August 30, 2025 • 40 mins
Chris Bishop has openly called for house prices to fall, saying we need to be channeling more money into the economy rather than having it locked up in housing.
The Prime Minister says we need modest and consistent increases in property prices, to ensure the economy is growing.
So what is actually best for New Zealand and the economy?
CEO of The Property Lifestyle, Nichole Lewis, joins for the OneRoof Radio Show.
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Speaker 1 (00:05):
You're listening to the Weekend Collective podcast from News Talks B.
Speaker 2 (00:13):
Is coming.
Speaker 3 (00:16):
Please welcome appearance, Yes, welcome back or welcome in. It's
(00:43):
seven past four. I'm Tim Beverage and this is the
Weekend Collective, the One Roof radio show. You have a
little bit of a chat about, well, what we want
the property market to actually look like. So you may
recall Chris Bishop who openly called for house prices to fall,
saying we need to be channeling more into the economy
(01:06):
rather than having it locked up in housing. And then
the Prime Minister on the other hand, just last week,
I think Chris Luxen was saying we need modest and
consistent increases in house prices to ensure the economy is growing.
And I guess the broader question is what do you
want to see happen and if you want it to
be flat for a while or do you want it
(01:27):
to drop for a bit and why. But that might
also be influenced by your own point of view. If
you are someone who hasn't brought their first home yet,
you probably want property prices to continue to go down
or to remain flat for a while so you can
build up your deposit and get in there, or if
you want it to go up, what do you think
would be healthy for the economy Because a lot of
(01:47):
the criticisms over the years that I've hosted the show
is that when the property market's going gangbusters, people say, well,
it's just money that's going into property, it's just leveraging,
and it's not good for the economy because it's not
going into productive sort of businesses and things like that.
So what is actually best for more than for New
Zealand if you look outside your own interests and the economy.
(02:10):
Do is the Prime Minister right that we need modest
and consistent increases in house prices? I guess what's modest
and consistent is the other question? Or do we need
it to sort of continue to become more affordable by
prices dropping? According to Chris Bishop, so what do you reckon?
Give us a call on oh, eight hundred and eighty
ten eighty and to discuss it. She is the CEO
(02:30):
of Property of the Property Lifestyle, and actually she just
got a new book out. Actually I think her last
one is called Property Quadrants, and she just handed me
a copy of this called No Money Deals. And her
name is Nicole Lewis and she's with me now, Nicole,
how are you going?
Speaker 2 (02:42):
Hello?
Speaker 4 (02:42):
Hello, I'm very good, Thank you very much.
Speaker 3 (02:44):
It's an interesting well politically, it's interesting because you've got
the Ministry of Housing Chris Bishop, wanting property prices to
still drop a bit, and then you've got the Prime
Minister saying I'd like them to keep moving? Are the
odds with one another? They talking about different things.
Speaker 4 (02:57):
They're probably talking about different agendas. I mean, for example,
Luxon's correct when it talks about the economy needing to
be stimulated. Let's face it, the house, the housing market
and the economy are sort of aligned together. When one's up,
the others up, When ones down, the others down. But
then on the other hand, Bishops probably looking at it
from an affordability perspective of people getting into property, and
(03:20):
so he's right, we can achieve that, but we can
do it with segmenting the market rather than looking an
overall decrease.
Speaker 3 (03:27):
What do you mean?
Speaker 4 (03:29):
So it's an interesting topic, But I, for one, you know,
like when I wrote the book No Money Deals, I
wrote it for the purpose of getting people, helping people
into property who can't afford to get in, and so
I look at it thinking, you know, the government has
a lot of drives on, like you know with the
housing affordability, so why not do something like put in
a rent to buy type development system so long term
(03:54):
renters actually can end up owning rather than getting megalandlords
to build sort of build to rents, which makes them
wealthy long term. Not that I mean thing against that,
but we want to help people. We can put initiatives
into things like that. You know, Bishop talks about new builds,
but what he probably doesn't realize when I'm out there
(04:16):
every week trying to buy property. The biggest drivers of
pushing people property up too big, which is what lux
and saying let's not have two bigger increases are the developers.
You know, they're the ones that overpay a home buyer,
an investor, even a trader. You can't compete against them.
Speaker 3 (04:33):
That's if you've got a particular block of land come up,
which is you know, zoning wise right for development, and
then that's is that I mean what drive We saw
ridiculous price increases and I think probably that was largely
driven by the fact that money was costing absolutely next
to nothing. And that's why we are in a. We're
in a funny position with our market because we what
(04:53):
did it go up during COVID? Property prices in some
places get fifty sixty.
Speaker 4 (04:57):
Sixty star isn't insane just.
Speaker 3 (05:02):
Before and then sold than good on you, But.
Speaker 4 (05:04):
Yeah, one of our biggest increases. Yeah, historically, that's absolutely true.
Speaker 3 (05:09):
What did you make of it at the time?
Speaker 4 (05:10):
Did you think I didn't foresee it going up that high? Look,
property cyclical, it's always it always goes as an upcycle
followed by a down cycle. I didn't foresee it rising
so substantially, but then it did go down by sort
of up to forty percent as well, So you know, so.
Speaker 3 (05:26):
It's still actually well up do you think, I mean,
is there? Because before COVID the market was still you know,
doing pretty well. Yeah, yeah, that's right, And it was
still sort of seen to be the no brain or
advice that if you could just get into the market,
just get in and hang on for grim death and
you'll and you'll come out on top. YEP. Feels like
that's changed a bit right now.
Speaker 4 (05:48):
To be fair, it does. It changes with the market cycles,
because don't forget when the market cycles up. Our last
week was twenty twenty one. When the market cycles up,
FOMO comes in and there's always new people to the market,
new home buyers, and they don't know any different. They've
never watched the cycles before. They're new, new investors, new developers,
and they just buy bye bye, bye bye. But it's
(06:08):
always followed by a downcycle, which we saw that we
saw happen in twenty twenty two, with bottoming out in
twenty twenty three. And then of course the story around
property changes. It becomes negative and people are scared, and
interest rates go up and banks don't want to lend,
and you know, and then the other thing is two
people don't buy because they think it's going to keep
going down. So that doesn't help us either.
Speaker 3 (06:30):
What do you think where are we aut at the
moment with the market?
Speaker 5 (06:33):
Then?
Speaker 3 (06:33):
I mean there have been I mean I see stories
which I must have its cynically. I think where you'll
see a story in the media saying, oh, such and
such a was listed for X and it got so
much more, and I think that that's just someone trying
to whip it up a bit, but it doesn't Where
do you think the market is at?
Speaker 4 (06:48):
That happens? Occasionally? The market's turned. So we've definitely hit
our bottom and we've flattened in twenty twenty four and
it's definitely turning around now. Of course it's a different
area by area. Auckland Wellington are still relatively flat, probably
at around a zero percent increase since the bottom of
two twenty twenty three where are Some of the provincial
areas around the South Island can be up as high
(07:10):
as seven percent, and I think the country average is
two percent growth. So it's definitely turned We're definitely starting
to move up, but very very very slowly.
Speaker 3 (07:20):
We will want your cause on this. What do you
think the property market should look like? Of course, if
you're an investor you've just bought a property, you want
it to go gangbusters. If you were a first time
buyer hasn't got on yet, you want it just to
call it's jet jets for a while. But what do
you think is best for the New Zealand economy. Do
you want to see rapid growth or gentle growth or
do you think Chris Bishop he's openly called for house
(07:42):
prices to fall. Politically, it's a quirky one with people
from the government, two different people saying slightly different things.
You might have a say on that as well. On
eight hundred eighty ten eighty. Let's take some calls and
Steve get a.
Speaker 5 (07:59):
Yeah, good a. Guys, listen this little sort of upturn.
Instead of positive, the so called positive relativity, I think
of just the old classic dead cat bounce. I think
New Zealand's stuck in a zombie economy like the Japanese
were in the nineties. I think even though the interest
rates are heading down, it's not going to make a
lot of difference because I think jobs, it's all about
(08:20):
job security, and you're still got to pay the principle
back Japan had negative interest rates and they couldn't pay
people to take the money, and people still wouldn't borrow
because they didn't have job security. And so you hunker
down and we're going to be like that for quite
some time. I'll tell you why. Because our population is
stagnant and we're losing good people and we're not we're
(08:40):
not we're not growing. And one other thing is you
know what bother and me, we're getting mixed messages in
this country. It's weird, right. You get people who they
don't invest in property and you've got to put money
somewhere else and it's like there is nowhere else to
put it in this country that's going to make you money.
Do you know what's really annoyed me? And there hasn't
been a lot of follow up on this Fonterra. That's
(09:03):
a selling off their consumer, isn't it. So you know
how we talk about value adding in this country. You know,
people get annoyed when we sell logs of the Chinese
and we don't turn it into something before we sell it.
This is what Fonterra is actually doing. They're actually already
selling value added goods. Now they're going to sell that
off and go back to the raw materials because they
say that's what we do well at Now, what's going
(09:25):
to happen to that income over time? Sure anchored, we've
got factories here that make these products and they're going
to keep doing it for some time, but within ten
years and I've speaking to someone from Fonterra recently, they
say they're a good chance the French will will shut
down the fatories here and move it off shore because
it'll be cheaper. So what's happening? We get that farmers
(09:47):
getting a sugar hit short term, as per usual, in
this country and the consumer goods are sold off and
the loss of income on that, and we're going to
be poorer for it.
Speaker 3 (09:56):
Okay, now I'm letting the cole jump on there. We'll
try and keep away from discussing farming deals so much.
But I guess everything's you know, one thing is connected
to the the other. But Nicole, what do you reckon?
Speaker 4 (10:06):
Okay? I think you've made a really good point, Steve.
I mean there's three things at the moment that is
stagnating the economy.
Speaker 6 (10:11):
You know.
Speaker 4 (10:11):
One your one hundred percent right, it's that low migration number.
We're down the lowest we are in about ten years.
The second is the increased cost of living. Our cost
of living at the moment is significantly higher. And the third,
of course, being a little bit of what they call
it economic uncertainty, which you one hundred percent. Businesses don't
know what to do. They're not making decisions, they're not employing,
(10:33):
seventy five percent of jobs are sitting at the moment vacant,
they're not advertising. You're right, those things need to be addressed.
There's no easy fix.
Speaker 5 (10:41):
No, And I'll tell you what else. I think the
world demographics are changing and we're actually seeing it now.
Mozelle used to get flooded with people. We're not flavor
of the year anymore. Far from it. I think we're
kind of hitting a very very stale patch. We lost
that whole pure thing. I think even the Chinese, you know,
the Chinese students. Queen Street used to be like an
(11:04):
extension of the Auckland University campus full of students, was vibrant.
People hate going there now, do you know what? Because
I honestly think with Google and all the research that
that people can do now of countries where we don't
look that great on a lot of on a on
a lot of different scales. I think the weather sort
of hasn't been great prime rate does there is? I mean,
(11:28):
there's got a lot to do with I know I'm
being negative here, Well that's fair enough.
Speaker 3 (11:33):
Yeah, I mean I think look, if you wanted to
search for negative weather headlines, you can probably search a
whole bunch of countries in Europe's on, you know, with
the wildfars and all sorts of things. But actually, here's
just a quick thing just while we've got you though,
Steve so migration is down right, but we have almost
never lost people. We we still have a negative.
Speaker 5 (11:55):
We need a hundred.
Speaker 3 (11:56):
But now what I mean is now, But what I
mean is we're still growing. We're not shrinking much. No,
but I mean we we If I track it back
twenty twenty, we had, like I mean, we had net
migration of ninety thousand people one year. We went negative
a little bit in twenty twenty two, then we went
crazy again. We had net migration in the middle of
(12:16):
twenty twenty three one hundred and thirty two thousand. But
now we're still We're still growing.
Speaker 5 (12:21):
So I can be honest with you as to why
that what the problem is. Now. Now, look, this is
the problem, and I've spoken to a lot of people
about it. You won't hear the economic pundits talk about it,
but this is the reality. New Zealand experienced three ways
of Chinese migration from the mid nineties, early two thousands
and then after the GFC that brought so much money
(12:42):
into this country. It wasn't funny. They bought cash, they
bought property central Auckland and they renovated. And now if
you look around Auckland, they're into developing right. So the
massive influx of cash that sugar hit this country like.
Speaker 3 (12:57):
Well, that was a false styles in a way, wasn't it.
Speaker 5 (12:59):
It's not happening anymore now. They're not coming the Chinese. Okay,
you know the migrants we're getting now from India and
they're lovely people, but they're not well healed. They're not
bringing the money, they're not buying property. They're coming here
and they're living and they're packing out like houses and
they're just sort of doing those jobs. That the key
we don't want to do.
Speaker 3 (13:18):
Jumping into what jumping into what do you think? What
do you want the property market to look like? Steve?
What do you want it? What do you want to happen?
Because do you want false stimulus of just a bunch
of immigrants coming in with a truckload of money and
buying up the properties or what do you want?
Speaker 5 (13:30):
I'll tell you what. If you look at New Zealand Hyston,
that's the only way that we've ever grown. We don't
party on our own. We rely on the sugar hit
of money that comes in, the capital that comes in
from foreigners is the only way we get ahead. And
we've got to see that reality for what it is.
We've got to have a real serious discussion debate that
we probably need ten million people in this country. We
really do, because we can't do it on our own
(13:53):
with the current populations, and we need stimulus and we
don't do anything else. Let's face facts.
Speaker 3 (13:58):
Well, we do create well I don't know, I mean
we do. The farming things is an interesting one actually.
Speaker 4 (14:05):
In all time, right at the moment as well.
Speaker 3 (14:06):
Yeah, hey, Steve, I'm going to have to leave it there,
but thank you for your call. Let's go to I
think she's going to have a slightly different opinion, just
called a wild guess.
Speaker 2 (14:15):
So hello, oh no, you're a mind reader.
Speaker 3 (14:21):
Well, actually the other day you and I were on
the same page on something on our west. As a
stick of to Madari, well, I've talked it up twice.
Speaker 2 (14:28):
I've got two talk mats up there. But of course
I disagree with the last Cora. You can't build an
economy on property speculation, and I know for sick obviously,
Hello to your lovely gifts, and I agree one hundred
and ten percent. We need more rent to buy from
(14:51):
this country.
Speaker 3 (14:53):
So I say that last, but again, we need.
Speaker 2 (14:56):
A lot more rent to buy places. It's a really
positive scheme. NET one actually what.
Speaker 3 (15:03):
You said there, I throw that Nicolea's as you can't build.
You can't build an economy based on people just pouring
money and from outside into New Zealand property.
Speaker 2 (15:13):
And I'll tell you why. I've seen I've rung up
a lot about it, and you probably didn't agree with me,
but look, I have seen it first tend I've followed
them around. I get people to go in the street,
different streets and spy on them. Developers. Developers are pain
(15:36):
six to eight hundred thousand more than property in in
their vicinity and summer next door or a couple of
doors up.
Speaker 3 (15:46):
We can't be seen much of that at the moment
because the market's pretty flat.
Speaker 2 (15:49):
So oh, yes we are. They are the ones I
believe falsely retchetting up the values.
Speaker 3 (15:57):
And well here's here's the thing though. If they're reaching
up the values, but then again, aren't they also participating
in building the supply, which is what Chris Ship once
because they they knocked down a house and they build
a few units.
Speaker 2 (16:10):
No, well, it's funny you should say that because a
lot of this is occurring in stoathouse areas. But the
trouble is they're actually making it in such a way
that first time buyers, even renters are just shut out
(16:33):
of the market because they can't keep up with those prices.
Speaker 3 (16:37):
Well, possibly on the extra freehold sections that are being developed,
but no, just bring Nicolon. Well, the whole point is
that those developers are building houses which will be affordable. Answer.
Speaker 4 (16:46):
See this is where it's interesting. I actually agree with you, Sue,
so to a degree. You are one hundred percent. Now
I'm out there trying to buy property every single week, right,
and so when I'm trying to buy something, either to
invest or to flip as such, or even sometimes I'm
buyers are sitting there trying to buy a home. We
(17:07):
cannot compete against the developers. Developers wipe everybody out of
a particular property, but only if that property is right
for development. So they've got to have a big criteria there.
Speaker 3 (17:20):
So we need to look further down the tracks. So
you may have lost out to the developer, But what
does that developer do with the property if they build
some townhouses on it, Then all of a sudden, those
buyers are they are they presenting an opportunity for buyers
for something affordable?
Speaker 4 (17:35):
Yes, and no, And you see this is where I
think Bishop's got it a little bit confused because you
or even if you look at what the dear old
Labor government did where they incentivize new billds via tex right,
so they got that bladly bomb because then what they
do is they go drive all the prices up with
developers going nuts, left, right and center in twenty twenty one,
(17:55):
and then statistically they record that as investors are driving
up the price, investors is developing two very very very
different things. And then.
Speaker 2 (18:07):
You know, converse with Andrew from Property Investors Federation, So.
Speaker 3 (18:12):
Sue, what's the good What does the property market look
like for you? That you know you've got luckx and
saying he wants to gradual growth, You've got Bishop, he
wants to come down. What is the property market in
terms of its benefit towards New Zealand economy? What should
it look like?
Speaker 2 (18:27):
Well, I'll tell you what. The last time I saw
it working well, and this is straight up was years
ago when people when people from our three low socio
areas bought their first time in Peckeringa when it got
turned from orchard and farms. But the thing is the
(18:50):
quds around it was a lot. Everything was a lot
different now. Look, I can I can tell you categorically,
I have got names of trust, the ones that are
forcing everything up. We've got to netback first. We can't
go anywhere without pigging that back. A lot of them
(19:11):
are not even here. They're buying them up and trust,
you know. And that's how harder actually pun them down,
that they're even in our country and starting to really
annoy me watching all these people really trying to buy
a home, and then other ones, you know, that can't
(19:32):
afford the rent. Some of the tensions are paying eight
hundred dollars they want for the rent.
Speaker 3 (19:39):
It's just name, yeah, possibly living in a house that's
maybe I think if you're paying eight hundred bucks for
rent from I'm not sure what house you'll be living
in as a pension, but I'm guessing it might have
a few more bedrooms than you need. But anyway, we
won't And I will say that that Seri's comments about
people buying overseas and trust and all that sort of
stuff is completely without evidence, but she does make that claim.
(20:01):
So I thought we'd just put that little resistance to
that ide. You're out, but we'll be back with lots
of callers, What does the New Zealand a property market
look like that's good for the economy. What do you
want to see? Do you are you with Chris Bishop
that we still need to see a little bit of
a decline in prices to make it affordable for people,
or are you with Luxon who's saying sort of kind
of the opposite. Gently, we'll be back in just a moment.
(20:24):
My guest is Nicole Lewis, she's the CEO at the
Property Lifestyle. We'll be back at in just a moment.
It's gosh, twenty seven past four. Yes, welcome back to
the one Roufradiosham. My guest is Nicole Lewis. I'm Tim
(20:46):
Beverage and we're talking about the two different views Bishop
has called. Chris Bishop has called for open house prices
openly called for house prices to fall, saying we need
to be channeling more money into the economy rather than
having it locked up in housing. Sounds like it makes sense.
And the Prime Minister, on the other hand, sees we
need modest and consistent increases in house prices to ensure
the economy is growing. Who is right? Can both of
(21:08):
them be right? What do you reckon eight hundred and
eighty ten eighty John o'goday.
Speaker 7 (21:15):
Yeah, Hi, Hey, look, I'm doing the Bishop camp and
I think that assumption that you made, you made a
good articulation just then that, but that takes the assumption
that the economy starts upstay. Well maybe maybe all those
sugar hits that your first call up said, but it
already over the top. So therefore this is the recalibration
the market needs.
Speaker 3 (21:34):
Yeah, what do you think, Nicola, we still in the
Are we still in a state of recalibrating right now?
Speaker 4 (21:40):
Not at the moment. At the moment, the market has
upturned slightly slightly. We're talking about a two percent nationwide increase,
which is minuscule. I tend to think I tend to
be in luxe and camp thinking small, tiny increases annually
like that is where we need to be to give
(22:00):
people confidence. Otherwise, you know, you carry on reading Bishop's article.
He says he wants to see a decrease over the
next twenty years.
Speaker 3 (22:07):
So it does sound about, well, who's going to buy?
Speaker 4 (22:10):
No, let's not buy now, because next year it'll be cheaper,
and then what's going to happen to people who are
retiring in the next twenty years, their esset's going to
be worth next to nothing. So then the government going
to be shooting themselves in the foot worth trying to
look after aging population.
Speaker 3 (22:25):
John O, what do you reckon?
Speaker 7 (22:27):
Well? Yeah, but I think the key thing is though
that there are always the potential buyers. I think I
think I think that the real issue is that when
when young people are trying to buy it first home, right,
it's the market like you both you brought up COVID before,
where if you already own a home. Let's say you
(22:49):
already own un't bud gone up in five years? It's
all right, that's okay, But if I go to buy
another house, I get the advantage of that house I'm
buying hasn't gone up either. If you're already a homeowner,
then the potential market going out there the houses that
you're looking for a cheaper too.
Speaker 3 (23:06):
Yep, I think I got sorry, Nicole.
Speaker 4 (23:10):
If you're buying and selling in the same market, it's
irrelevant whether it's up or down the same market, But
only if you're already a homeowner. You're right, and you're
and you're buying and selling. So second home buyer for example.
Speaker 3 (23:20):
Okay, can someone explain that, I'll ask you, sorry, where
you go Johnny?
Speaker 7 (23:25):
Sure? Yeah, No, I was to say no, look, Nicole
makes that points. I just just a little bit in
order that first call that all because the sugar that
he was talking about is the problem. I was trying
to get it. Well, yeah, you keep talking.
Speaker 3 (23:37):
No, No, that's good. Now you can stand on the
line while I just asked this question. So the thing
is he wants to ensure the economy is growing. So
the Prime Minister wants to see modern and consistent and
consistent increases in prices, house prices to ensure the economy
is growing. Well, that would only be surely healthy if
we were exporting more in generating more income from overseas,
(23:59):
because otherwise we're just tying more of New Zealand money
up in property for for what I am I have
I got the right handle.
Speaker 7 (24:06):
On this, well my understanding because I'm in a slightly
regional there, well a regional area. It's the milk, fine
and stuff. I'm sorry to get away from housing. But
there's also other factors in the economy that will that
will help you on growth.
Speaker 3 (24:19):
So lucky, I mean, so if we complete lux AND's
thoughts that haven't been part of that discussion. He would
want to see a growth in the property market, maybe
as a result of the fact that everything else. What's
the chicken on the egg.
Speaker 4 (24:34):
The property market's only one sector, right, so he wants
to see growth across all sectors, dairy and farming being
another sector. You're right, we've got to have growth across
multiple sectors.
Speaker 3 (24:42):
Yeah, yeah, Hey Johno, thanks for you core mate. It
is an interesting one because if you if you're just
talking about seeing property prices within a sort of an
economy that's locked in on itself not earning any more
export dollars, then that's less investment into the Mathematically speaking,
it just means that we're just tie up more money
and something that's maybe not as productive as we'd like
(25:02):
it to be. So we need to grow at export
mone yep.
Speaker 4 (25:06):
But the export market is pretty much at a high
at the moment.
Speaker 3 (25:09):
Well, let's we've got to keep that going. And actually
it's worth remembering that even if you're jealous of the farmers,
you should actually be pretty happy that they're doing well
because that side of the economy is very important for
a lot of the new Zealand economy. So not that
I'm an economist. I only got about a C or
a C minus a life to check my academic record
on that. But I thought that was an amazing result
(25:30):
considering I answered all the questions without knowing what I
was talking about.
Speaker 8 (25:34):
Don't give it away.
Speaker 3 (25:36):
Anyway, Hang on a second. Tell you what, No, we
will come back with our callers. We're going to speed
up the cause We've got a lot of people wanted
to have their say. It's twenty five minutes. Yes, welcome
back one Refraidio show. My guest is Nicole Lewis. Bishop
wants house prices to fall. Prime Minister wants them to
(25:58):
have a modest and consistent increases. What is actually best
for New Zealand and the economy. Taking your cause, Josh Hello.
Speaker 8 (26:06):
Yeah, Hey, Tim Haynicole good yarn. Just thinking about the
old property distribution and how that happens, Just looking at
Fletcher's and their struggles and also looking at you know,
the complaints we get around King Aura and although ongoing there,
but well, I was thinking was if King Aura was
(26:27):
a bit bigger and facilitated a bit more areas of housing,
not not just for the hourly and the disabled. But
for that rent to buy type situation as well. And
I was just wondering, Nicole, how how do property investors
look at this equation now when the rental payments don't
(26:51):
cover the mortgage, because that that's kind of new, isn't it.
Speaker 3 (26:55):
You know, it's been like that for quite a while now, Josh,
it used to be. That's the good old days when
you rent coverage your mortgage, isn't it.
Speaker 4 (27:03):
It's pretty tough the arecaus you can't really get your
mortgage covered with the rent. If you're buying a single
income property. You can't just buy a one house. You've
got to go and buy a multi income lot of stream,
which is good because it means an effect vestors don't
compete with home buyers because we're after two different things.
Speaker 3 (27:21):
Yeah, thanks for your co mate, Peter, Hello.
Speaker 9 (27:25):
Good morning. I have to declare him a Meryl candidate
for Auckland and christ Church Petway. But now Bishop, I
think is correct that house prices are too high and
you have to look at the Prime minister's actions. Did
he not sell some houses or apartments or something?
Speaker 3 (27:39):
Oh he owns property? Yeah? Oh you mean do you
think he's conflicted.
Speaker 9 (27:44):
Well, didn't he sell regardless of what he says. Did
he sells some like I know he sold an apartment
in Wellington. Did he sell other stuff?
Speaker 5 (27:51):
I don't know.
Speaker 9 (27:52):
But anyway, if you go to a government report by
the Ministry of Work State Housing in New Zealand nineteen
forty seven Cedric Frith, they talk about that housing needs
to be affordable for people, and people borrowing so much
money is not good for the economy and not good
for them in order to get ahead. So that's when
(28:15):
the government funded state houses in New Zealand, and it
used the Reserve Bank to create debt free money, but
it put a nominal interest rate and that's where all
the state houses came from. And the government of the day.
Speaker 3 (28:27):
Are you nostalgia for those days?
Speaker 9 (28:30):
Well, policy is we had a population of seven eight
hundred thousand. Now if you look at Auckland, the plan
is to have two point five ish million over the
next thirty years and six hundred million in infrastructure. And
if you look at Singapore, the government there does proper
planning for apartments. So you actually need an awful lot
of money to actually do these big developments. And amind
(28:55):
of you, that's what the government needs to be doing,
planning it properly like they do in Singapore, so you
still keep your food growing areas and you have your
train stations and all that sort of stuff. So can
I ask your guess, you know, Nicole, do they think
of the idea of Singapore where the government actually subsidizes
(29:15):
housing and does it on a massive scale.
Speaker 3 (29:19):
Well, yeah, I mean, actually funny thing as Singapore does
seem to be kicking our butts in many aspects.
Speaker 4 (29:25):
But yeah, well I think I think that there's some
validity and what you're saying. I think we need to
have a segregated approach to the market. So you know,
we've got various socioeconomic aspects and various different types of
investment in the market, and we've definitely, I believe everybody
has the right to have their own home. So we've
(29:46):
got one level where we've got first home buyers. Now
they get helped a little bit by Key we Saver
and things like that, and then we've got the social
housing site. So how do we help those people? Not
sure on the answers to that one, but definitely there
could be some government initiative schemes like the rent to
own type scenario that do help lower income people into
(30:08):
their own property over time, which has got to be
a good outcome for everyone involved. Would I like to
see more of that happening. Absolutely.
Speaker 3 (30:16):
It's always difficult to compare Singapore, I think, because it's
just a completely different culture and ethos in terms of
even their unemployment rate. I mean, they've got very low unemployment,
They've got a very productive economy, and I think there's
a bunch of issues that we have around what we
expect of life in our government compared to what Singaporeans
expect of life in their government, which probably make it
(30:38):
a very difficult comparison to draw.
Speaker 5 (30:40):
Well.
Speaker 4 (30:40):
I think the other major comparison if you're talking about
Auckland as well as Auckland and Los Angeles the two
of the biggest spread cities in the world, which makes
you know, public transport, infrastructure and things like that exceedingly difficult,
if not impossible, as opposed to places like Singapore London
very much.
Speaker 3 (30:57):
I mean I got to say, how much rather we
met up than out, because it's just not you know,
and especially I mean Peter mentioned the arable land and
all that sort of thing. I do think keep away
from that. Anyway, We've got lots of people wanting to
have their say, so let's carry on. Sam hih hi.
Speaker 10 (31:14):
Guys. Just going back to your question, I think you
have an original question. Whether you think the house prices
should be more or less? You know, are you happy
with growing the way they are?
Speaker 1 (31:26):
That sort of thing.
Speaker 10 (31:28):
I'm coming from you because you can talk about this
sort of thing from both sides of the coin until
the cows come home. But my point is probably from
a landlord's point of view. So to make money for
in an average mum and dad, to make money in
this country, you're pretty much either shoved into kiwisaver or
you take the option of finding a few rentals. Now,
the problem there is, you know, you might be on
(31:48):
a double income, you might be on one income. But
we ended up having to put money into these rentals
obviously to cover those extra costs of electricity and maintenance
and things like that. And we have the healthy homes
you need heat cubs and insulation. So I'm coming from
that angle that if we don't see a steady increase. Now,
your guest there was saying two percent a year. Now,
(32:10):
that's probably acceptable if you've got two or three properties,
because if they're worth say two million, three properties at
two percent, about a forty percent gain. So that's acceptable.
But what you're going to see, I believe because I've
got three rentals and I have to tip those up,
and you know, and I haven't seen any growth. Actually,
two of them I bought recently in Hamilton are worth
(32:30):
less than I paid for them over the last two years.
So it's a little bit annoying. But you know, you're
in there for the long term and you hope to
leave something for your kids. But if you don't start
seeing some steady growth, and I would say probably at
least three to four percent a year, then landlords are
just going to jump out of that game and just
start shoving money into their GIMI saver instead. So the
(32:52):
question is what happens when we get a get landlords
jumping out they're not investing in rentals. Where do people live?
Because you're always going to have people who are going
to rent for whatever reason, whether they can't affoort house,
or whether they're transient or or what have you.
Speaker 3 (33:06):
That's an interesting one. I wait, yeah, that once in
Nicole just sit bring her in there.
Speaker 4 (33:11):
What do you think Nicole, No, I think you're right.
I mean, don't forget the property market's always cyclical, so
you're always going to have a peak in the market
where it's going to shoot up, and then you're going
to have it where it's going to drop. But long term,
over ten years, you're always going to see growth and
property and that's what we want. I totally agree with
you that growth is what you want long term because
if you're going to look by as a landlord, you're
(33:32):
thinking about your retirement, which is, as I said before,
is also less strained on the government. And yes, that
property does need to grow along with an economy so
that you have a sustained long term investment. And you're right,
landlords would look at other things. You know, they'd look
at you know, even if taxes went up, you know,
(33:53):
they look at moving money offshore. That's not what we
want at all. So you've got to have a growth
that set.
Speaker 10 (34:01):
Yeah. I think the other thing they face with though,
is this constant negativity. Now what I mean by that is,
you know, our grocery prices are this, electricity prices of this,
and people are losing their jobs. So people are just scared,
you know, they see their mates losing their jobs for
heroly is negative reports. So they're not prepared to really
invest in a lot of anything at the moment because
(34:22):
they're just really scared they're going to lose their jobs.
And once you lose your income, you're pretty buget, aren't you.
But you know, you think about when you grew up
and you're in the shower, if others probably like my father,
was being it on the door, so you know how
long you've be in the shower, Oh five minutes, Well
that's five minutes too long.
Speaker 5 (34:42):
Get out.
Speaker 10 (34:43):
They're not made of money, you know. And if you
and if you're a bit like me and you've opened
the fridge door and there'd be things growing on top
of things.
Speaker 1 (34:51):
You know.
Speaker 10 (34:51):
So in the old days we used to you know,
Arabicity has always been expensive. Mums and dads always always
managed to get a feed from yesterday's food, you know.
But nowadays everyone wants their everything. You want your class body,
you want your takeaways, you want all this and that,
so that the angles are things as well.
Speaker 7 (35:12):
Yeah, maybe.
Speaker 10 (35:15):
Pull back and tull back a little bit, you know,
and instead of grumbling about electricity prices and food prices,
I mean.
Speaker 3 (35:22):
We all, we all good thoughts made. I've got I've
got to leave it there because we've got one more
call to get to. But I appreciate your thoughts on that.
Thanks uh Lucky, last Dave Hello, oh yeah, hi.
Speaker 6 (35:35):
Just in respect to that last guy. The houses don't
disappear with landlords get upset and decide to sell them.
They're still there. He says, he's taken above a loss
in Hamilton, or that maybe opens the door to a
first home by to get in and buy it. They're
still there, just to different people.
Speaker 3 (35:51):
So the market for itself, you get one person getting
out and another one in.
Speaker 5 (35:56):
Yeah that's right.
Speaker 6 (35:57):
Yeah, yeah, they don't disappear. But the other thing is
I just get a bit tired of all respect to Nicole,
but every time I listen to the show for the
last year, every commentator sort of said the bottom's in.
Speaker 3 (36:08):
It isn't. Well, I'm that actually will be right?
Speaker 2 (36:14):
When do you think today?
Speaker 3 (36:15):
When do you think the bottom is? Are we in
the bottom now? Or what do you reckon?
Speaker 2 (36:19):
No?
Speaker 6 (36:19):
No, no, there's another at least are they a couple
of years ago?
Speaker 5 (36:22):
Yeah?
Speaker 6 (36:22):
The markets, it's history property all over the world. Is
the end of it. It's demographics, a whole lot has
changed everything.
Speaker 3 (36:32):
You make sure you stay tuned for the next couple
of years because well, well we wanted you to call
up and say you told us so. And when it
finally picks up in a couple of years time, eh.
Speaker 6 (36:42):
Cheers, cheers mate.
Speaker 3 (36:45):
Any thoughts on that, Nicole? I mean, look, we get
experts on the time, making all sorts. Of course, I
don't quote the ones. I do did have one particular
expert to protect that by the end of last year
we would have seen a ten percent growth in the market.
I remember thinking not so sure on that one. But
what are your thoughts on Oh?
Speaker 4 (37:01):
Look, I think, okay, here's what I think the property
market's going to do. You can it down and see
if I'm right in a few years time. So I
think we're going to have these gradual increases through till
next year. Next year is probably going to go up
by about maybe four percent. But we have got elections
next year, so that's an unknown factor as well. And
at the moment the polls are closed, it's not a
given either way which way it's going to go, and
(37:21):
that makes people nervous. So the property market, I think
will have a bit of a stall around elections, and
that usually happens for a few months the time we
put a coalition government together, et cetera. And then, assuming
the outcome of the elections good for the economy, and
the economy continues to grow, the market will grow in
twenty twenty seven and maybe peak somewhere in twenty twenty eight,
(37:43):
as long as a world event doesn't happen that we
can't foresee. And then when the market peaks somewhere in
twenty twenty eight, we followed by a decline in twenty
twenty nine, and the cycle continues as it lasts for
ther last hundred years.
Speaker 3 (37:56):
Has done write down people and will be challenging the coll.
Speaker 4 (37:59):
Keep say if I'm right, yeah, wrote it down, because remember.
Speaker 3 (38:03):
Well nobody remembers the predictions, and that don't quite work
out either if you But if you're right, you'll be
like I remember saying this exactly, it's nine to five newstalks.
Speaker 1 (38:12):
He'd be the one roof property of the week on
the weekend collective.
Speaker 3 (38:18):
Now the one roof properly of the week. I think
I need to get tired to do a quick search
to see if she can find out what is going
on with this thing, because it is there's no way
it is worth what they say it's worth, because the
and what I'm talking about is an estimate. It says
of a four hundred and seventy five thousand dollars, which
seems to me to be absolutely bonkers. It is the
(38:40):
address is it's And I laughed when I saw this
property because if you know my producer, Tyra, which you
may be getting used to it, if you ever follow
the Properties of the week, they are generally a window
into Tyra's taste and property. So this is a it's
a three bedroom, two bathrooms, zero car garage, and the
house is one hundred and ninety square meters land of
(39:03):
thirteen hectares just about just under it's for sale by tender,
and I guess that's maybe it's because it's for tender
that they're saying they're accepting tenders from four hundred and
seventy five up. But I don't know. But it's it's
beautifully restored. It's like a sort of old fashioned ponsonbe
Grayland villa plumped in the plunk down in the middle
(39:26):
of of you know, a bunch of in a rural setting.
It's a gorgeous house, lovely views, a lot of land,
it's got a bathroom dripping in tiles, and I don't know.
I just have to go to Nicole and say it's
(39:46):
named Clonburn Estate, which comes from the owners. It's got
these fancy gates, stained glass windows. I don't get it.
With the price, What's something's going on there.
Speaker 4 (39:56):
It's almost like they've missed off a zero. I can't
see how it would be four hundred thousand, especially on
such a huge amount of land.
Speaker 3 (40:03):
They had no way it have to I have to
add something missing on it, and I'm looking at it. No, No,
there's definitely a zero missing because it says r V. Yeah,
I know there's something going wrong here. I's a typo. Okay,
it's got r V four hundred and forty thousand dollars
equals improvements of five thousand bucks and four hundred and
(40:25):
thirty five And now I mention it for you to
go and have a look at it and you can
work it out for yourself. But yeah, there's something wrong
with the price. But it's a beautiful property and if
you don't want it, then Tyro wants to bite. She
thinks she would bite for that amount. I'm sure she would,
but I don't think she's going to be successful in
that respect because I reckon it's missing a zero. Anyway,
We'll be back with Sarah Chatwin four. The Parent Squad
(40:47):
is next.
Speaker 1 (40:50):
For more from the Weekend Collective, listen live to News
Talk ZEDB weekends from three pm, or follow the podcast
on iHeartRadio
You're listening to the Weekend Collective podcast from News Talks B.
Speaker 2 (00:13):
Is coming.
Speaker 3 (00:16):
Please welcome appearance, Yes, welcome back or welcome in. It's
(00:43):
seven past four. I'm Tim Beverage and this is the
Weekend Collective, the One Roof radio show. You have a
little bit of a chat about, well, what we want
the property market to actually look like. So you may
recall Chris Bishop who openly called for house prices to fall,
saying we need to be channeling more into the economy
(01:06):
rather than having it locked up in housing. And then
the Prime Minister on the other hand, just last week,
I think Chris Luxen was saying we need modest and
consistent increases in house prices to ensure the economy is growing.
And I guess the broader question is what do you
want to see happen and if you want it to
be flat for a while or do you want it
(01:27):
to drop for a bit and why. But that might
also be influenced by your own point of view. If
you are someone who hasn't brought their first home yet,
you probably want property prices to continue to go down
or to remain flat for a while so you can
build up your deposit and get in there, or if
you want it to go up, what do you think
would be healthy for the economy Because a lot of
(01:47):
the criticisms over the years that I've hosted the show
is that when the property market's going gangbusters, people say, well,
it's just money that's going into property, it's just leveraging,
and it's not good for the economy because it's not
going into productive sort of businesses and things like that.
So what is actually best for more than for New
Zealand if you look outside your own interests and the economy.
(02:10):
Do is the Prime Minister right that we need modest
and consistent increases in house prices? I guess what's modest
and consistent is the other question? Or do we need
it to sort of continue to become more affordable by
prices dropping? According to Chris Bishop, so what do you reckon?
Give us a call on oh, eight hundred and eighty
ten eighty and to discuss it. She is the CEO
(02:30):
of Property of the Property Lifestyle, and actually she just
got a new book out. Actually I think her last
one is called Property Quadrants, and she just handed me
a copy of this called No Money Deals. And her
name is Nicole Lewis and she's with me now, Nicole,
how are you going?
Speaker 2 (02:42):
Hello?
Speaker 4 (02:42):
Hello, I'm very good, Thank you very much.
Speaker 3 (02:44):
It's an interesting well politically, it's interesting because you've got
the Ministry of Housing Chris Bishop, wanting property prices to
still drop a bit, and then you've got the Prime
Minister saying I'd like them to keep moving? Are the
odds with one another? They talking about different things.
Speaker 4 (02:57):
They're probably talking about different agendas. I mean, for example,
Luxon's correct when it talks about the economy needing to
be stimulated. Let's face it, the house, the housing market
and the economy are sort of aligned together. When one's up,
the others up, When ones down, the others down. But
then on the other hand, Bishops probably looking at it
from an affordability perspective of people getting into property, and
(03:20):
so he's right, we can achieve that, but we can
do it with segmenting the market rather than looking an
overall decrease.
Speaker 3 (03:27):
What do you mean?
Speaker 4 (03:29):
So it's an interesting topic, But I, for one, you know,
like when I wrote the book No Money Deals, I
wrote it for the purpose of getting people, helping people
into property who can't afford to get in, and so
I look at it thinking, you know, the government has
a lot of drives on, like you know with the
housing affordability, so why not do something like put in
a rent to buy type development system so long term
(03:54):
renters actually can end up owning rather than getting megalandlords
to build sort of build to rents, which makes them
wealthy long term. Not that I mean thing against that,
but we want to help people. We can put initiatives
into things like that. You know, Bishop talks about new builds,
but what he probably doesn't realize when I'm out there
(04:16):
every week trying to buy property. The biggest drivers of
pushing people property up too big, which is what lux
and saying let's not have two bigger increases are the developers.
You know, they're the ones that overpay a home buyer,
an investor, even a trader. You can't compete against them.
Speaker 3 (04:33):
That's if you've got a particular block of land come up,
which is you know, zoning wise right for development, and
then that's is that I mean what drive We saw
ridiculous price increases and I think probably that was largely
driven by the fact that money was costing absolutely next
to nothing. And that's why we are in a. We're
in a funny position with our market because we what
(04:53):
did it go up during COVID? Property prices in some
places get fifty sixty.
Speaker 4 (04:57):
Sixty star isn't insane just.
Speaker 3 (05:02):
Before and then sold than good on you, But.
Speaker 4 (05:04):
Yeah, one of our biggest increases. Yeah, historically, that's absolutely true.
Speaker 3 (05:09):
What did you make of it at the time?
Speaker 4 (05:10):
Did you think I didn't foresee it going up that high? Look,
property cyclical, it's always it always goes as an upcycle
followed by a down cycle. I didn't foresee it rising
so substantially, but then it did go down by sort
of up to forty percent as well, So you know, so.
Speaker 3 (05:26):
It's still actually well up do you think, I mean,
is there? Because before COVID the market was still you know,
doing pretty well. Yeah, yeah, that's right, And it was
still sort of seen to be the no brain or
advice that if you could just get into the market,
just get in and hang on for grim death and
you'll and you'll come out on top. YEP. Feels like
that's changed a bit right now.
Speaker 4 (05:48):
To be fair, it does. It changes with the market cycles,
because don't forget when the market cycles up. Our last
week was twenty twenty one. When the market cycles up,
FOMO comes in and there's always new people to the market,
new home buyers, and they don't know any different. They've
never watched the cycles before. They're new, new investors, new developers,
and they just buy bye bye, bye bye. But it's
(06:08):
always followed by a downcycle, which we saw that we
saw happen in twenty twenty two, with bottoming out in
twenty twenty three. And then of course the story around
property changes. It becomes negative and people are scared, and
interest rates go up and banks don't want to lend,
and you know, and then the other thing is two
people don't buy because they think it's going to keep
going down. So that doesn't help us either.
Speaker 3 (06:30):
What do you think where are we aut at the
moment with the market?
Speaker 5 (06:33):
Then?
Speaker 3 (06:33):
I mean there have been I mean I see stories
which I must have its cynically. I think where you'll
see a story in the media saying, oh, such and
such a was listed for X and it got so
much more, and I think that that's just someone trying
to whip it up a bit, but it doesn't Where
do you think the market is at?
Speaker 4 (06:48):
That happens? Occasionally? The market's turned. So we've definitely hit
our bottom and we've flattened in twenty twenty four and
it's definitely turning around now. Of course it's a different
area by area. Auckland Wellington are still relatively flat, probably
at around a zero percent increase since the bottom of
two twenty twenty three where are Some of the provincial
areas around the South Island can be up as high
(07:10):
as seven percent, and I think the country average is
two percent growth. So it's definitely turned We're definitely starting
to move up, but very very very slowly.
Speaker 3 (07:20):
We will want your cause on this. What do you
think the property market should look like? Of course, if
you're an investor you've just bought a property, you want
it to go gangbusters. If you were a first time
buyer hasn't got on yet, you want it just to
call it's jet jets for a while. But what do
you think is best for the New Zealand economy. Do
you want to see rapid growth or gentle growth or
do you think Chris Bishop he's openly called for house
(07:42):
prices to fall. Politically, it's a quirky one with people
from the government, two different people saying slightly different things.
You might have a say on that as well. On
eight hundred eighty ten eighty. Let's take some calls and
Steve get a.
Speaker 5 (07:59):
Yeah, good a. Guys, listen this little sort of upturn.
Instead of positive, the so called positive relativity, I think
of just the old classic dead cat bounce. I think
New Zealand's stuck in a zombie economy like the Japanese
were in the nineties. I think even though the interest
rates are heading down, it's not going to make a
lot of difference because I think jobs, it's all about
(08:20):
job security, and you're still got to pay the principle
back Japan had negative interest rates and they couldn't pay
people to take the money, and people still wouldn't borrow
because they didn't have job security. And so you hunker
down and we're going to be like that for quite
some time. I'll tell you why. Because our population is
stagnant and we're losing good people and we're not we're
(08:40):
not we're not growing. And one other thing is you
know what bother and me, we're getting mixed messages in
this country. It's weird, right. You get people who they
don't invest in property and you've got to put money
somewhere else and it's like there is nowhere else to
put it in this country that's going to make you money.
Do you know what's really annoyed me? And there hasn't
been a lot of follow up on this Fonterra. That's
(09:03):
a selling off their consumer, isn't it. So you know
how we talk about value adding in this country. You know,
people get annoyed when we sell logs of the Chinese
and we don't turn it into something before we sell it.
This is what Fonterra is actually doing. They're actually already
selling value added goods. Now they're going to sell that
off and go back to the raw materials because they
say that's what we do well at Now, what's going
(09:25):
to happen to that income over time? Sure anchored, we've
got factories here that make these products and they're going
to keep doing it for some time, but within ten
years and I've speaking to someone from Fonterra recently, they
say they're a good chance the French will will shut
down the fatories here and move it off shore because
it'll be cheaper. So what's happening? We get that farmers
(09:47):
getting a sugar hit short term, as per usual, in
this country and the consumer goods are sold off and
the loss of income on that, and we're going to
be poorer for it.
Speaker 3 (09:56):
Okay, now I'm letting the cole jump on there. We'll
try and keep away from discussing farming deals so much.
But I guess everything's you know, one thing is connected
to the the other. But Nicole, what do you reckon?
Speaker 4 (10:06):
Okay? I think you've made a really good point, Steve.
I mean there's three things at the moment that is
stagnating the economy.
Speaker 6 (10:11):
You know.
Speaker 4 (10:11):
One your one hundred percent right, it's that low migration number.
We're down the lowest we are in about ten years.
The second is the increased cost of living. Our cost
of living at the moment is significantly higher. And the third,
of course, being a little bit of what they call
it economic uncertainty, which you one hundred percent. Businesses don't
know what to do. They're not making decisions, they're not employing,
(10:33):
seventy five percent of jobs are sitting at the moment vacant,
they're not advertising. You're right, those things need to be addressed.
There's no easy fix.
Speaker 5 (10:41):
No, And I'll tell you what else. I think the
world demographics are changing and we're actually seeing it now.
Mozelle used to get flooded with people. We're not flavor
of the year anymore. Far from it. I think we're
kind of hitting a very very stale patch. We lost
that whole pure thing. I think even the Chinese, you know,
the Chinese students. Queen Street used to be like an
(11:04):
extension of the Auckland University campus full of students, was vibrant.
People hate going there now, do you know what? Because
I honestly think with Google and all the research that
that people can do now of countries where we don't
look that great on a lot of on a on
a lot of different scales. I think the weather sort
of hasn't been great prime rate does there is? I mean,
(11:28):
there's got a lot to do with I know I'm
being negative here, Well that's fair enough.
Speaker 3 (11:33):
Yeah, I mean I think look, if you wanted to
search for negative weather headlines, you can probably search a
whole bunch of countries in Europe's on, you know, with
the wildfars and all sorts of things. But actually, here's
just a quick thing just while we've got you though,
Steve so migration is down right, but we have almost
never lost people. We we still have a negative.
Speaker 5 (11:55):
We need a hundred.
Speaker 3 (11:56):
But now what I mean is now, But what I
mean is we're still growing. We're not shrinking much. No,
but I mean we we If I track it back
twenty twenty, we had, like I mean, we had net
migration of ninety thousand people one year. We went negative
a little bit in twenty twenty two, then we went
crazy again. We had net migration in the middle of
(12:16):
twenty twenty three one hundred and thirty two thousand. But
now we're still We're still growing.
Speaker 5 (12:21):
So I can be honest with you as to why
that what the problem is. Now. Now, look, this is
the problem, and I've spoken to a lot of people
about it. You won't hear the economic pundits talk about it,
but this is the reality. New Zealand experienced three ways
of Chinese migration from the mid nineties, early two thousands
and then after the GFC that brought so much money
(12:42):
into this country. It wasn't funny. They bought cash, they
bought property central Auckland and they renovated. And now if
you look around Auckland, they're into developing right. So the
massive influx of cash that sugar hit this country like.
Speaker 3 (12:57):
Well, that was a false styles in a way, wasn't it.
Speaker 5 (12:59):
It's not happening anymore now. They're not coming the Chinese. Okay,
you know the migrants we're getting now from India and
they're lovely people, but they're not well healed. They're not
bringing the money, they're not buying property. They're coming here
and they're living and they're packing out like houses and
they're just sort of doing those jobs. That the key
we don't want to do.
Speaker 3 (13:18):
Jumping into what jumping into what do you think? What
do you want the property market to look like? Steve?
What do you want it? What do you want to happen?
Because do you want false stimulus of just a bunch
of immigrants coming in with a truckload of money and
buying up the properties or what do you want?
Speaker 5 (13:30):
I'll tell you what. If you look at New Zealand Hyston,
that's the only way that we've ever grown. We don't
party on our own. We rely on the sugar hit
of money that comes in, the capital that comes in
from foreigners is the only way we get ahead. And
we've got to see that reality for what it is.
We've got to have a real serious discussion debate that
we probably need ten million people in this country. We
really do, because we can't do it on our own
(13:53):
with the current populations, and we need stimulus and we
don't do anything else. Let's face facts.
Speaker 3 (13:58):
Well, we do create well I don't know, I mean
we do. The farming things is an interesting one actually.
Speaker 4 (14:05):
In all time, right at the moment as well.
Speaker 3 (14:06):
Yeah, hey, Steve, I'm going to have to leave it there,
but thank you for your call. Let's go to I
think she's going to have a slightly different opinion, just
called a wild guess.
Speaker 2 (14:15):
So hello, oh no, you're a mind reader.
Speaker 3 (14:21):
Well, actually the other day you and I were on
the same page on something on our west. As a
stick of to Madari, well, I've talked it up twice.
Speaker 2 (14:28):
I've got two talk mats up there. But of course
I disagree with the last Cora. You can't build an
economy on property speculation, and I know for sick obviously,
Hello to your lovely gifts, and I agree one hundred
and ten percent. We need more rent to buy from
(14:51):
this country.
Speaker 3 (14:53):
So I say that last, but again, we need.
Speaker 2 (14:56):
A lot more rent to buy places. It's a really
positive scheme. NET one actually what.
Speaker 3 (15:03):
You said there, I throw that Nicolea's as you can't build.
You can't build an economy based on people just pouring
money and from outside into New Zealand property.
Speaker 2 (15:13):
And I'll tell you why. I've seen I've rung up
a lot about it, and you probably didn't agree with me,
but look, I have seen it first tend I've followed
them around. I get people to go in the street,
different streets and spy on them. Developers. Developers are pain
(15:36):
six to eight hundred thousand more than property in in
their vicinity and summer next door or a couple of
doors up.
Speaker 3 (15:46):
We can't be seen much of that at the moment
because the market's pretty flat.
Speaker 2 (15:49):
So oh, yes we are. They are the ones I
believe falsely retchetting up the values.
Speaker 3 (15:57):
And well here's here's the thing though. If they're reaching
up the values, but then again, aren't they also participating
in building the supply, which is what Chris Ship once
because they they knocked down a house and they build
a few units.
Speaker 2 (16:10):
No, well, it's funny you should say that because a
lot of this is occurring in stoathouse areas. But the
trouble is they're actually making it in such a way
that first time buyers, even renters are just shut out
(16:33):
of the market because they can't keep up with those prices.
Speaker 3 (16:37):
Well, possibly on the extra freehold sections that are being developed,
but no, just bring Nicolon. Well, the whole point is
that those developers are building houses which will be affordable. Answer.
Speaker 4 (16:46):
See this is where it's interesting. I actually agree with you, Sue,
so to a degree. You are one hundred percent. Now
I'm out there trying to buy property every single week, right,
and so when I'm trying to buy something, either to
invest or to flip as such, or even sometimes I'm
buyers are sitting there trying to buy a home. We
(17:07):
cannot compete against the developers. Developers wipe everybody out of
a particular property, but only if that property is right
for development. So they've got to have a big criteria there.
Speaker 3 (17:20):
So we need to look further down the tracks. So
you may have lost out to the developer, But what
does that developer do with the property if they build
some townhouses on it, Then all of a sudden, those
buyers are they are they presenting an opportunity for buyers
for something affordable?
Speaker 4 (17:35):
Yes, and no, And you see this is where I
think Bishop's got it a little bit confused because you
or even if you look at what the dear old
Labor government did where they incentivize new billds via tex right,
so they got that bladly bomb because then what they
do is they go drive all the prices up with
developers going nuts, left, right and center in twenty twenty one,
(17:55):
and then statistically they record that as investors are driving
up the price, investors is developing two very very very
different things. And then.
Speaker 2 (18:07):
You know, converse with Andrew from Property Investors Federation, So.
Speaker 3 (18:12):
Sue, what's the good What does the property market look
like for you? That you know you've got luckx and
saying he wants to gradual growth, You've got Bishop, he
wants to come down. What is the property market in
terms of its benefit towards New Zealand economy? What should
it look like?
Speaker 2 (18:27):
Well, I'll tell you what. The last time I saw
it working well, and this is straight up was years
ago when people when people from our three low socio
areas bought their first time in Peckeringa when it got
turned from orchard and farms. But the thing is the
(18:50):
quds around it was a lot. Everything was a lot
different now. Look, I can I can tell you categorically,
I have got names of trust, the ones that are
forcing everything up. We've got to netback first. We can't
go anywhere without pigging that back. A lot of them
(19:11):
are not even here. They're buying them up and trust,
you know. And that's how harder actually pun them down,
that they're even in our country and starting to really
annoy me watching all these people really trying to buy
a home, and then other ones, you know, that can't
(19:32):
afford the rent. Some of the tensions are paying eight
hundred dollars they want for the rent.
Speaker 3 (19:39):
It's just name, yeah, possibly living in a house that's
maybe I think if you're paying eight hundred bucks for
rent from I'm not sure what house you'll be living
in as a pension, but I'm guessing it might have
a few more bedrooms than you need. But anyway, we
won't And I will say that that Seri's comments about
people buying overseas and trust and all that sort of
stuff is completely without evidence, but she does make that claim.
(20:01):
So I thought we'd just put that little resistance to
that ide. You're out, but we'll be back with lots
of callers, What does the New Zealand a property market
look like that's good for the economy. What do you
want to see? Do you are you with Chris Bishop
that we still need to see a little bit of
a decline in prices to make it affordable for people,
or are you with Luxon who's saying sort of kind
of the opposite. Gently, we'll be back in just a moment.
(20:24):
My guest is Nicole Lewis, she's the CEO at the
Property Lifestyle. We'll be back at in just a moment.
It's gosh, twenty seven past four. Yes, welcome back to
the one Roufradiosham. My guest is Nicole Lewis. I'm Tim
(20:46):
Beverage and we're talking about the two different views Bishop
has called. Chris Bishop has called for open house prices
openly called for house prices to fall, saying we need
to be channeling more money into the economy rather than
having it locked up in housing. Sounds like it makes sense.
And the Prime Minister, on the other hand, sees we
need modest and consistent increases in house prices to ensure
the economy is growing. Who is right? Can both of
(21:08):
them be right? What do you reckon eight hundred and
eighty ten eighty John o'goday.
Speaker 7 (21:15):
Yeah, Hi, Hey, look, I'm doing the Bishop camp and
I think that assumption that you made, you made a
good articulation just then that, but that takes the assumption
that the economy starts upstay. Well maybe maybe all those
sugar hits that your first call up said, but it
already over the top. So therefore this is the recalibration
the market needs.
Speaker 3 (21:34):
Yeah, what do you think, Nicola, we still in the
Are we still in a state of recalibrating right now?
Speaker 4 (21:40):
Not at the moment. At the moment, the market has
upturned slightly slightly. We're talking about a two percent nationwide increase,
which is minuscule. I tend to think I tend to
be in luxe and camp thinking small, tiny increases annually
like that is where we need to be to give
(22:00):
people confidence. Otherwise, you know, you carry on reading Bishop's article.
He says he wants to see a decrease over the
next twenty years.
Speaker 3 (22:07):
So it does sound about, well, who's going to buy?
Speaker 4 (22:10):
No, let's not buy now, because next year it'll be cheaper,
and then what's going to happen to people who are
retiring in the next twenty years, their esset's going to
be worth next to nothing. So then the government going
to be shooting themselves in the foot worth trying to
look after aging population.
Speaker 3 (22:25):
John O, what do you reckon?
Speaker 7 (22:27):
Well? Yeah, but I think the key thing is though
that there are always the potential buyers. I think I
think I think that the real issue is that when
when young people are trying to buy it first home, right,
it's the market like you both you brought up COVID before,
where if you already own a home. Let's say you
(22:49):
already own un't bud gone up in five years? It's
all right, that's okay, But if I go to buy
another house, I get the advantage of that house I'm
buying hasn't gone up either. If you're already a homeowner,
then the potential market going out there the houses that
you're looking for a cheaper too.
Speaker 3 (23:06):
Yep, I think I got sorry, Nicole.
Speaker 4 (23:10):
If you're buying and selling in the same market, it's
irrelevant whether it's up or down the same market, But
only if you're already a homeowner. You're right, and you're
and you're buying and selling. So second home buyer for example.
Speaker 3 (23:20):
Okay, can someone explain that, I'll ask you, sorry, where
you go Johnny?
Speaker 7 (23:25):
Sure? Yeah, No, I was to say no, look, Nicole
makes that points. I just just a little bit in
order that first call that all because the sugar that
he was talking about is the problem. I was trying
to get it. Well, yeah, you keep talking.
Speaker 3 (23:37):
No, No, that's good. Now you can stand on the
line while I just asked this question. So the thing
is he wants to ensure the economy is growing. So
the Prime Minister wants to see modern and consistent and
consistent increases in prices, house prices to ensure the economy
is growing. Well, that would only be surely healthy if
we were exporting more in generating more income from overseas,
(23:59):
because otherwise we're just tying more of New Zealand money
up in property for for what I am I have
I got the right handle.
Speaker 7 (24:06):
On this, well my understanding because I'm in a slightly
regional there, well a regional area. It's the milk, fine
and stuff. I'm sorry to get away from housing. But
there's also other factors in the economy that will that
will help you on growth.
Speaker 3 (24:19):
So lucky, I mean, so if we complete lux AND's
thoughts that haven't been part of that discussion. He would
want to see a growth in the property market, maybe
as a result of the fact that everything else. What's
the chicken on the egg.
Speaker 4 (24:34):
The property market's only one sector, right, so he wants
to see growth across all sectors, dairy and farming being
another sector. You're right, we've got to have growth across
multiple sectors.
Speaker 3 (24:42):
Yeah, yeah, Hey Johno, thanks for you core mate. It
is an interesting one because if you if you're just
talking about seeing property prices within a sort of an
economy that's locked in on itself not earning any more
export dollars, then that's less investment into the Mathematically speaking,
it just means that we're just tie up more money
and something that's maybe not as productive as we'd like
(25:02):
it to be. So we need to grow at export
mone yep.
Speaker 4 (25:06):
But the export market is pretty much at a high
at the moment.
Speaker 3 (25:09):
Well, let's we've got to keep that going. And actually
it's worth remembering that even if you're jealous of the farmers,
you should actually be pretty happy that they're doing well
because that side of the economy is very important for
a lot of the new Zealand economy. So not that
I'm an economist. I only got about a C or
a C minus a life to check my academic record
on that. But I thought that was an amazing result
(25:30):
considering I answered all the questions without knowing what I
was talking about.
Speaker 8 (25:34):
Don't give it away.
Speaker 3 (25:36):
Anyway, Hang on a second. Tell you what, No, we
will come back with our callers. We're going to speed
up the cause We've got a lot of people wanted
to have their say. It's twenty five minutes. Yes, welcome
back one Refraidio show. My guest is Nicole Lewis. Bishop
wants house prices to fall. Prime Minister wants them to
(25:58):
have a modest and consistent increases. What is actually best
for New Zealand and the economy. Taking your cause, Josh Hello.
Speaker 8 (26:06):
Yeah, Hey, Tim Haynicole good yarn. Just thinking about the
old property distribution and how that happens, Just looking at
Fletcher's and their struggles and also looking at you know,
the complaints we get around King Aura and although ongoing there,
but well, I was thinking was if King Aura was
(26:27):
a bit bigger and facilitated a bit more areas of housing,
not not just for the hourly and the disabled. But
for that rent to buy type situation as well. And
I was just wondering, Nicole, how how do property investors
look at this equation now when the rental payments don't
(26:51):
cover the mortgage, because that that's kind of new, isn't it.
Speaker 3 (26:55):
You know, it's been like that for quite a while now, Josh,
it used to be. That's the good old days when
you rent coverage your mortgage, isn't it.
Speaker 4 (27:03):
It's pretty tough the arecaus you can't really get your
mortgage covered with the rent. If you're buying a single
income property. You can't just buy a one house. You've
got to go and buy a multi income lot of stream,
which is good because it means an effect vestors don't
compete with home buyers because we're after two different things.
Speaker 3 (27:21):
Yeah, thanks for your co mate, Peter, Hello.
Speaker 9 (27:25):
Good morning. I have to declare him a Meryl candidate
for Auckland and christ Church Petway. But now Bishop, I
think is correct that house prices are too high and
you have to look at the Prime minister's actions. Did
he not sell some houses or apartments or something?
Speaker 3 (27:39):
Oh he owns property? Yeah? Oh you mean do you
think he's conflicted.
Speaker 9 (27:44):
Well, didn't he sell regardless of what he says. Did
he sells some like I know he sold an apartment
in Wellington. Did he sell other stuff?
Speaker 5 (27:51):
I don't know.
Speaker 9 (27:52):
But anyway, if you go to a government report by
the Ministry of Work State Housing in New Zealand nineteen
forty seven Cedric Frith, they talk about that housing needs
to be affordable for people, and people borrowing so much
money is not good for the economy and not good
for them in order to get ahead. So that's when
(28:15):
the government funded state houses in New Zealand, and it
used the Reserve Bank to create debt free money, but
it put a nominal interest rate and that's where all
the state houses came from. And the government of the day.
Speaker 3 (28:27):
Are you nostalgia for those days?
Speaker 9 (28:30):
Well, policy is we had a population of seven eight
hundred thousand. Now if you look at Auckland, the plan
is to have two point five ish million over the
next thirty years and six hundred million in infrastructure. And
if you look at Singapore, the government there does proper
planning for apartments. So you actually need an awful lot
of money to actually do these big developments. And amind
(28:55):
of you, that's what the government needs to be doing,
planning it properly like they do in Singapore, so you
still keep your food growing areas and you have your
train stations and all that sort of stuff. So can
I ask your guess, you know, Nicole, do they think
of the idea of Singapore where the government actually subsidizes
(29:15):
housing and does it on a massive scale.
Speaker 3 (29:19):
Well, yeah, I mean, actually funny thing as Singapore does
seem to be kicking our butts in many aspects.
Speaker 4 (29:25):
But yeah, well I think I think that there's some
validity and what you're saying. I think we need to
have a segregated approach to the market. So you know,
we've got various socioeconomic aspects and various different types of
investment in the market, and we've definitely, I believe everybody
has the right to have their own home. So we've
(29:46):
got one level where we've got first home buyers. Now
they get helped a little bit by Key we Saver
and things like that, and then we've got the social
housing site. So how do we help those people? Not
sure on the answers to that one, but definitely there
could be some government initiative schemes like the rent to
own type scenario that do help lower income people into
(30:08):
their own property over time, which has got to be
a good outcome for everyone involved. Would I like to
see more of that happening. Absolutely.
Speaker 3 (30:16):
It's always difficult to compare Singapore, I think, because it's
just a completely different culture and ethos in terms of
even their unemployment rate. I mean, they've got very low unemployment,
They've got a very productive economy, and I think there's
a bunch of issues that we have around what we
expect of life in our government compared to what Singaporeans
expect of life in their government, which probably make it
(30:38):
a very difficult comparison to draw.
Speaker 5 (30:40):
Well.
Speaker 4 (30:40):
I think the other major comparison if you're talking about
Auckland as well as Auckland and Los Angeles the two
of the biggest spread cities in the world, which makes
you know, public transport, infrastructure and things like that exceedingly difficult,
if not impossible, as opposed to places like Singapore London
very much.
Speaker 3 (30:57):
I mean I got to say, how much rather we
met up than out, because it's just not you know,
and especially I mean Peter mentioned the arable land and
all that sort of thing. I do think keep away
from that. Anyway, We've got lots of people wanting to
have their say, so let's carry on. Sam hih hi.
Speaker 10 (31:14):
Guys. Just going back to your question, I think you
have an original question. Whether you think the house prices
should be more or less? You know, are you happy
with growing the way they are?
Speaker 1 (31:26):
That sort of thing.
Speaker 10 (31:28):
I'm coming from you because you can talk about this
sort of thing from both sides of the coin until
the cows come home. But my point is probably from
a landlord's point of view. So to make money for
in an average mum and dad, to make money in
this country, you're pretty much either shoved into kiwisaver or
you take the option of finding a few rentals. Now,
the problem there is, you know, you might be on
(31:48):
a double income, you might be on one income. But
we ended up having to put money into these rentals
obviously to cover those extra costs of electricity and maintenance
and things like that. And we have the healthy homes
you need heat cubs and insulation. So I'm coming from
that angle that if we don't see a steady increase. Now,
your guest there was saying two percent a year. Now,
(32:10):
that's probably acceptable if you've got two or three properties,
because if they're worth say two million, three properties at
two percent, about a forty percent gain. So that's acceptable.
But what you're going to see, I believe because I've
got three rentals and I have to tip those up,
and you know, and I haven't seen any growth. Actually,
two of them I bought recently in Hamilton are worth
(32:30):
less than I paid for them over the last two years.
So it's a little bit annoying. But you know, you're
in there for the long term and you hope to
leave something for your kids. But if you don't start
seeing some steady growth, and I would say probably at
least three to four percent a year, then landlords are
just going to jump out of that game and just
start shoving money into their GIMI saver instead. So the
(32:52):
question is what happens when we get a get landlords
jumping out they're not investing in rentals. Where do people live?
Because you're always going to have people who are going
to rent for whatever reason, whether they can't affoort house,
or whether they're transient or or what have you.
Speaker 3 (33:06):
That's an interesting one. I wait, yeah, that once in
Nicole just sit bring her in there.
Speaker 4 (33:11):
What do you think Nicole, No, I think you're right.
I mean, don't forget the property market's always cyclical, so
you're always going to have a peak in the market
where it's going to shoot up, and then you're going
to have it where it's going to drop. But long term,
over ten years, you're always going to see growth and
property and that's what we want. I totally agree with
you that growth is what you want long term because
if you're going to look by as a landlord, you're
(33:32):
thinking about your retirement, which is, as I said before,
is also less strained on the government. And yes, that
property does need to grow along with an economy so
that you have a sustained long term investment. And you're right,
landlords would look at other things. You know, they'd look
at you know, even if taxes went up, you know,
(33:53):
they look at moving money offshore. That's not what we
want at all. So you've got to have a growth
that set.
Speaker 10 (34:01):
Yeah. I think the other thing they face with though,
is this constant negativity. Now what I mean by that is,
you know, our grocery prices are this, electricity prices of this,
and people are losing their jobs. So people are just scared,
you know, they see their mates losing their jobs for
heroly is negative reports. So they're not prepared to really
invest in a lot of anything at the moment because
(34:22):
they're just really scared they're going to lose their jobs.
And once you lose your income, you're pretty buget, aren't you.
But you know, you think about when you grew up
and you're in the shower, if others probably like my father,
was being it on the door, so you know how
long you've be in the shower, Oh five minutes, Well
that's five minutes too long.
Speaker 5 (34:42):
Get out.
Speaker 10 (34:43):
They're not made of money, you know. And if you
and if you're a bit like me and you've opened
the fridge door and there'd be things growing on top
of things.
Speaker 1 (34:51):
You know.
Speaker 10 (34:51):
So in the old days we used to you know,
Arabicity has always been expensive. Mums and dads always always
managed to get a feed from yesterday's food, you know.
But nowadays everyone wants their everything. You want your class body,
you want your takeaways, you want all this and that,
so that the angles are things as well.
Speaker 7 (35:12):
Yeah, maybe.
Speaker 10 (35:15):
Pull back and tull back a little bit, you know,
and instead of grumbling about electricity prices and food prices,
I mean.
Speaker 3 (35:22):
We all, we all good thoughts made. I've got I've
got to leave it there because we've got one more
call to get to. But I appreciate your thoughts on that.
Thanks uh Lucky, last Dave Hello, oh yeah, hi.
Speaker 6 (35:35):
Just in respect to that last guy. The houses don't
disappear with landlords get upset and decide to sell them.
They're still there. He says, he's taken above a loss
in Hamilton, or that maybe opens the door to a
first home by to get in and buy it. They're
still there, just to different people.
Speaker 3 (35:51):
So the market for itself, you get one person getting
out and another one in.
Speaker 5 (35:56):
Yeah that's right.
Speaker 6 (35:57):
Yeah, yeah, they don't disappear. But the other thing is
I just get a bit tired of all respect to Nicole,
but every time I listen to the show for the
last year, every commentator sort of said the bottom's in.
Speaker 3 (36:08):
It isn't. Well, I'm that actually will be right?
Speaker 2 (36:14):
When do you think today?
Speaker 3 (36:15):
When do you think the bottom is? Are we in
the bottom now? Or what do you reckon?
Speaker 2 (36:19):
No?
Speaker 6 (36:19):
No, no, there's another at least are they a couple
of years ago?
Speaker 5 (36:22):
Yeah?
Speaker 6 (36:22):
The markets, it's history property all over the world. Is
the end of it. It's demographics, a whole lot has
changed everything.
Speaker 3 (36:32):
You make sure you stay tuned for the next couple
of years because well, well we wanted you to call
up and say you told us so. And when it
finally picks up in a couple of years time, eh.
Speaker 6 (36:42):
Cheers, cheers mate.
Speaker 3 (36:45):
Any thoughts on that, Nicole? I mean, look, we get
experts on the time, making all sorts. Of course, I
don't quote the ones. I do did have one particular
expert to protect that by the end of last year
we would have seen a ten percent growth in the market.
I remember thinking not so sure on that one. But
what are your thoughts on Oh?
Speaker 4 (37:01):
Look, I think, okay, here's what I think the property
market's going to do. You can it down and see
if I'm right in a few years time. So I
think we're going to have these gradual increases through till
next year. Next year is probably going to go up
by about maybe four percent. But we have got elections
next year, so that's an unknown factor as well. And
at the moment the polls are closed, it's not a
given either way which way it's going to go, and
(37:21):
that makes people nervous. So the property market, I think
will have a bit of a stall around elections, and
that usually happens for a few months the time we
put a coalition government together, et cetera. And then, assuming
the outcome of the elections good for the economy, and
the economy continues to grow, the market will grow in
twenty twenty seven and maybe peak somewhere in twenty twenty eight,
(37:43):
as long as a world event doesn't happen that we
can't foresee. And then when the market peaks somewhere in
twenty twenty eight, we followed by a decline in twenty
twenty nine, and the cycle continues as it lasts for
ther last hundred years.
Speaker 3 (37:56):
Has done write down people and will be challenging the coll.
Speaker 4 (37:59):
Keep say if I'm right, yeah, wrote it down, because remember.
Speaker 3 (38:03):
Well nobody remembers the predictions, and that don't quite work
out either if you But if you're right, you'll be
like I remember saying this exactly, it's nine to five newstalks.
Speaker 1 (38:12):
He'd be the one roof property of the week on
the weekend collective.
Speaker 3 (38:18):
Now the one roof properly of the week. I think
I need to get tired to do a quick search
to see if she can find out what is going
on with this thing, because it is there's no way
it is worth what they say it's worth, because the
and what I'm talking about is an estimate. It says
of a four hundred and seventy five thousand dollars, which
seems to me to be absolutely bonkers. It is the
(38:40):
address is it's And I laughed when I saw this
property because if you know my producer, Tyra, which you
may be getting used to it, if you ever follow
the Properties of the week, they are generally a window
into Tyra's taste and property. So this is a it's
a three bedroom, two bathrooms, zero car garage, and the
house is one hundred and ninety square meters land of
(39:03):
thirteen hectares just about just under it's for sale by tender,
and I guess that's maybe it's because it's for tender
that they're saying they're accepting tenders from four hundred and
seventy five up. But I don't know. But it's it's
beautifully restored. It's like a sort of old fashioned ponsonbe
Grayland villa plumped in the plunk down in the middle
(39:26):
of of you know, a bunch of in a rural setting.
It's a gorgeous house, lovely views, a lot of land,
it's got a bathroom dripping in tiles, and I don't know.
I just have to go to Nicole and say it's
(39:46):
named Clonburn Estate, which comes from the owners. It's got
these fancy gates, stained glass windows. I don't get it.
With the price, What's something's going on there.
Speaker 4 (39:56):
It's almost like they've missed off a zero. I can't
see how it would be four hundred thousand, especially on
such a huge amount of land.
Speaker 3 (40:03):
They had no way it have to I have to
add something missing on it, and I'm looking at it. No, No,
there's definitely a zero missing because it says r V. Yeah,
I know there's something going wrong here. I's a typo. Okay,
it's got r V four hundred and forty thousand dollars
equals improvements of five thousand bucks and four hundred and
(40:25):
thirty five And now I mention it for you to
go and have a look at it and you can
work it out for yourself. But yeah, there's something wrong
with the price. But it's a beautiful property and if
you don't want it, then Tyro wants to bite. She
thinks she would bite for that amount. I'm sure she would,
but I don't think she's going to be successful in
that respect because I reckon it's missing a zero. Anyway,
We'll be back with Sarah Chatwin four. The Parent Squad
(40:47):
is next.
Speaker 1 (40:50):
For more from the Weekend Collective, listen live to News
Talk ZEDB weekends from three pm, or follow the podcast
on iHeartRadio
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