June 28, 2025 • 40 mins
Houses are projected to be worth 20% less in 2030 due to inflation.
For buyers, does that mean entering the property ladder is hopeless?
How can they get the most value for their property? What renovations give the best bang-for-buck?
Tim Beveridge is joined by Property Investment Advisor Ilse Wolfe...
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Episode Transcript
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Speaker 1 (00:05):
You're listening to the Weekend Collective podcast from News Talks,
EDB Living Me, Trying to Get Away from Me, still
ste singing again.
Speaker 2 (00:30):
Yes, welcome back to the One Roof. Well, this is
to the Weekend Collective. This is the One Roof Radio
shirt now for this hour. But by the way, if
you did miss the panel, I think we had quite
a lot of fun on the panel, from anything from
parodying or having a little bit of fun at brad
Olsen's expense about music taste, not really, but just you know,
the generational differences that exist to covering a bunch of
(00:51):
interesting topics. I would recommend you can check out our podcast.
Go to News Talk, Said B or iHeartRadio, look for
the Weekend Collective and we get each hour up pretty
quickly after each hour has concluded, So go and check
that out. It was a great, great panel with Mark
Kreisel and Brad Olsen. Right now though, we're moving on.
We're onto the One Roof Radio show and we want
(01:12):
your calls on eight hundred eighty ten eighty in text
on nine to nine to two, and we're going to
discuss initially, we want your take on where the market
is because I've sort of I'm not sure if the
word is pussy footed around, but just sort of I
haven't really been forthright. Look, I'm no property expert. I
host a property show. We get the experts in with
(01:33):
the hot takes, and we've had lots of predictions. And
as we were looking ahead to this weekend's show, I
chatted with our producer and I said, look, why don't
we just asked the obvious question. The property market is
mounted right now, isn't it? And so I want to
know what you what you think does the property market it?
Does it suck right now? Is it in bad form?
(01:55):
And if so, what does it mean for your investment
strategies or your purchasing strategies. What's it going to take
for you to be most confident or are you confident
now because you think, well, it's great, property market's munted,
it's a good time for me to get in, or
you're waiting for it to fall further. But because due
to inflation. There was a report that came out from
it's called Cotality now rebranding of the company called core
(02:19):
Logic that show that by twenty by the twenty thirties,
the real prices of houses in relation to the economy
as opposed to just dollar figures. It shows that house
prices will be worth effectively twenty percent less. So does
the market suck right now? Is it a bit munted?
(02:41):
What will it take for you to be most confident
in the market? Or am I completely wrong when I
draw that conclusion? And to discuss that and take your
cause as well. She's a property investment advisor. You can
easily track it down on the net. That sounds a
little questionable, but elsa Wolf. She has a property coach
and elsa Hello, how.
Speaker 3 (02:58):
Are you great to be here? Thank you?
Speaker 1 (03:00):
Tim?
Speaker 2 (03:00):
Sorry, that was a bit of a long winded introduction.
Isn't it Wolf property? It's Wolf property coaching?
Speaker 3 (03:04):
Is that's right? That's great?
Speaker 2 (03:06):
Yes, And you've been on the show a couple of
times now, but there will always be people who haven't,
who haven't heard you on this show. Introduce yourself. How
long have you been doing this?
Speaker 3 (03:16):
Because yeah, sure, thank you. So I've been investing for
nearly twenty years. Ten of those. Full time investing started
out kind of one of those light bulb opportunity moments
when I used to work as a corporate analyst for
one of the major banks back pre global financial crisis
two thousand and six, two thousand and seven, and then
(03:38):
last ten years have been investing full time, started on
the tools myself, learning from everyone I could, and then
now helping New Zealand investors replicate the portfolio that I've
built using my strategies, which are all renovations focused adding value.
Speaker 2 (03:53):
Well, that's sort of why it's quote you're actually almost
the perfect property guest for right now because it's not
a case of just buying a house and going and
sitting on it. I mean, we've got the property of
the week later on the how I think if I
was going to buy that, I probably would just sit
on it for a long time. It's because it's gorgeous.
But actually, just when you say on the tools, I
thought to myself, hang on, does that mean you know
(04:13):
how to reline a wall and to do a bit
of plastering and painting and the whole shabban?
Speaker 4 (04:17):
Yeah?
Speaker 3 (04:17):
Yeah, Well know how attempted probably more under the watchful
eye of my of my builder, of my LBP at
the time. So around twenty fifteen leapt full time. I
actually lost my mother very unexpectedly, and that completely curtailed
what I thought was a lifelong corporate life ambition, kind
of threw that in and just wa.
Speaker 2 (04:39):
Say that because you stopped and just took stock.
Speaker 3 (04:41):
Of life exactly. Yeah, yeah, I thought, I'm you know,
there wasn't any I didn't see value in working for
this oligarch over in Europe who actually didn't really know
any of our names. I thought, well, what am I
doing over here? I should be creating value for my family.
So that's actually these are the exact people I coach now,
those typically just pre kids or having just had kids,
(05:02):
or pre retirement as well. With my clients, and you know,
these are people who are educating through you know, these
sorts of channels, podcast, newspapers, others, and deciding that they
need to take control of their retirement into their own hands.
And that's beyond their nine to five.
Speaker 2 (05:19):
Because actually, I would imagine that there are a lot
of people who, if they're thinking of investing, the novice
investor instinctively does think about adding value. It's only the
experienced investors who, in the market that's gone by, would
go no, no, don't worry about even doing that, Just buy
the thing because the market's going leverage yourself up the
helt and then sell. But now it is that sort
(05:42):
of old fashioned idea of buying and doing something to it.
Speaker 3 (05:45):
It is getting back to that, I think in different ways.
Speaker 4 (05:47):
You know.
Speaker 3 (05:47):
I know my husband Taylor, he grew up in a
home that was cut into five It was originally this
incredible wedding venue on Takapuna Beach where we've actually just
moved to ourselves, and that got moved into five pieces
to where he grew up in Cumulne. He has this story,
you know, regales and these stories of the first sixteen
years of his life being able to ride his mountain
(06:07):
bike through their house because there were gaps and wind
drafts and partly finished plus you know, that was the
DIY his parents took decades to do themselves. You know,
that was kind of that key we DIY mentality. Now
everything's so much more sped up for us. We invest
or completely renovate a house cosmetically in six or seven weeks,
and I think that, you know, you're really having to
(06:29):
go back to that now if you want to create equity,
wealth and be more in control of calculating stronger rents
and yields to hold the mortgage up. You have to
play an active hand like that. Actually, what you just
said before about you know, hold on and sort of
hold on for dear life and hope that worked with
a really long term horizon. That won't work now. And
(06:53):
based on what you said with the stats and the reports,
there's the great thing is there's a lot of stock
as an investor. Though the thing that's not great right
now is that regardless of interest rates coming down to
income or DTI we read about every day, which is
obviously a safety mechanism, you know, a regulatory mechanism for
investors to not get beyond their means and invest. But
(07:14):
what it means is after the last three four years
where new builds were you know, we're the golden child,
you know of government incentivised investors to buy these. They
are very expensive compared to existing builds, but the rents
are lower, and then you have no opportunity to differentiate
them regardless if you have twelve identical nihbors of fifty.
Speaker 2 (07:33):
You know, because the one of the questions we're going
to talk about is what you know, what are the
renovations that bring the most value. But by the way,
if you're listening, you can give us a call anytime.
O eighte hundred and eighty, ten to eighty. I've started
by saying, I reckon the property market is munted right now?
Do you agree? And I'm guessing in terms of I'm
talking about just buying a house and markets are going
(07:53):
up and just sitting it long enough, manage the mortgage
and the interest, and you'll be it. You'll come out
a winner. Or I could be wrong because there might
be those of you whore sitting there going well, actually, okay, yeah,
it's going to be slow for two or three years,
maybe for whatever. But when it goes, it's going to
go and hang on tight. Both of those statements true
or not. What do you think?
Speaker 3 (08:12):
Yeah, this smart money is moving. There is a lot
of activity in certain pockets. You're right. It is in
the value add so buying existing builds, existing properties, your
classic ninety square metal weather board. This is largely what
we focus on to add value, to add bedrooms too,
that's our trademark process. But yeah, the experienced flippers, traders,
those that renovate to add value and sell two first
(08:34):
home buyers, it's a perfect time for that. That's where
the cycle is. We're flat at the bottom. If you
think about the property clock, really, good friend of mine,
Cameron Bagriy, Yeah, oh yeah, yeah. So he's saying we're
about six thirty We're about six thirty pm. If you
think about that on the clock we should be heading
up with at midnight.
Speaker 2 (08:54):
Yeah no, I mean, now it is it a clock
in terms of a process or what's six thirty pm?
You mean?
Speaker 3 (08:58):
It's exactly the property cycle. So we're kind of in recovery.
You know that the fallout of price is roughly over,
although you could argue, you know, in some markets definitely
hitting backwards. There are so many ways to renovate the
wrong way right now?
Speaker 5 (09:13):
You know.
Speaker 2 (09:14):
The thing that would that if I was listening as
a novice property person who's thinking of buying a house
or making money out of property, I would be because
you were talking about what you do is you find
the right property, you get them with your team of people,
and you, you know, spend six or seven weeks doing
it up and bang back on markets. It's easy to
(09:36):
say that rolls off the tongue quite easily what you
should do. But that is lightning moving, that's moving at
great pace, isn't it.
Speaker 3 (09:42):
So if that's this bee that because how quickly things
can change. A professional, you know, a really well practiced renovator,
if they want to flip and sell resell on the market,
you have to move so quickly because if the market
all the time, it's money you're paying interest exactly. But
also it is so changeable it could go backwards. You know,
(10:03):
you might start the renovation in one market and the
dynamics of it be completely different two or three months
down the track, which is definitely what's happening. Definitely. I've
got I have clients who in certain regional markets, in
due diligence rental appraise was where one hundred dollars higher
than what they eventuate to at the moment, and this
is what we're seeing everywhere for my clients. We don't resell,
(10:25):
we hold, and because we're holding and we're renting out
this is for a long term rental. We add bedrooms,
cosmetic bedrooms because you need to you need to boost
the cash flow otherwise rent So.
Speaker 2 (10:37):
Basically, you you buy something, you add value to it,
not because you're going to sell it straight away, but
you add value to it so it will pay to the.
Speaker 3 (10:44):
Cash flow and give you cash flow.
Speaker 2 (10:46):
Okay, what's the what's the what's the biggest lesson? Or
the just for fun because it's you know, you're here
because you're successful, and people always like to know, Okay,
when did when was? What was the worst thing that
I've happened to doing property? Got any disasters in the background, gotcha,
because that's that's actually how you learn it totally.
Speaker 3 (11:05):
Those are the strongest lootings you're probably I would say
there are three mistakes right now and I've definitely made
all of those current. My most profound memory was we
bought three central Auckland properties within six months on the
idea we were told by a mentor at the time
(11:27):
go by as central as possible to get the best
capital growth potential, which if you think about that now,
is absurd. Not only did the market following that those
six months decline, so we lost wealth, but we were
we were topping up the three mortgages at fifty five
thousand per ann on interest. Only. What that meant was
(11:48):
we had to we had to move out of our home.
We were very, very very lucky. We even with my
in laws for we told them six months it was
two years.
Speaker 2 (11:57):
Okay, that is a big good. I was hoping for good.
Speaker 3 (12:01):
We had a new Oh my goodness one.
Speaker 2 (12:03):
Well actually that actually that probably had one small help
that you had an extended family I guess with the newborn,
was that helpful. Oh we let's not get into those
because we're here for property, not to discuss family issues.
Speaker 3 (12:14):
I'll go on to the trough. That's where you have
to find a solution, right, So, yeah.
Speaker 2 (12:18):
We want to hear from you as well. What's your
take on the state of the real estate market. I,
you know, lightheartedly but somewhat seriously have said, I think
in terms of just pure property growth, it's munted for
a while. Catality says, yes, property prices in the thirty
and twenty thirties are going to be worth in real
terms twenty percent less than in twenty twenty one. So
(12:39):
what's your take on it? But also we've got Elsa
Wolf with us if you've got any questions for because
you might just be curious and buying something, even if
you're a first time buying. You, as a friend of
mine was going to do, he was going to buy
something and not live in it. He was going to
buy it as an investment. But for those who haven't
been in the market before. How where are you going
(12:59):
to buy? You're going to buy in the neighborhood that
you know best, or should you be looking further afield?
Any questions you've got for Elsa, give us a call
eight hundred and eighty ten eighty in text on nine
two nine two. We've got a bunch of texts coming in.
We love your calls as well. Twenty past four News
talks hed b Oh, there's jewelry anal useland do it's
my favorite part. We see the last gas of it
(13:22):
went till fast we go and reach you with.
Speaker 3 (13:27):
Put us on a Lincoln charge La was still in
a Lincoln par.
Speaker 2 (13:33):
News talks at be This is the one Ruffodia Shaw.
I'm Tim Beverage. My guest is Elsa Wolf. She's from
Wolf Wolf. That's wolf. Just there's no e. There is
there Elsa. There is an'n e. Okay, we miss spelled
that wolf. Anyway, Look, if you look for Elsa Wolf,
I l s E wolf with an E on the
end property coaching and I mean it's easy to track
people down, isn't it there? These I mean anyway, by
(13:55):
the way, just before we go to our callers, we're
talking about is the market munted? Because that was the
question I've thrown it at ELSA, And what does it
mean for the how you invest? And we're going to
dig into you know, then maybe the fact that the
goals of investors, maybe the long term investors, have always
been like this. They invest for cash flow and then
eventually they get the capital game, but they can't control that.
So you always invest for cash flow. But there was
(14:16):
a time when people just hang on in there, subsidize
the mortgage as much as you can, because in the end, Bingo,
I do have to single out. Just for fun, I've
got a text. I got a text here and it says,
great questions, Tim, your guest is amazing too. And I
jokingly just said to ls Racid, you don't know anyone
with whose last digits are xxxx. She goes, that's my
(14:39):
mother in law. So hello Mary, good to have you listening.
I just thought, you know, at twenty past four, we
know that else is great. But usually those your guest
is amazing, they come around court to five. So for
next time, anyway, let's Colleen.
Speaker 4 (14:56):
Hello, Hi Tim.
Speaker 1 (14:58):
Hi.
Speaker 4 (14:58):
Also, I'd like to take an exception to you saying
the market's mounted at the moment.
Speaker 2 (15:04):
Okay, let me we have a clock a few.
Speaker 4 (15:06):
Times on the property market. I can tell you that
there's no time like right now to buy good property
for investments, because the reason is that right now it's
a true market. You haven't got all crazy is going
to option putting their hands up for crazy process. So
you're actually getting the real value of your property. And
(15:26):
if you're a long term investor, as also suggest, there's
even more reason to be buying right now.
Speaker 2 (15:32):
I actually, look, I'm glad you've challenged me on it.
Actually hand it, Colleen, I'll handle it, hand else a
over to you, and then I'll come and with you
with my cheap little shot.
Speaker 4 (15:44):
You can try you.
Speaker 2 (15:47):
I mean, that's a good observation in the Market's.
Speaker 3 (15:49):
The market, absolutely, and this is the time to buy.
I think Colleen knows a thing or two. It sounds
like you're a you're very much aware of that. Referring
back to that property clock. It is true value, right
and so as a long term investor, the way is
up those over the cash and investing now doing it
while buying well, doing research on the comps. You know
(16:11):
what's selling around for you know of a relative spec
how many bedrooms, how many bathrooms and adding value to
be ready for that tail wind. For when we head
up around towards eight pm to nine pm, that's when
we're getting that speed of velo bad right, And from
a finance point of view, you'd far far rather be
at this point in the market where money is cheap
(16:33):
and you're paying less for the same house that if
you wait and buy it when it's already.
Speaker 4 (16:38):
Ehpm and you haven't got all the competition. That's the
other thing.
Speaker 2 (16:41):
Are you buying at the moment? Colin?
Speaker 4 (16:44):
No, I'm not. But we're never too old to learn.
So I'd like to know from also when her next
woman's property seminar is, because I'd love to come along
and learn a little bit more.
Speaker 3 (16:55):
Oh, thank you, thank you. We need to get something
in the calendar, actually don't We Probably for spring?
Speaker 2 (17:00):
And say, I guess when I mischievously say the property
market's mounted, I take all your points that there's a
buyers and look, if you're a first home buyer, Actually,
to be honest, it's still expensive. But the conditions are great,
much better for you than they have been in the
last few years, aren't they So that's working. I guess
the reason I look at it and in an offhand
(17:22):
way say it's mounted is that a lot of New
Zealanders thought that if you could just get the deposit
up to get an investment property, then everything would look
after itself. You're set now, but the money that you
earn in the property market through your investment, it's a
lot harder to earn that now, would be my point.
Do you think that's that's fair enough? It's not the
sort of just buy it where you go.
Speaker 4 (17:44):
I think if you're a long oh sorry, Ilfo, you've
probably got an answer for.
Speaker 2 (17:49):
For the whole hour.
Speaker 4 (17:51):
I think if you're a long term investor and your
strategy is to hold and to add value, as ilse,
then it doesn't really matter the time you're in the market,
because property always in New Zealand, you've come out tops
with it over a long period of time.
Speaker 3 (18:07):
Okay, it's the key, isn't it, Colleen. It is it's
long holding.
Speaker 4 (18:11):
And the key is to have a plan, to have
a strategy. And I love what Ilsa says about adding
value buying something that you could just add another room
to some easy renovation.
Speaker 2 (18:24):
Have you got any skills in the renovations sort of yourself, Colin,
that you'd like to exercise if you've bought a house,
investment property.
Speaker 4 (18:31):
No, not really, just being able to tell a good
buy when you see it. And the only way you
can do that is being active in the market and
always looking whether it's a good market or a bad market,
because how do you know the difference if you're not
out there looking?
Speaker 2 (18:43):
Well, how would you find how would you find, Colleen?
If you were looking to buy in the next six
months or a year, and I think you've got that
time up your sleeve, I'd say, how would you find?
How would you go around finding where and what?
Speaker 4 (18:56):
Well, the first thing that I would do is find
a good agent, and by that I mean somebody that
you can trust and have a good relationship with that agent.
Speaker 3 (19:07):
Very true, also difficult to achieve. So that is the first.
Speaker 2 (19:10):
Fee, because the agent's working for the seller, of course,
But so it is a strange one, isn't it.
Speaker 4 (19:14):
That trust not always? Not always. I think that if
you've got a really good agent who understands markets and people,
they're working to get the best still for everybody concerned.
And I think putting your trust in a really good agent,
finding that good agent talking to people like Alsha, who
has owned sure the most amazing contacts out there.
Speaker 2 (19:37):
You're not your aunt or something? Are you coling? This
is not.
Speaker 5 (19:43):
Related?
Speaker 2 (19:43):
Actually, actually, Colleen, I think you're I think all your
comments have been thoroughly reasonable, and I think when you're
talking about the measured response to and I guess I've
sat on a I've hosted this show for a few
years now, and for a while there was just this
whirlwind of just buy the property, sit on it, and
make a fortune. But it seems those days have changed.
Speaker 3 (20:02):
That's what everyone thought in twenty twenty one, for sure.
Speaker 4 (20:05):
No goodness, the clever investors don't think like that.
Speaker 2 (20:08):
Yeah, hey, Colleen, the smart the smart people go, I
think you're trolling me there.
Speaker 4 (20:13):
But that's just when I heard that word that the
property market's mounted, and I'm sending here going no, no, no,
it's not. There's opportunity. Now.
Speaker 2 (20:25):
The word did its job. We got you on the line,
and that's what we want. Good on your colleague, All right, thanks? Yeah,
Actually I thought great points.
Speaker 3 (20:34):
Very Yes, now she's dead right, because you're actually she's
she is suggesting tapping into a huge opportunity. There are
a lot of real estate agents who are extremely motivated
to get a sale. You know. I was. I attended
the inded Arac last week. I was interviewing everyone backstage,
helping out the friend who runs that. There were five
(20:54):
hundred and thirty seven real estate agents at this event.
I interviewed fifteen of them. I caught up, you know,
with many of them. A lot have not made a
sale this calendar year. Right, So this smart ones. Yes,
they have a fiduciary requirement to the vendor. But the
smart ones, they don't get this sale unless they find
the buyer for their vendor, right, So they need the buyer,
(21:15):
So they should you buckle up and get close to
understanding what buyers want and then they can get Yeah.
Speaker 2 (21:21):
Yeah, we discussed the agency the other week because we're
had Martin Cooper and we're talking about you know, and
who you actually we had a really good chat with
him about that, and he was sort of making the
same point that while it is your goal to get
the best deal for the seller, it's also you know,
you've got to have good relationships with buyers.
Speaker 3 (21:40):
Where bring the foot traffic?
Speaker 2 (21:41):
Yeah, that's the one, right, Let's take We've got truckloads
of text and we've got some calls to get into
now Gary, Helloa, Hi, how are you good? Thanks? What's up?
Speaker 5 (21:53):
Yeah? I've got a question. I've got about one point
six savings with my teav saber as well to mind me.
I'm looking at sorry.
Speaker 2 (22:07):
You mean one point six million, yeah.
Speaker 5 (22:10):
Yeah, one point six million yeah, sorry, And I'm looking
at like this retirement home for it's about eight point
fifty to nine hundred thousand.
Speaker 2 (22:24):
Okay, So you're looking into buying into retirement village and
the price of entry for your property is eight p fifty.
Speaker 5 (22:31):
Right, yeah, yep, correct? Yeah? Is it worth while to
pay free off? And are there any benefits on doing.
Speaker 2 (22:42):
That as opposed to what.
Speaker 5 (22:45):
Maybe taking maybe a seven hundred thousand dollars and then
they're having a mortgage so I can do the text
claims and things like that.
Speaker 2 (22:53):
Are you going to be living in it?
Speaker 4 (22:55):
Yes?
Speaker 2 (22:56):
I am, okay.
Speaker 3 (22:58):
That doesn't I would have thought to, Yeah, find a
great financial advisor. Unfortunately, that's not something that I'd be
able to comment on. That's a very very much a
one on one conversation to have and get some very
specific advice regarding best use of that. That sounds like
an amazing nest to give built up there, and you
want to make sure you do the right thing, so
grab a financial advisor who can help you with that.
Speaker 2 (23:19):
And I think, but I think if you're living I
don't understand how that works. But living in something and
claiming if you're living in something, I'm not sure how
you can claim.
Speaker 3 (23:27):
For the purpose of your home. It's it is treated
differently from a fit is for the purpose of an
investment property or rental.
Speaker 2 (23:33):
Yeah, yeah, okay, right, let's take some more calls on
this course of the text have been rolling as well.
I've got to just got to weed out the ones
that are not from else's family and friends to just kidding.
It's just that one we're were up to Jason.
Speaker 3 (23:46):
Hello, yeh hi some pie I'll here going Hey good,
thanks himself?
Speaker 6 (23:52):
Yeah good?
Speaker 5 (23:52):
Hey.
Speaker 4 (23:53):
My question is.
Speaker 6 (23:56):
You I buy and flip. The problem is with the
labor government with the text attackability that they sort of
sprang on us with the older properties, it wasn't really
worth buying the second hand properties. So we still do
have a second hand property. And with just obviously the
(24:17):
last cycle of the of having to pay quite a
bit of tax, which we had render prices up quite
a bit to cover that. But what's your thoughts on
You know, we've got quite a quite an interesting political
landscape at the moment with labor potentially coming back into
(24:37):
power at the next selections, and if they do come back,
and I've talked about putting the tax actibility off again,
so putting us back into that into that book, so
if we bought second hand properties, we're now faced big
text dolls again.
Speaker 3 (24:54):
Well, look what happened last time that that decision and
introducing interest deductibility increased rents. It had a direct it
was a direct correlation which was ide uh you know
by by the opposition at the time that and that's
exactly what happened, rents increase because the increased cost to
the landlords with the higher rates at the time ended
(25:16):
up being passed on along with all of the healthy
homes increased costs, which is, you know, it is a
great standard to have, but all of that lumped on
at the same time and that got passed to the tenant. Yeah,
very different. Yeah, So I think, you know, hopefully there's
some lessons taken from that, because that was no fun
(25:37):
for anybody, And I guess yeah, you'd hope that they
run some analyses and look at some different cause and effects,
because that really that really hurt tenants and we've already
got a high enough cost of living as it is
right now.
Speaker 2 (25:49):
I guess the question for both of you is that's
the fear, isn't it. Do you think that's had an
effect on the way the market is right now? And
Jason and few Elsa as well, what do you reckon Jason.
Speaker 6 (26:02):
Equity in current because we did exactly what else is
saying with with with added veterans, built gains and the
rental problems now is that do we reinvest in another
rental property do the same thing again because labor get
(26:22):
don't talking about putting the matter course of the Greens
and the Radical Greens and in the INSTARTI Maria talking
about wealsh taxes and putting taxes on the landlords and
all this and alleys, here we go again.
Speaker 2 (26:35):
It's that.
Speaker 6 (26:39):
To to sort of invest in rental properties anymore, does it?
Speaker 2 (26:42):
I guess that does? Are we betting on an election
result as well? When you get into property catching, Elsa?
Speaker 3 (26:47):
Oh got Honestly, I prefer to work with the aspects
that we can control. And control is a very strong word,
but you know, there are two two aspects of investing
into property that investors generally are looking to get the
benefit off from a financial point of view. The first
one is to add value, creates equity, transforms into wealth
for a future you know, retirement, et cetera. The other
(27:08):
part is cash flow that creates income, and this is
passive income that a lot of investors are also chasing
the capital growth. Unless you are adding bedrooms or adding
value well to create a higher value for that property,
we as single investors have zero control over those those changes, right,
So the capital growth is the speculative, you know, that's
the word that you see in the market when values
(27:29):
head up. But we can't rely on that.
Speaker 2 (27:31):
The cash flow is problemat because not if they suddenly
I mean, I don't know if we how far we
want to go down this wormhole, because it feels like
a wormhole, but it's not someone that's totally out of
the picture that suddenly, if you can't deduct the costs
of your your investment borrowing against the cash flow.
Speaker 3 (27:46):
That is yeah, oh no, that's the that's the scary part.
Because the cash flow is the liquidity. Right, either your
rent comes in and covers your costs, whether that you
know that's your rate to insurance, your mortgage costs, or
if that's higher than the rent coming in, then you
are topping up out of your income. That means that
rental is now also dependent on you working. So the
way I prefer to do it is at the bedrooms
(28:07):
and add value make it worth more on the rental market.
That's actually where we focus, because what you want to
do is distort the rent and the debt. You want
to keep that debt as low as possible, even when
you add, you know, you renovate and add debt to
the purchase price. You want to contain that. The lower
you can keep the debt. But the more rooms and
(28:28):
do you.
Speaker 5 (28:28):
Need to plan?
Speaker 2 (28:28):
Do you need a plan for deductibility not being as
it is? Now?
Speaker 3 (28:32):
Oh goodness, Well, I mean questions And it's a guess,
isn't it. But well, the stronger you push the cash
flow to get a higher yield or return that the
further you can push that above what your interest cost is.
That's your fingers crossed. Well, that's all we can do.
That's all we can do and then, like what Colleen said,
you know it's it. Truly is the hardest part of
(28:54):
being a property investor is not to sell when times
are tough. That's the hardest part. That's the part you
have to ride out and you have to you have
to prepare for that winter. So the longer you invest
and the longer you can build up the cash flow.
Some investors pay down debt with the principle being repaid.
Most don't, especially if they're in accumulation phase. But the
(29:15):
best you can do is calculate the cash flow. That's
the part that actually impacts your life, either positively or not.
Speaker 2 (29:21):
I guess the Actually, we'll dig into it. There's lots
of questions that come out of that, but we'll dig
into them when we come back. Gosh, time is flying.
It's twenty one minutes too. There's no spear lines there.
I've got a bunch of texts we'll get to in
just a moment. For my guest is Ilsea Wolf. That's
with an I l s E else a wolf from
wolf with sorry w O l if w O l
if e wolf for an E on the end. When
(29:41):
I just say that we'll be back in just a moment,
News Talk said, B. What did I say? Twenty one
minutes to five, Yes, welcome back to news Talks B.
(30:07):
This is the one rufradio show on the weekend Collector.
My guest is ILSA Wolf from Wolf Property Coaching. That's
with an EE on the end of Wolf and we're
talking about well, my quick question is the market, munt.
And now I'm going to do a few texts before
we take any more calls. ELSA. Here's one about odd
large square meter cross lease properties A scary prospect mmm,
(30:28):
cross lease scar cross lease. I was thinking of leasehold.
Speaker 3 (30:31):
Sorry, oh yeah, I mean in terms of the hierarchy,
leasehold would be definitely at the bottom of the barrel
at a lot of things. We won't go down that
rabbit hole, but yeah, that's not flavor of the month.
Cross lease effectively means that you you collectively own the
land with the other parcels within that. So for example,
we used to own a unit, a single unit within
(30:53):
a block of five several of those actually in different
scenarios around some of those Auckland properties I mentioned earlier. There.
You know, depending on your goals, that may suit you.
But the risk with that if you are looking to
add value and renovate, you need to be extremely careful
that you're a fitting with the building code and be
the flats plan and the files at council are congruent
(31:16):
with what you're doing and you're doing things the right way.
Because you don't own the land under your unit, you
own it equally with the other owners of the other
four and that block of five. Say you if you breach, if.
Speaker 2 (31:27):
You it's like a unit title, you're sharing a certain title,
but then exclusive.
Speaker 3 (31:32):
An exclusive enjoyment of of the house. So freehold is
the best for if you want to renovate, you know,
then you own the house, you own the land. It's
completely within your control and of course comply with the code.
Speaker 2 (31:45):
I will read this text. Actually this is Matt who's
given us full name on Matt Bore from New Zealand
Property Investors Federation here listening to the last discussion with
interest on interest deductibility. The Federation is working in this
area lobbying to ensure interest deductibility never returns. If you'd
be interested in having me on sometime to discuss that work,
so we might have a chat about that. But it's yeah,
(32:06):
there is a it'll be I mean politically, obviously it's
a big one, isn't it so? But thanks for your text, Matt. Right,
where are were up to? Let's go to tell you what.
Let's take another call show and let's go to Craig. Hello.
Speaker 7 (32:20):
Hello, I've just got a question. Hello, I've just got
a question. When you talk about adding value. We have
a rental property, by the way, it's on the Crossley side,
but it's two thrash three bedrooms and I could see
the potential to move the bathroom and add a bedroom
that it would mean the new bathroom would not have
a bath. Is that going to affess the property value much?
(32:42):
Not having a bathroom a property?
Speaker 3 (32:45):
Do you so? Do you mean the second bathroom would
not have a bath? Could you fit a shower?
Speaker 7 (32:49):
No? No, there would only be one bathroom with a vanity,
a toilet and a shower, and to be a separate
toilet elsewhere in the property, but there would be no bar.
Speaker 3 (32:59):
That's an interesting one. If it's likely. So when you renovate,
you want it to be appropriate to the location, and
you want it to be appropriate to who your most
likely tenant is. So if that most likely tenant is
going to be a family. If it's three bedroom, say
you know, a fully fledged three bedroom, you would want
to get some advice from a couple of property managers
as to what the typical family in that location would expect.
(33:21):
If the kids want a bath and that's common, you
should probably consider that and take their feedback, because when
you turn around and ask your property manager to honor
the appraisal they've given you, if you don't really take
on their advice in the first place, then you know,
it's very difficult to sort of hold them to that outcome.
So I would do your research. Definitely talk to at
least two, if not three, are property managers who are
looking after that area.
Speaker 7 (33:42):
Okay, good stuff on my own property manager anyway, okay.
Speaker 2 (33:45):
Oh okay, Well it's a good Well that's a big
play there, Craig, because people always say that you shouldn't
be your own property manager. But if you know what
you're doing, good on you.
Speaker 3 (33:55):
Some of those details, well done. There's a lot to
be on top of these days.
Speaker 2 (33:58):
Few texts here the guys are. There's quite a few
political ones. The guy speaking about labor coming back into
the power into power, that's not even a chance. Why
would he be worried about that. There's no chance. Well
you know, I mean there's all sorts of political outcomes.
People thought there were no chants of happening. So yeah.
Another one says the Queenstone market's never mounted. Rolliston is booming,
(34:19):
population growing at eight percent pranum. Well, actually that is
more like the old school market.
Speaker 3 (34:23):
It's just there are some great there are some great
growth rates. Selwyn District is the fastest growing part of
New Zealand at the moment. So yeah, Rolison's had a
huge surge. Queenstown's already so premium, very difficult to get
anything close to a neutral cash flow regardless of how
many rooms you add, and probably on short term rental
as well. So it depends what your goals are, right,
different different properties for different people.
Speaker 2 (34:44):
Yeah. Yeah, here's another one here says you'd be better
off buying shares. Housing is too fickle at the moment
we're talking about. Your guest is talking about long term
investing ten years to see some better returns by the
time you take up fixed costs, interest, tenant damage shares
are a better investment. Harder to argue with that than
it was a few years ago. Isn't it.
Speaker 3 (35:04):
What do you say, Yeah, I mean, hands down, we're
always buying the properties to add rooms and significant value
add to and that it's not about purely the add value,
but it adds value for the rental market. So say,
for example, that three bedroom rentmate might have been four
hundred and fifty dollars a week and it's kind of
retro state. Add a bedroom it can get up to
sort of seven seven hundred and fifty dollars per week.
(35:25):
That's a huge lever to increase your cash flow and
with historic rental trends, that puts cash in your pocket.
So as well as the cost as well as you know,
working up net present value of the capital growth you've made.
The cash flow is what is going to benefit you
on a daily basis throughout that period you own it.
Speaker 2 (35:42):
So you know, do you get on the to now?
You were talking about the tools before, and I think
there was just about skills and investing. Literally, do you
get on the top. Do you get on the tools
in terms of plastering and have you got a particular superpower?
Speaker 3 (35:54):
Well, painting is one of the cheapest but highest impact
and highest value ads you can undertake yourself. You definitely
want to talk with a paint specialist if you're heading
into your retailer, et cetera. But that is a very
basic way to start, you know, if you really want
to reduce the cost of a reno, awesome, you know
in terms of the impact of it, great bank for back.
So you know that there is a tech.
Speaker 2 (36:15):
There's quite a few techniques to painting. It's people think, oh,
I just get the brush and where we go, and.
Speaker 3 (36:19):
It's like, oh no, no, it's all in the prep.
It is in the prep that from my bill to
Albert at the time, ninety percent prep, ten percent paint
one hundred percent. But plaster that comes down to also
a great plaster finish, jip stopping plaster. That's the harder part.
And I look to tile and that's very rewarding.
Speaker 2 (36:36):
That is oh that's no, that's next level. I do
my own plastering and I think I do it pretty
well with the odd tantrum. But you can always sand
and go again.
Speaker 3 (36:47):
But it's an emotional rule tiling.
Speaker 2 (36:49):
That that's a superpower. Anyway, Hey, look we've got Property
of the Week next we'll be back in Just to
take time flies it is ten to five.
Speaker 1 (36:57):
The one roof property of the week on the Weekend Collective.
Speaker 2 (37:02):
Yes, the one roof property of the week is an
absol it is. It's gorgeous and it's one of those
ones just going and have a look at it and
imagine what it would be like to live in this.
It is five Petty Street, as in the Pere Street Remuerra,
Auckland City. It's it's one of those beautiful I mean, Elsak,
how would you describe It's one of those beautiful wooden
(37:24):
old school residences. I don't know how long would be,
but it's massive, massive property.
Speaker 3 (37:29):
With majestic majestic. That's one of those pioneering two story
villains that overlooks everyone.
Speaker 2 (37:35):
Well, actually the thing is it's up it's up the
side of one of the mountains of Mount Hobson and
it looks from one angle that's only about one other neighbor,
and the views over to the city across rung A
Toto and the terrace and the swimming pool and everything.
And I'm not even reading the description, but it is
an absolutely stunning house. I was surprised, else as you
(37:57):
might have been, that the property it's expensive. Okay, you
need to you know, have a fair bit of extra cash.
But I was surprised that it was seven point eight
million when it looks like a few years ago fifteen mil.
Speaker 5 (38:12):
Yeah.
Speaker 3 (38:12):
Do you feel like that it is a lot of gorgeous,
gorgeous house that's immaculate, that poul. Yeah, it looks like
a lot compared to what we think we would be
spending to buy it.
Speaker 2 (38:27):
Yeah, I think because I mean I remember when Grant
Dalton's housewiened up for sale on Victoria Ave, and I
think he, in fact the personal he bought it sold
it for a loss. I think Grant sold it for
around fifteen million or something, and then I saw it
was lost for sold for several millions. So some of
those luxury houses did take a big hit, you know,
when they were bought and sold around the time of COVID. Ridiculousness,
(38:47):
isn't it. But yes, it's on the crest of Mount Hobson.
It's a direct private gate access to the mountain. I mean,
there's another little thing. You want to go for a
bit of a year morning constitutional walk up the mountain,
You've got an a private gate. It's situated in a
small culder sack along with a very few very high
profile residents as which can be admired from multiple vantage points.
(39:08):
Go and check it out again. I'll give you the
address because that's the best way to find it on
the one roof website one roof dot Curtain in z
It's five party Streetmu gosh. I always struggle with print
saying four bedrooms, two bathrooms, two car garage. It sounds
modest in size. Four bedrooms, two bathrooms, two car garage,
(39:29):
garage two off street.
Speaker 3 (39:31):
It looks looks like there are six or seven bedrooms
a scale of it. It's a huge two story Yeah.
Speaker 2 (39:37):
And if that hasn't peachdure curiosity, then I don't know
what will. But it's worth going and having a look.
And I mean it's of course it's got a dining
room as well, and I'm actually how many people actually
have dining rooms these days?
Speaker 3 (39:48):
I often cut the mountain.
Speaker 2 (39:53):
Oh gosh, yes that is that is a question. Not
after I've got man's on it, says Elsa. Hey, Elsa,
thanks so much time has flowing and it' been a great hour.
People want to catch up with you as their website
that they can check out your work.
Speaker 3 (40:08):
Yes, thank you. Wolfproperty dot Co. Do own zed or
check us out on Instagram Wolf Property Coaching. Thanks excellent.
Speaker 2 (40:15):
So that wraps up the one Roere Friday Show. Time
flies as you're having fun and it continues next hour.
By the way, if you missed any of the previous hour.
Once we conclude each hour, we load the audo pretty quickly,
so you can go to the News Talk said B
website or to iHeartRadio. But next Sandy Pasley, she's former
principal of Barradine. We're gonna have a chat with Sandy
about the speed dating of parent teacher interviews and how
(40:37):
to get the best out of it considering it's like hello,
how's she doing? Good bye? And accountability with your kids
as well, how do you teaching? Those lessons. Will be
back shortly with Sandy Pasley. Parent Squad is next.
Speaker 1 (40:49):
For more from the weekend collective, listen live to News
Talk zed B weekends from three pm or follow the
podcast on iHeartRadio.
You're listening to the Weekend Collective podcast from News Talks,
EDB Living Me, Trying to Get Away from Me, still
ste singing again.
Speaker 2 (00:30):
Yes, welcome back to the One Roof. Well, this is
to the Weekend Collective. This is the One Roof Radio
shirt now for this hour. But by the way, if
you did miss the panel, I think we had quite
a lot of fun on the panel, from anything from
parodying or having a little bit of fun at brad
Olsen's expense about music taste, not really, but just you know,
the generational differences that exist to covering a bunch of
(00:51):
interesting topics. I would recommend you can check out our podcast.
Go to News Talk, Said B or iHeartRadio, look for
the Weekend Collective and we get each hour up pretty
quickly after each hour has concluded, So go and check
that out. It was a great, great panel with Mark
Kreisel and Brad Olsen. Right now though, we're moving on.
We're onto the One Roof Radio show and we want
(01:12):
your calls on eight hundred eighty ten eighty in text
on nine to nine to two, and we're going to
discuss initially, we want your take on where the market
is because I've sort of I'm not sure if the
word is pussy footed around, but just sort of I
haven't really been forthright. Look, I'm no property expert. I
host a property show. We get the experts in with
(01:33):
the hot takes, and we've had lots of predictions. And
as we were looking ahead to this weekend's show, I
chatted with our producer and I said, look, why don't
we just asked the obvious question. The property market is
mounted right now, isn't it? And so I want to
know what you what you think does the property market it?
Does it suck right now? Is it in bad form?
(01:55):
And if so, what does it mean for your investment
strategies or your purchasing strategies. What's it going to take
for you to be most confident or are you confident
now because you think, well, it's great, property market's munted,
it's a good time for me to get in, or
you're waiting for it to fall further. But because due
to inflation. There was a report that came out from
it's called Cotality now rebranding of the company called core
(02:19):
Logic that show that by twenty by the twenty thirties,
the real prices of houses in relation to the economy
as opposed to just dollar figures. It shows that house
prices will be worth effectively twenty percent less. So does
the market suck right now? Is it a bit munted?
(02:41):
What will it take for you to be most confident
in the market? Or am I completely wrong when I
draw that conclusion? And to discuss that and take your
cause as well. She's a property investment advisor. You can
easily track it down on the net. That sounds a
little questionable, but elsa Wolf. She has a property coach
and elsa Hello, how.
Speaker 3 (02:58):
Are you great to be here? Thank you?
Speaker 1 (03:00):
Tim?
Speaker 2 (03:00):
Sorry, that was a bit of a long winded introduction.
Isn't it Wolf property? It's Wolf property coaching?
Speaker 3 (03:04):
Is that's right? That's great?
Speaker 2 (03:06):
Yes, And you've been on the show a couple of
times now, but there will always be people who haven't,
who haven't heard you on this show. Introduce yourself. How
long have you been doing this?
Speaker 3 (03:16):
Because yeah, sure, thank you. So I've been investing for
nearly twenty years. Ten of those. Full time investing started
out kind of one of those light bulb opportunity moments
when I used to work as a corporate analyst for
one of the major banks back pre global financial crisis
two thousand and six, two thousand and seven, and then
(03:38):
last ten years have been investing full time, started on
the tools myself, learning from everyone I could, and then
now helping New Zealand investors replicate the portfolio that I've
built using my strategies, which are all renovations focused adding value.
Speaker 2 (03:53):
Well, that's sort of why it's quote you're actually almost
the perfect property guest for right now because it's not
a case of just buying a house and going and
sitting on it. I mean, we've got the property of
the week later on the how I think if I
was going to buy that, I probably would just sit
on it for a long time. It's because it's gorgeous.
But actually, just when you say on the tools, I
thought to myself, hang on, does that mean you know
(04:13):
how to reline a wall and to do a bit
of plastering and painting and the whole shabban?
Speaker 4 (04:17):
Yeah?
Speaker 3 (04:17):
Yeah, Well know how attempted probably more under the watchful
eye of my of my builder, of my LBP at
the time. So around twenty fifteen leapt full time. I
actually lost my mother very unexpectedly, and that completely curtailed
what I thought was a lifelong corporate life ambition, kind
of threw that in and just wa.
Speaker 2 (04:39):
Say that because you stopped and just took stock.
Speaker 3 (04:41):
Of life exactly. Yeah, yeah, I thought, I'm you know,
there wasn't any I didn't see value in working for
this oligarch over in Europe who actually didn't really know
any of our names. I thought, well, what am I
doing over here? I should be creating value for my family.
So that's actually these are the exact people I coach now,
those typically just pre kids or having just had kids,
(05:02):
or pre retirement as well. With my clients, and you know,
these are people who are educating through you know, these
sorts of channels, podcast, newspapers, others, and deciding that they
need to take control of their retirement into their own hands.
And that's beyond their nine to five.
Speaker 2 (05:19):
Because actually, I would imagine that there are a lot
of people who, if they're thinking of investing, the novice
investor instinctively does think about adding value. It's only the
experienced investors who, in the market that's gone by, would
go no, no, don't worry about even doing that, Just buy
the thing because the market's going leverage yourself up the
helt and then sell. But now it is that sort
(05:42):
of old fashioned idea of buying and doing something to it.
Speaker 3 (05:45):
It is getting back to that, I think in different ways.
Speaker 4 (05:47):
You know.
Speaker 3 (05:47):
I know my husband Taylor, he grew up in a
home that was cut into five It was originally this
incredible wedding venue on Takapuna Beach where we've actually just
moved to ourselves, and that got moved into five pieces
to where he grew up in Cumulne. He has this story,
you know, regales and these stories of the first sixteen
years of his life being able to ride his mountain
(06:07):
bike through their house because there were gaps and wind
drafts and partly finished plus you know, that was the
DIY his parents took decades to do themselves. You know,
that was kind of that key we DIY mentality. Now
everything's so much more sped up for us. We invest
or completely renovate a house cosmetically in six or seven weeks,
and I think that, you know, you're really having to
(06:29):
go back to that now if you want to create equity,
wealth and be more in control of calculating stronger rents
and yields to hold the mortgage up. You have to
play an active hand like that. Actually, what you just
said before about you know, hold on and sort of
hold on for dear life and hope that worked with
a really long term horizon. That won't work now. And
(06:53):
based on what you said with the stats and the reports,
there's the great thing is there's a lot of stock
as an investor. Though the thing that's not great right
now is that regardless of interest rates coming down to
income or DTI we read about every day, which is
obviously a safety mechanism, you know, a regulatory mechanism for
investors to not get beyond their means and invest. But
(07:14):
what it means is after the last three four years
where new builds were you know, we're the golden child,
you know of government incentivised investors to buy these. They
are very expensive compared to existing builds, but the rents
are lower, and then you have no opportunity to differentiate
them regardless if you have twelve identical nihbors of fifty.
Speaker 2 (07:33):
You know, because the one of the questions we're going
to talk about is what you know, what are the
renovations that bring the most value. But by the way,
if you're listening, you can give us a call anytime.
O eighte hundred and eighty, ten to eighty. I've started
by saying, I reckon the property market is munted right now?
Do you agree? And I'm guessing in terms of I'm
talking about just buying a house and markets are going
(07:53):
up and just sitting it long enough, manage the mortgage
and the interest, and you'll be it. You'll come out
a winner. Or I could be wrong because there might
be those of you whore sitting there going well, actually, okay, yeah,
it's going to be slow for two or three years,
maybe for whatever. But when it goes, it's going to
go and hang on tight. Both of those statements true
or not. What do you think?
Speaker 3 (08:12):
Yeah, this smart money is moving. There is a lot
of activity in certain pockets. You're right. It is in
the value add so buying existing builds, existing properties, your
classic ninety square metal weather board. This is largely what
we focus on to add value, to add bedrooms too,
that's our trademark process. But yeah, the experienced flippers, traders,
those that renovate to add value and sell two first
(08:34):
home buyers, it's a perfect time for that. That's where
the cycle is. We're flat at the bottom. If you
think about the property clock, really, good friend of mine,
Cameron Bagriy, Yeah, oh yeah, yeah. So he's saying we're
about six thirty We're about six thirty pm. If you
think about that on the clock we should be heading
up with at midnight.
Speaker 2 (08:54):
Yeah no, I mean, now it is it a clock
in terms of a process or what's six thirty pm?
You mean?
Speaker 3 (08:58):
It's exactly the property cycle. So we're kind of in recovery.
You know that the fallout of price is roughly over,
although you could argue, you know, in some markets definitely
hitting backwards. There are so many ways to renovate the
wrong way right now?
Speaker 5 (09:13):
You know.
Speaker 2 (09:14):
The thing that would that if I was listening as
a novice property person who's thinking of buying a house
or making money out of property, I would be because
you were talking about what you do is you find
the right property, you get them with your team of people,
and you, you know, spend six or seven weeks doing
it up and bang back on markets. It's easy to
(09:36):
say that rolls off the tongue quite easily what you
should do. But that is lightning moving, that's moving at
great pace, isn't it.
Speaker 3 (09:42):
So if that's this bee that because how quickly things
can change. A professional, you know, a really well practiced renovator,
if they want to flip and sell resell on the market,
you have to move so quickly because if the market
all the time, it's money you're paying interest exactly. But
also it is so changeable it could go backwards. You know,
(10:03):
you might start the renovation in one market and the
dynamics of it be completely different two or three months
down the track, which is definitely what's happening. Definitely. I've
got I have clients who in certain regional markets, in
due diligence rental appraise was where one hundred dollars higher
than what they eventuate to at the moment, and this
is what we're seeing everywhere for my clients. We don't resell,
(10:25):
we hold, and because we're holding and we're renting out
this is for a long term rental. We add bedrooms,
cosmetic bedrooms because you need to you need to boost
the cash flow otherwise rent So.
Speaker 2 (10:37):
Basically, you you buy something, you add value to it,
not because you're going to sell it straight away, but
you add value to it so it will pay to the.
Speaker 3 (10:44):
Cash flow and give you cash flow.
Speaker 2 (10:46):
Okay, what's the what's the what's the biggest lesson? Or
the just for fun because it's you know, you're here
because you're successful, and people always like to know, Okay,
when did when was? What was the worst thing that
I've happened to doing property? Got any disasters in the background, gotcha,
because that's that's actually how you learn it totally.
Speaker 3 (11:05):
Those are the strongest lootings you're probably I would say
there are three mistakes right now and I've definitely made
all of those current. My most profound memory was we
bought three central Auckland properties within six months on the
idea we were told by a mentor at the time
(11:27):
go by as central as possible to get the best
capital growth potential, which if you think about that now,
is absurd. Not only did the market following that those
six months decline, so we lost wealth, but we were
we were topping up the three mortgages at fifty five
thousand per ann on interest. Only. What that meant was
(11:48):
we had to we had to move out of our home.
We were very, very very lucky. We even with my
in laws for we told them six months it was
two years.
Speaker 2 (11:57):
Okay, that is a big good. I was hoping for good.
Speaker 3 (12:01):
We had a new Oh my goodness one.
Speaker 2 (12:03):
Well actually that actually that probably had one small help
that you had an extended family I guess with the newborn,
was that helpful. Oh we let's not get into those
because we're here for property, not to discuss family issues.
Speaker 3 (12:14):
I'll go on to the trough. That's where you have
to find a solution, right, So, yeah.
Speaker 2 (12:18):
We want to hear from you as well. What's your
take on the state of the real estate market. I,
you know, lightheartedly but somewhat seriously have said, I think
in terms of just pure property growth, it's munted for
a while. Catality says, yes, property prices in the thirty
and twenty thirties are going to be worth in real
terms twenty percent less than in twenty twenty one. So
(12:39):
what's your take on it? But also we've got Elsa
Wolf with us if you've got any questions for because
you might just be curious and buying something, even if
you're a first time buying. You, as a friend of
mine was going to do, he was going to buy
something and not live in it. He was going to
buy it as an investment. But for those who haven't
been in the market before. How where are you going
(12:59):
to buy? You're going to buy in the neighborhood that
you know best, or should you be looking further afield?
Any questions you've got for Elsa, give us a call
eight hundred and eighty ten eighty in text on nine
two nine two. We've got a bunch of texts coming in.
We love your calls as well. Twenty past four News
talks hed b Oh, there's jewelry anal useland do it's
my favorite part. We see the last gas of it
(13:22):
went till fast we go and reach you with.
Speaker 3 (13:27):
Put us on a Lincoln charge La was still in
a Lincoln par.
Speaker 2 (13:33):
News talks at be This is the one Ruffodia Shaw.
I'm Tim Beverage. My guest is Elsa Wolf. She's from
Wolf Wolf. That's wolf. Just there's no e. There is
there Elsa. There is an'n e. Okay, we miss spelled
that wolf. Anyway, Look, if you look for Elsa Wolf,
I l s E wolf with an E on the
end property coaching and I mean it's easy to track
people down, isn't it there? These I mean anyway, by
(13:55):
the way, just before we go to our callers, we're
talking about is the market munted? Because that was the
question I've thrown it at ELSA, And what does it
mean for the how you invest? And we're going to
dig into you know, then maybe the fact that the
goals of investors, maybe the long term investors, have always
been like this. They invest for cash flow and then
eventually they get the capital game, but they can't control that.
So you always invest for cash flow. But there was
(14:16):
a time when people just hang on in there, subsidize
the mortgage as much as you can, because in the end, Bingo,
I do have to single out. Just for fun, I've
got a text. I got a text here and it says,
great questions, Tim, your guest is amazing too. And I
jokingly just said to ls Racid, you don't know anyone
with whose last digits are xxxx. She goes, that's my
(14:39):
mother in law. So hello Mary, good to have you listening.
I just thought, you know, at twenty past four, we
know that else is great. But usually those your guest
is amazing, they come around court to five. So for
next time, anyway, let's Colleen.
Speaker 4 (14:56):
Hello, Hi Tim.
Speaker 1 (14:58):
Hi.
Speaker 4 (14:58):
Also, I'd like to take an exception to you saying
the market's mounted at the moment.
Speaker 2 (15:04):
Okay, let me we have a clock a few.
Speaker 4 (15:06):
Times on the property market. I can tell you that
there's no time like right now to buy good property
for investments, because the reason is that right now it's
a true market. You haven't got all crazy is going
to option putting their hands up for crazy process. So
you're actually getting the real value of your property. And
(15:26):
if you're a long term investor, as also suggest, there's
even more reason to be buying right now.
Speaker 2 (15:32):
I actually, look, I'm glad you've challenged me on it.
Actually hand it, Colleen, I'll handle it, hand else a
over to you, and then I'll come and with you
with my cheap little shot.
Speaker 4 (15:44):
You can try you.
Speaker 2 (15:47):
I mean, that's a good observation in the Market's.
Speaker 3 (15:49):
The market, absolutely, and this is the time to buy.
I think Colleen knows a thing or two. It sounds
like you're a you're very much aware of that. Referring
back to that property clock. It is true value, right
and so as a long term investor, the way is
up those over the cash and investing now doing it
while buying well, doing research on the comps. You know
(16:11):
what's selling around for you know of a relative spec
how many bedrooms, how many bathrooms and adding value to
be ready for that tail wind. For when we head
up around towards eight pm to nine pm, that's when
we're getting that speed of velo bad right, And from
a finance point of view, you'd far far rather be
at this point in the market where money is cheap
(16:33):
and you're paying less for the same house that if
you wait and buy it when it's already.
Speaker 4 (16:38):
Ehpm and you haven't got all the competition. That's the
other thing.
Speaker 2 (16:41):
Are you buying at the moment? Colin?
Speaker 4 (16:44):
No, I'm not. But we're never too old to learn.
So I'd like to know from also when her next
woman's property seminar is, because I'd love to come along
and learn a little bit more.
Speaker 3 (16:55):
Oh, thank you, thank you. We need to get something
in the calendar, actually don't We Probably for spring?
Speaker 2 (17:00):
And say, I guess when I mischievously say the property
market's mounted, I take all your points that there's a
buyers and look, if you're a first home buyer, Actually,
to be honest, it's still expensive. But the conditions are great,
much better for you than they have been in the
last few years, aren't they So that's working. I guess
the reason I look at it and in an offhand
(17:22):
way say it's mounted is that a lot of New
Zealanders thought that if you could just get the deposit
up to get an investment property, then everything would look
after itself. You're set now, but the money that you
earn in the property market through your investment, it's a
lot harder to earn that now, would be my point.
Do you think that's that's fair enough? It's not the
sort of just buy it where you go.
Speaker 4 (17:44):
I think if you're a long oh sorry, Ilfo, you've
probably got an answer for.
Speaker 2 (17:49):
For the whole hour.
Speaker 4 (17:51):
I think if you're a long term investor and your
strategy is to hold and to add value, as ilse,
then it doesn't really matter the time you're in the market,
because property always in New Zealand, you've come out tops
with it over a long period of time.
Speaker 3 (18:07):
Okay, it's the key, isn't it, Colleen. It is it's
long holding.
Speaker 4 (18:11):
And the key is to have a plan, to have
a strategy. And I love what Ilsa says about adding
value buying something that you could just add another room
to some easy renovation.
Speaker 2 (18:24):
Have you got any skills in the renovations sort of yourself, Colin,
that you'd like to exercise if you've bought a house,
investment property.
Speaker 4 (18:31):
No, not really, just being able to tell a good
buy when you see it. And the only way you
can do that is being active in the market and
always looking whether it's a good market or a bad market,
because how do you know the difference if you're not
out there looking?
Speaker 2 (18:43):
Well, how would you find how would you find, Colleen?
If you were looking to buy in the next six
months or a year, and I think you've got that
time up your sleeve, I'd say, how would you find?
How would you go around finding where and what?
Speaker 4 (18:56):
Well, the first thing that I would do is find
a good agent, and by that I mean somebody that
you can trust and have a good relationship with that agent.
Speaker 3 (19:07):
Very true, also difficult to achieve. So that is the first.
Speaker 2 (19:10):
Fee, because the agent's working for the seller, of course,
But so it is a strange one, isn't it.
Speaker 4 (19:14):
That trust not always? Not always. I think that if
you've got a really good agent who understands markets and people,
they're working to get the best still for everybody concerned.
And I think putting your trust in a really good agent,
finding that good agent talking to people like Alsha, who
has owned sure the most amazing contacts out there.
Speaker 2 (19:37):
You're not your aunt or something? Are you coling? This
is not.
Speaker 5 (19:43):
Related?
Speaker 2 (19:43):
Actually, actually, Colleen, I think you're I think all your
comments have been thoroughly reasonable, and I think when you're
talking about the measured response to and I guess I've
sat on a I've hosted this show for a few
years now, and for a while there was just this
whirlwind of just buy the property, sit on it, and
make a fortune. But it seems those days have changed.
Speaker 3 (20:02):
That's what everyone thought in twenty twenty one, for sure.
Speaker 4 (20:05):
No goodness, the clever investors don't think like that.
Speaker 2 (20:08):
Yeah, hey, Colleen, the smart the smart people go, I
think you're trolling me there.
Speaker 4 (20:13):
But that's just when I heard that word that the
property market's mounted, and I'm sending here going no, no, no,
it's not. There's opportunity. Now.
Speaker 2 (20:25):
The word did its job. We got you on the line,
and that's what we want. Good on your colleague, All right, thanks? Yeah,
Actually I thought great points.
Speaker 3 (20:34):
Very Yes, now she's dead right, because you're actually she's
she is suggesting tapping into a huge opportunity. There are
a lot of real estate agents who are extremely motivated
to get a sale. You know. I was. I attended
the inded Arac last week. I was interviewing everyone backstage,
helping out the friend who runs that. There were five
(20:54):
hundred and thirty seven real estate agents at this event.
I interviewed fifteen of them. I caught up, you know,
with many of them. A lot have not made a
sale this calendar year. Right, So this smart ones. Yes,
they have a fiduciary requirement to the vendor. But the
smart ones, they don't get this sale unless they find
the buyer for their vendor, right, So they need the buyer,
(21:15):
So they should you buckle up and get close to
understanding what buyers want and then they can get Yeah.
Speaker 2 (21:21):
Yeah, we discussed the agency the other week because we're
had Martin Cooper and we're talking about you know, and
who you actually we had a really good chat with
him about that, and he was sort of making the
same point that while it is your goal to get
the best deal for the seller, it's also you know,
you've got to have good relationships with buyers.
Speaker 3 (21:40):
Where bring the foot traffic?
Speaker 2 (21:41):
Yeah, that's the one, right, Let's take We've got truckloads
of text and we've got some calls to get into
now Gary, Helloa, Hi, how are you good? Thanks? What's up?
Speaker 5 (21:53):
Yeah? I've got a question. I've got about one point
six savings with my teav saber as well to mind me.
I'm looking at sorry.
Speaker 2 (22:07):
You mean one point six million, yeah.
Speaker 5 (22:10):
Yeah, one point six million yeah, sorry, And I'm looking
at like this retirement home for it's about eight point
fifty to nine hundred thousand.
Speaker 2 (22:24):
Okay, So you're looking into buying into retirement village and
the price of entry for your property is eight p fifty.
Speaker 5 (22:31):
Right, yeah, yep, correct? Yeah? Is it worth while to
pay free off? And are there any benefits on doing.
Speaker 2 (22:42):
That as opposed to what.
Speaker 5 (22:45):
Maybe taking maybe a seven hundred thousand dollars and then
they're having a mortgage so I can do the text
claims and things like that.
Speaker 2 (22:53):
Are you going to be living in it?
Speaker 4 (22:55):
Yes?
Speaker 2 (22:56):
I am, okay.
Speaker 3 (22:58):
That doesn't I would have thought to, Yeah, find a
great financial advisor. Unfortunately, that's not something that I'd be
able to comment on. That's a very very much a
one on one conversation to have and get some very
specific advice regarding best use of that. That sounds like
an amazing nest to give built up there, and you
want to make sure you do the right thing, so
grab a financial advisor who can help you with that.
Speaker 2 (23:19):
And I think, but I think if you're living I
don't understand how that works. But living in something and
claiming if you're living in something, I'm not sure how
you can claim.
Speaker 3 (23:27):
For the purpose of your home. It's it is treated
differently from a fit is for the purpose of an
investment property or rental.
Speaker 2 (23:33):
Yeah, yeah, okay, right, let's take some more calls on
this course of the text have been rolling as well.
I've got to just got to weed out the ones
that are not from else's family and friends to just kidding.
It's just that one we're were up to Jason.
Speaker 3 (23:46):
Hello, yeh hi some pie I'll here going Hey good,
thanks himself?
Speaker 6 (23:52):
Yeah good?
Speaker 5 (23:52):
Hey.
Speaker 4 (23:53):
My question is.
Speaker 6 (23:56):
You I buy and flip. The problem is with the
labor government with the text attackability that they sort of
sprang on us with the older properties, it wasn't really
worth buying the second hand properties. So we still do
have a second hand property. And with just obviously the
(24:17):
last cycle of the of having to pay quite a
bit of tax, which we had render prices up quite
a bit to cover that. But what's your thoughts on
You know, we've got quite a quite an interesting political
landscape at the moment with labor potentially coming back into
(24:37):
power at the next selections, and if they do come back,
and I've talked about putting the tax actibility off again,
so putting us back into that into that book, so
if we bought second hand properties, we're now faced big
text dolls again.
Speaker 3 (24:54):
Well, look what happened last time that that decision and
introducing interest deductibility increased rents. It had a direct it
was a direct correlation which was ide uh you know
by by the opposition at the time that and that's
exactly what happened, rents increase because the increased cost to
the landlords with the higher rates at the time ended
(25:16):
up being passed on along with all of the healthy
homes increased costs, which is, you know, it is a
great standard to have, but all of that lumped on
at the same time and that got passed to the tenant. Yeah,
very different. Yeah, So I think, you know, hopefully there's
some lessons taken from that, because that was no fun
(25:37):
for anybody, And I guess yeah, you'd hope that they
run some analyses and look at some different cause and effects,
because that really that really hurt tenants and we've already
got a high enough cost of living as it is
right now.
Speaker 2 (25:49):
I guess the question for both of you is that's
the fear, isn't it. Do you think that's had an
effect on the way the market is right now? And
Jason and few Elsa as well, what do you reckon Jason.
Speaker 6 (26:02):
Equity in current because we did exactly what else is
saying with with with added veterans, built gains and the
rental problems now is that do we reinvest in another
rental property do the same thing again because labor get
(26:22):
don't talking about putting the matter course of the Greens
and the Radical Greens and in the INSTARTI Maria talking
about wealsh taxes and putting taxes on the landlords and
all this and alleys, here we go again.
Speaker 2 (26:35):
It's that.
Speaker 6 (26:39):
To to sort of invest in rental properties anymore, does it?
Speaker 2 (26:42):
I guess that does? Are we betting on an election
result as well? When you get into property catching, Elsa?
Speaker 3 (26:47):
Oh got Honestly, I prefer to work with the aspects
that we can control. And control is a very strong word,
but you know, there are two two aspects of investing
into property that investors generally are looking to get the
benefit off from a financial point of view. The first
one is to add value, creates equity, transforms into wealth
for a future you know, retirement, et cetera. The other
(27:08):
part is cash flow that creates income, and this is
passive income that a lot of investors are also chasing
the capital growth. Unless you are adding bedrooms or adding
value well to create a higher value for that property,
we as single investors have zero control over those those changes, right,
So the capital growth is the speculative, you know, that's
the word that you see in the market when values
(27:29):
head up. But we can't rely on that.
Speaker 2 (27:31):
The cash flow is problemat because not if they suddenly
I mean, I don't know if we how far we
want to go down this wormhole, because it feels like
a wormhole, but it's not someone that's totally out of
the picture that suddenly, if you can't deduct the costs
of your your investment borrowing against the cash flow.
Speaker 3 (27:46):
That is yeah, oh no, that's the that's the scary part.
Because the cash flow is the liquidity. Right, either your
rent comes in and covers your costs, whether that you
know that's your rate to insurance, your mortgage costs, or
if that's higher than the rent coming in, then you
are topping up out of your income. That means that
rental is now also dependent on you working. So the
way I prefer to do it is at the bedrooms
(28:07):
and add value make it worth more on the rental market.
That's actually where we focus, because what you want to
do is distort the rent and the debt. You want
to keep that debt as low as possible, even when
you add, you know, you renovate and add debt to
the purchase price. You want to contain that. The lower
you can keep the debt. But the more rooms and
(28:28):
do you.
Speaker 5 (28:28):
Need to plan?
Speaker 2 (28:28):
Do you need a plan for deductibility not being as
it is? Now?
Speaker 3 (28:32):
Oh goodness, Well, I mean questions And it's a guess,
isn't it. But well, the stronger you push the cash
flow to get a higher yield or return that the
further you can push that above what your interest cost is.
That's your fingers crossed. Well, that's all we can do.
That's all we can do and then, like what Colleen said,
you know it's it. Truly is the hardest part of
(28:54):
being a property investor is not to sell when times
are tough. That's the hardest part. That's the part you
have to ride out and you have to you have
to prepare for that winter. So the longer you invest
and the longer you can build up the cash flow.
Some investors pay down debt with the principle being repaid.
Most don't, especially if they're in accumulation phase. But the
(29:15):
best you can do is calculate the cash flow. That's
the part that actually impacts your life, either positively or not.
Speaker 2 (29:21):
I guess the Actually, we'll dig into it. There's lots
of questions that come out of that, but we'll dig
into them when we come back. Gosh, time is flying.
It's twenty one minutes too. There's no spear lines there.
I've got a bunch of texts we'll get to in
just a moment. For my guest is Ilsea Wolf. That's
with an I l s E else a wolf from
wolf with sorry w O l if w O l
if e wolf for an E on the end. When
(29:41):
I just say that we'll be back in just a moment,
News Talk said, B. What did I say? Twenty one
minutes to five, Yes, welcome back to news Talks B.
(30:07):
This is the one rufradio show on the weekend Collector.
My guest is ILSA Wolf from Wolf Property Coaching. That's
with an EE on the end of Wolf and we're
talking about well, my quick question is the market, munt.
And now I'm going to do a few texts before
we take any more calls. ELSA. Here's one about odd
large square meter cross lease properties A scary prospect mmm,
(30:28):
cross lease scar cross lease. I was thinking of leasehold.
Speaker 3 (30:31):
Sorry, oh yeah, I mean in terms of the hierarchy,
leasehold would be definitely at the bottom of the barrel
at a lot of things. We won't go down that
rabbit hole, but yeah, that's not flavor of the month.
Cross lease effectively means that you you collectively own the
land with the other parcels within that. So for example,
we used to own a unit, a single unit within
(30:53):
a block of five several of those actually in different
scenarios around some of those Auckland properties I mentioned earlier. There.
You know, depending on your goals, that may suit you.
But the risk with that if you are looking to
add value and renovate, you need to be extremely careful
that you're a fitting with the building code and be
the flats plan and the files at council are congruent
(31:16):
with what you're doing and you're doing things the right way.
Because you don't own the land under your unit, you
own it equally with the other owners of the other
four and that block of five. Say you if you breach, if.
Speaker 2 (31:27):
You it's like a unit title, you're sharing a certain title,
but then exclusive.
Speaker 3 (31:32):
An exclusive enjoyment of of the house. So freehold is
the best for if you want to renovate, you know,
then you own the house, you own the land. It's
completely within your control and of course comply with the code.
Speaker 2 (31:45):
I will read this text. Actually this is Matt who's
given us full name on Matt Bore from New Zealand
Property Investors Federation here listening to the last discussion with
interest on interest deductibility. The Federation is working in this
area lobbying to ensure interest deductibility never returns. If you'd
be interested in having me on sometime to discuss that work,
so we might have a chat about that. But it's yeah,
(32:06):
there is a it'll be I mean politically, obviously it's
a big one, isn't it so? But thanks for your text, Matt. Right,
where are were up to? Let's go to tell you what.
Let's take another call show and let's go to Craig. Hello.
Speaker 7 (32:20):
Hello, I've just got a question. Hello, I've just got
a question. When you talk about adding value. We have
a rental property, by the way, it's on the Crossley side,
but it's two thrash three bedrooms and I could see
the potential to move the bathroom and add a bedroom
that it would mean the new bathroom would not have
a bath. Is that going to affess the property value much?
(32:42):
Not having a bathroom a property?
Speaker 3 (32:45):
Do you so? Do you mean the second bathroom would
not have a bath? Could you fit a shower?
Speaker 7 (32:49):
No? No, there would only be one bathroom with a vanity,
a toilet and a shower, and to be a separate
toilet elsewhere in the property, but there would be no bar.
Speaker 3 (32:59):
That's an interesting one. If it's likely. So when you renovate,
you want it to be appropriate to the location, and
you want it to be appropriate to who your most
likely tenant is. So if that most likely tenant is
going to be a family. If it's three bedroom, say
you know, a fully fledged three bedroom, you would want
to get some advice from a couple of property managers
as to what the typical family in that location would expect.
(33:21):
If the kids want a bath and that's common, you
should probably consider that and take their feedback, because when
you turn around and ask your property manager to honor
the appraisal they've given you, if you don't really take
on their advice in the first place, then you know,
it's very difficult to sort of hold them to that outcome.
So I would do your research. Definitely talk to at
least two, if not three, are property managers who are
looking after that area.
Speaker 7 (33:42):
Okay, good stuff on my own property manager anyway, okay.
Speaker 2 (33:45):
Oh okay, Well it's a good Well that's a big
play there, Craig, because people always say that you shouldn't
be your own property manager. But if you know what
you're doing, good on you.
Speaker 3 (33:55):
Some of those details, well done. There's a lot to
be on top of these days.
Speaker 2 (33:58):
Few texts here the guys are. There's quite a few
political ones. The guy speaking about labor coming back into
the power into power, that's not even a chance. Why
would he be worried about that. There's no chance. Well
you know, I mean there's all sorts of political outcomes.
People thought there were no chants of happening. So yeah.
Another one says the Queenstone market's never mounted. Rolliston is booming,
(34:19):
population growing at eight percent pranum. Well, actually that is
more like the old school market.
Speaker 3 (34:23):
It's just there are some great there are some great
growth rates. Selwyn District is the fastest growing part of
New Zealand at the moment. So yeah, Rolison's had a
huge surge. Queenstown's already so premium, very difficult to get
anything close to a neutral cash flow regardless of how
many rooms you add, and probably on short term rental
as well. So it depends what your goals are, right,
different different properties for different people.
Speaker 2 (34:44):
Yeah. Yeah, here's another one here says you'd be better
off buying shares. Housing is too fickle at the moment
we're talking about. Your guest is talking about long term
investing ten years to see some better returns by the
time you take up fixed costs, interest, tenant damage shares
are a better investment. Harder to argue with that than
it was a few years ago. Isn't it.
Speaker 3 (35:04):
What do you say, Yeah, I mean, hands down, we're
always buying the properties to add rooms and significant value
add to and that it's not about purely the add value,
but it adds value for the rental market. So say,
for example, that three bedroom rentmate might have been four
hundred and fifty dollars a week and it's kind of
retro state. Add a bedroom it can get up to
sort of seven seven hundred and fifty dollars per week.
(35:25):
That's a huge lever to increase your cash flow and
with historic rental trends, that puts cash in your pocket.
So as well as the cost as well as you know,
working up net present value of the capital growth you've made.
The cash flow is what is going to benefit you
on a daily basis throughout that period you own it.
Speaker 2 (35:42):
So you know, do you get on the to now?
You were talking about the tools before, and I think
there was just about skills and investing. Literally, do you
get on the top. Do you get on the tools
in terms of plastering and have you got a particular superpower?
Speaker 3 (35:54):
Well, painting is one of the cheapest but highest impact
and highest value ads you can undertake yourself. You definitely
want to talk with a paint specialist if you're heading
into your retailer, et cetera. But that is a very
basic way to start, you know, if you really want
to reduce the cost of a reno, awesome, you know
in terms of the impact of it, great bank for back.
So you know that there is a tech.
Speaker 2 (36:15):
There's quite a few techniques to painting. It's people think, oh,
I just get the brush and where we go, and.
Speaker 3 (36:19):
It's like, oh no, no, it's all in the prep.
It is in the prep that from my bill to
Albert at the time, ninety percent prep, ten percent paint
one hundred percent. But plaster that comes down to also
a great plaster finish, jip stopping plaster. That's the harder part.
And I look to tile and that's very rewarding.
Speaker 2 (36:36):
That is oh that's no, that's next level. I do
my own plastering and I think I do it pretty
well with the odd tantrum. But you can always sand
and go again.
Speaker 3 (36:47):
But it's an emotional rule tiling.
Speaker 2 (36:49):
That that's a superpower. Anyway, Hey, look we've got Property
of the Week next we'll be back in Just to
take time flies it is ten to five.
Speaker 1 (36:57):
The one roof property of the week on the Weekend Collective.
Speaker 2 (37:02):
Yes, the one roof property of the week is an
absol it is. It's gorgeous and it's one of those
ones just going and have a look at it and
imagine what it would be like to live in this.
It is five Petty Street, as in the Pere Street Remuerra,
Auckland City. It's it's one of those beautiful I mean, Elsak,
how would you describe It's one of those beautiful wooden
(37:24):
old school residences. I don't know how long would be,
but it's massive, massive property.
Speaker 3 (37:29):
With majestic majestic. That's one of those pioneering two story
villains that overlooks everyone.
Speaker 2 (37:35):
Well, actually the thing is it's up it's up the
side of one of the mountains of Mount Hobson and
it looks from one angle that's only about one other neighbor,
and the views over to the city across rung A
Toto and the terrace and the swimming pool and everything.
And I'm not even reading the description, but it is
an absolutely stunning house. I was surprised, else as you
(37:57):
might have been, that the property it's expensive. Okay, you
need to you know, have a fair bit of extra cash.
But I was surprised that it was seven point eight
million when it looks like a few years ago fifteen mil.
Speaker 5 (38:12):
Yeah.
Speaker 3 (38:12):
Do you feel like that it is a lot of gorgeous,
gorgeous house that's immaculate, that poul. Yeah, it looks like
a lot compared to what we think we would be
spending to buy it.
Speaker 2 (38:27):
Yeah, I think because I mean I remember when Grant
Dalton's housewiened up for sale on Victoria Ave, and I
think he, in fact the personal he bought it sold
it for a loss. I think Grant sold it for
around fifteen million or something, and then I saw it
was lost for sold for several millions. So some of
those luxury houses did take a big hit, you know,
when they were bought and sold around the time of COVID. Ridiculousness,
(38:47):
isn't it. But yes, it's on the crest of Mount Hobson.
It's a direct private gate access to the mountain. I mean,
there's another little thing. You want to go for a
bit of a year morning constitutional walk up the mountain,
You've got an a private gate. It's situated in a
small culder sack along with a very few very high
profile residents as which can be admired from multiple vantage points.
(39:08):
Go and check it out again. I'll give you the
address because that's the best way to find it on
the one roof website one roof dot Curtain in z
It's five party Streetmu gosh. I always struggle with print
saying four bedrooms, two bathrooms, two car garage. It sounds
modest in size. Four bedrooms, two bathrooms, two car garage,
(39:29):
garage two off street.
Speaker 3 (39:31):
It looks looks like there are six or seven bedrooms
a scale of it. It's a huge two story Yeah.
Speaker 2 (39:37):
And if that hasn't peachdure curiosity, then I don't know
what will. But it's worth going and having a look.
And I mean it's of course it's got a dining
room as well, and I'm actually how many people actually
have dining rooms these days?
Speaker 3 (39:48):
I often cut the mountain.
Speaker 2 (39:53):
Oh gosh, yes that is that is a question. Not
after I've got man's on it, says Elsa. Hey, Elsa,
thanks so much time has flowing and it' been a great hour.
People want to catch up with you as their website
that they can check out your work.
Speaker 3 (40:08):
Yes, thank you. Wolfproperty dot Co. Do own zed or
check us out on Instagram Wolf Property Coaching. Thanks excellent.
Speaker 2 (40:15):
So that wraps up the one Roere Friday Show. Time
flies as you're having fun and it continues next hour.
By the way, if you missed any of the previous hour.
Once we conclude each hour, we load the audo pretty quickly,
so you can go to the News Talk said B
website or to iHeartRadio. But next Sandy Pasley, she's former
principal of Barradine. We're gonna have a chat with Sandy
about the speed dating of parent teacher interviews and how
(40:37):
to get the best out of it considering it's like hello,
how's she doing? Good bye? And accountability with your kids
as well, how do you teaching? Those lessons. Will be
back shortly with Sandy Pasley. Parent Squad is next.
Speaker 1 (40:49):
For more from the weekend collective, listen live to News
Talk zed B weekends from three pm or follow the
podcast on iHeartRadio.
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