them to be.
Speaker 2 (33:24):
Another one here says the majority of property texts are
the majority of property investors are setting themselves up for
choices and financial security and not state dependency. They're responsibly
preparing for their retirement. So there's a room for others
less fortunate requiring state assistant It's offensive to call it greed.
People need to start showing some respect appreciation for the
(33:44):
homes they have provided others. I one thousand percent agree
with you, guest. Everyone needs to focus on building a
positive future for everyone.
Speaker 3 (33:52):
And the other thing I'll add to that term is,
if you look at New Zealand, we're a land of
small businesses, employing people, giving jobs to people so they
can grow their families and their own curatey. And so
many of the people who own those businesses that have
leveraged their properties to do that, they've put their own
properties at risk to secure bank funding. So it needs
(34:15):
to be recognized.
Speaker 2 (34:15):
Actually, I've got to say also, I think the idea
of I think the idea of people used to be
everyone thinking, oh God, I've really got an get investment
property if I can. I'm not sure people see it
that way at the moment because the property market has
taken a bit of a kicking lately. I mean, how
many people are what's what are you know, in terms
of the number of people who are buying property from
(34:37):
an investment point of view compared to what you might
have seen previously.
Speaker 3 (34:41):
I think the statistics would tell you that it's been
a little bit quieter than it had been previously. But
when you look at it, human beings are heard animals.
When everyone's buying, everyone buys, and when everyone's selling, everyone's
trying a seal. So the real investors don't change their behavior.
They look for the right property for their portfolio and
they buy no matter what the market is. People who
(35:02):
are just having a goal or thinking about getting in
will normally do when things are a little bit more positive.
Speaker 2 (35:07):
Just while we're on that, I did meant to mention
this in the introduction. We went in and not long
to discuss it, but I was curious to get your
take on Wellington and Wellington over the next you know,
we were We're going to see not just their rate
spills go up, but their water rates are going to
go crazy. Thousands of dollars a year on water to
(35:29):
fix her infrastructure. What is I'm no expert, but just
gut reaction tells me that that's really going to screw
the Wellington market for quite some time in terms of
any gains because of the I mean, who'd want to
own a property in Wellington when you're paying the rates
and the water rates you're going to end up paying.
Speaker 3 (35:47):
Yeah, I think you've used to diet him. To be
honest with you, I mean, what have I done? You're
too diet. I mean you've caught the negativity bug. You've
caught the negativity bug that fest the world. I was
in Wellington this week on Wednesday. It is it is
a great location to be. There is so much opportunity
in well I should say yes, their property market has
(36:08):
been difficult and so is their rental market over a
period of time. And there's been a lot of negative
rhetoric about what's happening in the public service. The public service,
the people who potentially are not going to be in
the public service overcoming months and years. Before they went
into the public service, they all had jobs, so there
will be jobs for them. The Wellington community is strong
(36:30):
and it will keep going. Now, the question you raised
about the cost of fixing their infrastructure, I have seen
so many different amounts put against. The rates are going
to be here. The rates are going to be there.
I don't think anyone's got a firm figure. Yes, it's
going to be challenging, but that is the job of
our elected representatives to sort it, and I'm sure they will.
(36:50):
How's that for a positive comment, Ah.
Speaker 2 (36:53):
Bollocks, I'd said to say that for fun No, but no.
The reason I laughed is because you're talking about Wellington
Council fixing the politics and Wellington fixing their problem with
the rates. And I would have to say that just
from the gist of discussions I've had over the years
with talkback is that. I'm glad that we've got the
(37:17):
council we've got on Auckland, and I'm really sorry for
Wellington Montonians that they've got the quality of council that
they have had over the last few years, because I
wouldn't have any faith on them fixing it.
Speaker 3 (37:28):
Yeah. No, I'm not saying I've got faith in any one.
Speaker 2 (37:31):
Of your clothes.
Speaker 3 (37:36):
I just have been a turn I just choose to
have a positive outlook. I think there's a major problem
in some parts of the country. Infrastructure needs to be fixed.
It's not just a local issue, it's a national issue.
Well Wellington's a gateway city, it's our capital and there
will be a lot of people need to work together
over a long period of time to put things in
place that they needed because the worst thing of d
(37:56):
You don't want to see water exploding through your street.
Speaker 2 (37:58):
Oh no, that's the thing. But I guess there's a
cost to owning property. And that's just a simple quest
on the costamating property. And so if you buy a
property in Wellington, you've got a mortgage, you're paying a
certain interest rate. You know what you've got for rates.
But there's a cost to owning that property, which is
going to be markedly more than maybe what the rest
of the country pays. And I was just wondering, how
(38:20):
you see that affecting where the property market is in
Wellington right now to where it's going to be, you know,
compared to the rest of the country. Well, I could
be positive and say the rest of the country is
going to be magnificent, but how's.
Speaker 3 (38:31):
Well, every location's got positive as positives as negatives, isn't
I think you wouldn't want to speculate that the rates
will not get to us to a level that people
can't afford to pay them, because that's just makes no sense. Whatever,
there will be a solution there. It will be a
long term solution, and all it's going to do is
fix what should have been done earlier. I think most
(38:53):
people would agree, Oh gosh, do you wish.
Speaker 2 (38:54):
That we'd followed the advice of some of our leaders
from thirty forty fifty years ago about a whole bunch
of things with infrastructure. But there we go, and you're right,
I mean things will be fixed because.
Speaker 3 (39:03):
Actually, and I'd have to be fair, if you want
to be in the most positive city in New Zealand
at seven o'clock to night. You'll be down there in
that great stadium watching the Super Rugby Final, because no
one in there will be worrying about their rates, nobody
will be worrying about capital gains tax. They'll just be
shouting at the top of their voices to both half backs,
don't you kick that ball again.
Speaker 2 (39:24):
That's the magic of sport too. We can escape our
problems temporarily, just for a couple of hours. Anyway, Hey, look,
we'll be back in a moment. It's eight and a
half minutes to five, and his talks he'd b yes,
welcome back to the One Roof, One Roof radio show.
And it is that time of the day. It is
time for.
Speaker 1 (39:45):
The one roof property of the Week on the weekend collective.
Speaker 2 (39:48):
One week probably of the Week is an interesting one
because it's quite a sort of flash apartment. It's in
the It's positioned above the newly refurbished Marriott JW. Marriott,
and it's described as representing one of them well the cities,
should I say, most exclusive and prestigious. The building's about
eighteen years old, substantially upgraded about than twenty twenty three,
(40:11):
so an award winning development It's described as seamlessly bent,
blending timeless architecture with contemporary refinement. It's a penthouse. You
want to know what a penthouse sits you back, it's
it's with Harbor Bridge views, afternoon sun near New condition
raally lived in and five point two nine to five million,
(40:31):
five point three, let's call it that. It is two
three oh seven dash twenty. It's Albert Street, basically in
the JW. Marriott and the thing that still stood out
for me. We'll get Brann's take. In fact, we'll get
Brann's taken. Now do you like it? Brian?
Speaker 3 (40:47):
We've lived in an apartment for the last I'm going
to say sixteen years, and so I can tell you
all of the benefits of being an apartment Liver, And
that's a beautiful apartment. It's large, it's got lots of sun,
plenty of glass, and it's in a building that's in
a great location, walk down some lovely restaurants, close by waterfront,
not far away. So it looks beautiful.
Speaker 2 (41:07):
Except the bathroom and the toilet looks like it's a
hotel bathroom toilet, you know what I mean. It's just
it looks a little bit like they're expecting someone to
sort of, I don't know, have an accident on the floor.
It's got drains here and.
Speaker 3 (41:18):
A lot of tiling, lots of tiles. You're in an
apartment building. You want to make sure any water that
gets spilt goes down the drain.
Speaker 2 (41:24):
Yeah, that's the one. And if you've got an extra
half million to buy it, maybe set aside a few
thousand to redo the tiles. Anyway, Hey Brian, great to
have you on the show mate, thanks to you know
where hardcourts are go and check them out if you
need some help with your real estate.
Speaker 3 (41:38):
Love to hear from you. Catch you next time, See
you next time.
Speaker 2 (41:40):
Parrots quad As next.
Speaker 1 (41:44):
For more from the Weekend Collective, listen live to News
Talk said Be weekends from three pm, or follow the
podcast on iHeartRadio
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