December 5, 2025 • 41 mins
For as long as most of us will be able to remember, the Kiwi dream has meant a 3 or 4 bed home with a deck out the back and just enough grass to need a mower.
It's represented putting down roots and starting a family with a sense of security in owning your own place.
But after years now of rising house prices and interest rates going up and down quite rapidly, I've been wondering whether our property obsession has changed - and whether it's a temporary change or a permanent one.
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Speaker 1 (00:05):
You're listening to the Weekend Collective podcast from News Talks EDB.
Speaker 2 (00:10):
So kiss me the lady, let you if we dad
to hold me the way that's.
Speaker 3 (00:23):
Fur the final time.
Speaker 4 (00:26):
Whatever we come.
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Deep beside this always this word, So just kiss me
the way that's you, if.
Speaker 5 (00:39):
We Dad tonight, if we deep and welcome back. This
is the One Roofradio Show. By the way, if you
ever missed any of the hours and you want to
catch up with them, don't forget to check out our podcast.
But never do it but between the hours of three
and six, because that's where we live. You must. We
just enjoy your sales live. Welcome to the One Roufradio Show.
I'm Tim Beverage and look we're gonna obviously as you know,
(01:02):
we talk about property on the show, and for long
of us can remain. For as long as many of
us can remember, there's been in fact on this show.
You know the key we dreams meant maybe a three
or four bedroom home, three bedroom four if you can
stretch a bit with a deck out the back, a
little bit of grass for the moa. And it's about
you know, about putting down roots, getting a family and
(01:22):
things like that. But of course it does feel that.
You know, we've had years of rising house prices, interest
rates have gone up and down. I mean, we know
what happened after COVID with the cheap money, and then
property prices went through the roof and then ever since then,
I'm still not sure quite what to think of the
property market. But you do wonder whether our has our
(01:44):
attitude or maybe you could even say our obsession with
property has it changed? And if it has changed, is
it a temporary change or a permanent one? Is the
key we dream still a house with a lawn or
are we thinking? You know, I was driving past some
apartments just today, Actually I thought, whoo, wouldn't mind living
in those? They look pretty flash Okay, they were in Parnal.
(02:05):
They were brand new and the advert was for a
penthouse and I sort of thought, well that's probably a
LOTO win. But have what does the New Zealand property
dream look like? And has our obsession? Has our obsession
or our focus on property is it different now? Has
it changed what you reckon? Is it? Do you think
it's changed? And my quick observation before I introduced my
(02:28):
guest would be even with regards to the conversations that
we've had on this show, the one with radio show
over the last few years that for a while there
was a certain consistent type of conversation which was about basically,
you've got to get it and you've got a leverage,
you got to get an investment property, and this is how.
Speaker 6 (02:43):
You do it.
Speaker 5 (02:44):
Whereas now it does feel that there are other topics
that come into play because our obsession is a bit
more I don't know, how is it a bit more varied? Perhaps? Anyway,
joining us he is managing director of n zsir at
Southby's Realty and his name is Mark Harris and he's
with us today. Mark, how you going good?
Speaker 4 (03:05):
A Tim? I'm good, thank you and great to be here.
Speaker 3 (03:08):
Yeah.
Speaker 5 (03:08):
What actually, by the way, it's his managing rich. I
was going to dig him to what is in ZID
if I asked down for in ZID souther Bees International Realty.
Speaker 4 (03:16):
New Zealand Southbe's International Realty. Correct, you got it.
Speaker 5 (03:20):
I must feel like a sugar of chocolate fish for that.
Speaker 4 (03:23):
And you are based where I'm based in Queenstown House things.
Speaker 5 (03:27):
Well, here we go, because Queenstown has been a hot
topic for conversation over the years house things in Queenstown.
Speaker 4 (03:33):
I feel a bit guilty for saying it now, No, I.
Speaker 5 (03:36):
Mean Queenstown's gorgeous. I mean there's a reason everyone loves Queenstown.
Speaker 4 (03:40):
Yeah, it's a great part of the world. I've just
flown up today and yeah, it was a spectacular day
down there this morning, all the way up the country actually,
but yeah, Queenstown as well, and truly filling up again
for Christmas to a season and the energy is well
and truly back.
Speaker 5 (03:54):
Now is your focus exclusively on Queenstown because Southern Bee's,
you know, they're not just Queenstown, they're around the country
as well. But do you vote Is your business focused
in that area exclusive?
Speaker 4 (04:05):
No, not at all. We started the business down there
in two thousand and three and my business partner and
I and we've grown it around New Zealand. So we've
thirty offices now right around the country, you know, Ponsonby
up the road here and you know, a good national spread,
three hundred agents and you know, we've been out for
twenty years, so we've got a pretty good network.
Speaker 5 (04:23):
Just I mean, you've we've met before and we've had
you on the show before. But tell us a little
bit you're not quite the regular face that that some
might be. Tell us a little bit, how did you
get into property and your journey to being where you
are now?
Speaker 4 (04:37):
Well, I'm actually austrain how mu sure where you can
hear the twang still, I've been working on it. But
I arrived over here in two thousand and and two
to start up a real estate business. Met my current
business partner, Julian Brown, who's a long term, time term local,
and we effectively grew the business. So you know, we
acquired the Southby's brand, or won the rights to it
(04:57):
for New Zealand back then, and we've effectively grown the
business through New Zealand over the last twenty years. We
owned six of the offices ourselves and the rest of
them are franchised. So yeah, we've.
Speaker 5 (05:08):
Actually I'm quite quite curious, So what is it? Because
Southerb's of course the name. I mean when I first
saw Southerbea's because we've had friends of ot a house
in Queens stan and we my wife and I have
a family, spent quite a bit of time there and
I noticed when I actually think I remember when Southerbeast
first popped up, and I did think to myself. Oh
souther Bees, that's a bit posh, and it was you,
(05:30):
thank you. But what was the process involved and how
hard was that and did you pick the brand? Did
you think we need a new brand. Let's go shopping
for something that people will recognize instantly that tells us
in one word, what we're about.
Speaker 4 (05:48):
Yeah, we had a good think about it. I'd launched
an Australian brand over here and after a year or two,
you know, Julian and I set up her own business
and we're effectively just Mark and Julian. But we'd started
to list some pretty big projects, including Jack's Point, and
there were probably the catalyst to it where the developer
was like, guys, we need a brand that can differentiate
(06:09):
you and ourselves to the market and add value. And
so we looked around at what was available and went
through quite a process, applied to New York, where it's based.
They flew out and met a couple of thirty two
year old who were you know, obviously pretty young at
the time, and the very key you wore a tie
where I haven't won one since, and yeah we're lucky
(06:30):
enough to win it and here we are today.
Speaker 5 (06:32):
So what do you so when you would have been
setting that up. It seems that the last twenty years,
it's almost you would have been part of quite a
roller coaster in terms of quite a fast ride with
the property market because until recently there was there's been
a lot of energy in the property market from investors
and especially in Queenstown and all that is that right?
(06:55):
I mean, and I was going to ask you have
you noticed if it's changed.
Speaker 4 (06:59):
Well, it's changed dramatically. I mean we've been through probably
three cycles, you know, since back then, so we've seen it.
You know, everything come and go and flatten out and
then go again. And you know, we've had earthquakes and
you know the you know, the big drop in the
market in two thousand and eight, and you know we've
been through all those things and here we are again.
(07:20):
We had a big change and you know with the
government in twenty eighteen, twenty nineteen, with the international buyer
we're all being shut down and here we are again
that's swinging back in again. So you know, we've been
through everything and you know, ultimately it might level off
a little bit, but it just keeps going, you know,
And I think that's what people need to remember.
Speaker 5 (07:37):
What do you, I mean, what changes would you say
you've noticed in the last because look for someone like me,
it's it's a lot shorter window of memory, I guess.
But the conversation around property does feel a little bit
different than there's I mean that you might have not
seen the story last night about landlords dropping their rents
and things, but it feels the energy and property is different.
(07:57):
At the moment. We've got a lot more first time buyers.
Obviously they're not probably not so many first time buyers
at souther Bees.
Speaker 4 (08:03):
I don't know, no, no, we deal in that part
of the market. Our average sale price is one point
two you'd be surprised. I mean, we saw the top
three properties in New Zealand last year, you know, across
the country, but which is one point two two in
remy we were one down in Queenstown and you know,
so we do operate in that top end, but we
certainly operate in the you know, in that low to
mid end as well.
Speaker 5 (08:25):
You know.
Speaker 4 (08:25):
And as I said, the cycle has swung around since
twenty twenty one. We've had three years of a flat market,
but you can definitely feel the momentum coming back, and
it is two speed you know, economy, as they say,
in terms of the regions versus the cities, that's definitely happening.
But we can feel Auckland coming back now over the
last couple of months.
Speaker 5 (08:44):
What is coming back to you look like? Because there
are some who have written about how the property market
in New Zealand is fundamentally overvalued because in terms of expectations,
you know, the old rule it used to be, oh,
you double your money every eight or nine years or
something like that, but of course exponentially that's not going
(09:04):
to be possible. In fact, I saw I met with
a financial advisor was talking about, you know, a much
longer prognosis for the doubling of the market, that things
are going to be slower. What do you make of where?
I mean, it's difficult Queenstown and it's almost like a
separate market, isn't it. But what are your observations around
that in New Zealand property?
Speaker 4 (09:23):
Yeah, well, as I say, the last three years has
been pretty flat, and I think there was definitely a
hangover post COVID almost psychologically in terms of engaging and
it's taken a while for that to flush through. You know,
I think if you look at the last ten years
of the market, it's probably average five or six percent
a couple of gain each year, and we haven't seen
that for the last three years. But you know, i'd
(09:44):
certainly think next year we're going to be moving back
into that territory. And there's probably another three years ahead
of us.
Speaker 1 (09:49):
Now.
Speaker 4 (09:51):
You know, if cycles are repeating themselves, that we've got
a good positive run now consistent run. So you know,
I think we're at the foundation at the step of
another gear change.
Speaker 5 (10:00):
How different are the factors involved in the property market?
What are the factors involved in the property market? And
the difference, isn't it when you mentioned the foreign bias thing.
What's different in terms of the current the current market
and who can buy and the rules around it and
what you can borrow and all that sort of thing
(10:21):
versus what we saw maybe ten or fifteen years And
what are the differences?
Speaker 4 (10:25):
Well, in terms of the foreign buyer rule, that was
obviously changed in twenty nineteen with the Labor government coming in,
so that was quite a significant change, and you know,
obviously that's being brought back, so you know they're talking
now Q one, Q two. But ultimately really foundationally the
whole thing is driven by interest rates, and we've now
had seven drops in a row with the ocr and
(10:47):
particularly in that low to mid end. You know, I
think that's what stimulates it. It's probably not what is
stimulating and at the high net worth part of the market,
that's different stimulants.
Speaker 5 (10:59):
But what are the rules around that? What are the
rules around the high net worth thing? I can't keep
track of it all really, but there is there's going
to be a change we think around if you want
to buy a property worth three million or four million,
I can't where are we at with that five million?
Speaker 4 (11:15):
So mister Luxon announced, well, I was thinking of willis
I think back in maybe August that the change was coming,
and they announced it was going to happen before Christmas.
I think we've got six days of Parliament left, so
we're running a fine line as to whether that's going
to happen or not. But the understanding is that that's coming,
(11:36):
it's going to happen, and it's probably going to be
legalized or ratified by Q one Q or end of
Q one Q two next year. So it allows for
people overseas, people who have gone through the AIP, the
active investor plus visa category and been accepted into it
to buy a property, a residential property over five million dollars.
Speaker 5 (11:55):
So that's what's coming, and it will be anyone who
tacks those boxes.
Speaker 4 (11:59):
Anyone who's been approved via the application process.
Speaker 5 (12:03):
It's kind of funny, isn't it how we have this slightly.
I mean a lot of us, a lot of New
Zealanders have this protective attitude because there's the argument that,
you know, we want to see money invested into business
and productivity and stuff, which is a fair enough point
to make. But isn't it funny because we are kind
of hypocrites because I'm not sure where my opinion is
on this, but I know that if I won Lotto,
(12:23):
I'd want to be able to go and buy a
property and say France, And actually we do enjoy those
rights New Zealanders in quite a few countries to go
and you know, find some quaint little village in Tuscany
or in France or something in Provence or something, and
away you go. But whereas we are quite protective here.
Speaker 4 (12:43):
Yeah, I mean that's right. We can go and buy
a property in Australia or Canada or France or you know,
the UK the US, So it's it's it's funny to
think that it's not quite reversed.
Speaker 5 (12:53):
Yeah, what's actually what is this? With Australia. It's reciprocal though,
wasn't it.
Speaker 4 (12:57):
Yeah with Australia and Singapore it's it's reciprocal at the moment.
So they can come in and buy residential property. They
still can't buy a property which is deemed OHIO sensitive,
which is over five hectares or waterfront, but they can
buy a residential home. So and that's what's going to
be allowed with this new AIP or be it over
five million dollars. And remember we're only talking about one
(13:17):
percent of the entire market.
Speaker 5 (13:19):
So I mean, you'd keep an eye on the on
the broader market, regardless of what your personal interests are.
As a business, I get, what have you noticed in
terms of what the market here has been doing in
terms of who's getting in and who you know, what
what are the things that might be different to what
they were three or four years ago.
Speaker 4 (13:36):
Well, as I said, we're definitely seeing a two speed
market at the moment. So areas like Queenstown, the Southern
Lake Southland being drive driven by the ag sector. Even
you know, nelson Is has had a really positive six
months Hawk's Bay, you know. So the regions, you can
see a bit of a pattern. The regions are performing well.
They're coming out of this slump more quickly than Auckland
and Wellington. Albeit that Auckland.
Speaker 5 (13:59):
Wellington and quite different places too, aren't they.
Speaker 4 (14:02):
They are different. Yeah, And we've seen a different pickup
in Auckland in the last couple of months with some
high end sales ten million to twenty million dollars, particularly
around Herne Bay, Remuware Awahiki. So in my mind, when
those high networth buyers are coming back into the market,
that's a sign of confidence that the market is shifting
in the right direction.
Speaker 5 (14:21):
Okay, we love your calls on this eight hundred and eight,
ten eighty that look, the simple question is is do
you think New Zealand's property obsession has changed or is
it you know, so the question being whether we are
going to see the same sort of growth that we
may have seen in years gone by where the market
has doubled in it within a particular period of time.
(14:43):
Do you think our obsession with it the market is
going to return or is it a little different now?
And how would you define it? My guest is Mark
Harrisey's managing director the NZ version of Southeby's Realty. I've
got to find a fair way of how do I
say what New Zealand Southby's okay International Realty. There we go.
Give us a call eight hundred eighty ten eighty text
(15:05):
nine to nine two. It's just gone twenty one past four.
News Talks EDB, News Talks ed B. This is one
ref radio show. Has New Zealand's property obsession changed? And
we want your cause eight hundred and eighty ten eighty.
We're going to see the return of foreign bars by
the look of it at some stage. My guest is
Mark Harrisy's managing director of nzsir at Southby's Realty. And
(15:27):
we're taking your calls and let's go to it, shall we?
Speaker 3 (15:29):
John?
Speaker 6 (15:29):
Hello, O, Hi, how's it going good?
Speaker 5 (15:32):
Mate? How you doing good?
Speaker 6 (15:34):
I was listening to your guest. I just wanted to
put in a little bit of a comment there saying
that with the ridiculous fall of the New Zealand dollars,
you know, historic lows, someone doesn't really have to have
much worry about buying property in New Zealand. They've just
it's just become thirty percent cheap before them, whether it's
(15:54):
pound sterly or dollars or euros, you know, literally it's
it's a buyer's market for them because it's so cheap.
Speaker 5 (16:06):
Have we thirty percent lower? That's quite a big drop,
isn't it.
Speaker 6 (16:10):
Well, it depends on what it depends on your time frame.
But it has fallen a lot. Yeah, pretty low levels
now compared to where it was a couple of years ago.
Speaker 5 (16:19):
Yeah, what do you reckon?
Speaker 4 (16:20):
Yeah, well I think we're fifty seven cents in the
dollar now, so it has dropped quite a lot. And yeah,
it's interesting look at our websites Stat's lately the international
flow of you know, traffic into it is really picked
up from the US, and I don't think it's currency orientated,
but yeah, it does play a part.
Speaker 5 (16:36):
You're right, Actually, that's what it's going to ask. I
was thinking, when you're in the top end of the market,
are you very worried about Well, I mean you also
end up being wealthy by being careful about these things,
I guess. But if you're looking for a property in
New Zealand, a you're really worried about with it's eighty
seven cents for the Australian dollar, you know, or ninety five.
Speaker 4 (16:53):
Well, I think the Aussies mentioned it more than the
US guy. Has to be fair, that's quite a drop
for Australia as well. But yeah, they do, they do
keep it pretty close on it.
Speaker 5 (17:01):
Yeah, what are your thoughts about the whole thing? Mark
with do you think? One, do you think our attitude
property has changed to New Zealand? But also you've got
to take on the feign bars thing.
Speaker 4 (17:11):
Yeah, look, I think from a broader perspective, you know,
I know the optics of it. You know, people are
concerned that, you know, the New Zealand's going to get
sold out. But in our experience, the guys that we've
dealt with, you know, in this category, and remember that
they've either invested already ten million or five million to
get their visa and then then going to go and
invest another five million. They're coming here for serious reasons.
They're not coming here to you know, buy up holiday
(17:34):
homes left right and center around the country. A lot
of the time, they're coming because they want to invest
in other things, other businesses and infrastructure. So it's exactly
the sort of people that we want to get here
and if they can get a holiday home here and
enjoy the lifestyle, and then quite often go on and
want to invest in other things, and that's what we need.
Speaker 6 (17:50):
What do you reckon, John, I reckon, He's absolutely right.
I mean, I've lived in Greece for many years and
throughout Southerner Europe. During the financial crisis, they basically open
up the floodgates to help the economies, and you are
literally getting people coming in for a hundred thousand euros
(18:12):
buying property. So yeah, I fully agree that I'm not
against the people buying property in New Zealand as long
as they're the right sort of people. And obviously high
end properties are likely than entice people who are appreciative
of the place that they're going to and quite likely
to put down some routes and spend some serious money.
Speaker 5 (18:33):
Yeah. Yeah, you quite like the idea that we still
have restrictions generally, but if you're someone who can bring
something into New Zealand, then go for it.
Speaker 6 (18:41):
Look, you know, I think that no society should get
cart lanche to anybody in any area. I think that
the people who live in the country should determine who
comes in. I don't think they should be fearful. I mean,
why should we worry about people buying some properties. I mean,
we're quite happy to have one hundred thousand people come
(19:03):
into New Zealand one day and two thousands of them
go to Australia five years down the road to the
New Zealand citizenship. So yeah, as far as I'm concerned,
if we if we're getting people who are coming in
here and spending some serious money here, then why would
I be against it?
Speaker 5 (19:17):
Hey, by the way, did you buy a property in Greece?
Speaker 6 (19:22):
Yep, I've had one. You I lived there thirty years.
Speaker 5 (19:26):
Oh wow, okay, well you obviously would have got it
quite cheap. I mean, what's what is the property? What
are property price is like? In Greece?
Speaker 6 (19:34):
They collapsed during the financial crisis. They were literally giving
them away and now they've searched back to the highs
prior to the crisis, and they were very high. And
in comparison to the to the income that people can
earn young people, it's too expensive. So Greece has had
(19:54):
about five hundred thousand people leave the country, most of
them very well young, very well educated, because they can't
afford to get married and have kids.
Speaker 3 (20:03):
You know, all over Europe it.
Speaker 5 (20:05):
Does seem to be important. It does seem to be
a bit of a theme, doesn't it in some countries. Yeah, hey,
thanks for a cool mate, appreciate it, John, good on you.
Let's gosh, that's do you fight? By the way, do
you Mark? Do you enjoy surfing the property markets overseas
just for fun to see what you know? What's what
I used to love searching Detroit to see what you
get for fifteen grand?
Speaker 4 (20:25):
But that was just you know, yeah, well it's great
with the brand, with the coverage around the world quite
often seeing properties come in from the US and UK
and seeing what's going on in Europe. So you know,
we're lucky in that way. But being an ausio, keep
a pretty close eye on what's happening in Sydney, which
is basically, you know, out of control.
Speaker 5 (20:41):
What about this? This is one that's challenging us a bit.
It says, Yes, New Zealand property obsession has changed. It's
a text here. Zb's weekend PM shows need to catch
up and stop with the different guests who are trying
to hype it up every week. It's a turn off,
says Justin, Oh, hot take.
Speaker 4 (20:58):
I don't know whether I'm trying to hype it up.
If that's what he's suggesting, I'm glad I can help.
Speaker 5 (21:06):
Well, I guess, I mean everyone has a vested interest
in things as well. I mean, and a different point
of view on things. But I mean what he's representing
is he reckons that. Sometimes we have guests who obviously
want you know, you read the one Roof website and
things like that, and there are always stories about the
big movements, and I guess Justin's like, well, hang on,
(21:27):
but is that really representing what's going on? What do
you reckon? What would you be answered to that be?
Speaker 4 (21:32):
Well, if it's a reflection of the foreign by rule
changing again, we're talking about one percent of the entire
market over five million dollars, So I don't think that's
going to affect the loader med end, and certainly in
regions we're already seeing the loader med end pick up
quite dramatically for sign by Aza back and that's interest
rate rivet. It's nothing to do with foreigners, is that movement?
Speaker 5 (21:54):
Or price?
Speaker 4 (21:55):
It's volume and prices actually reasonably stable, but volume is
definitely pigging.
Speaker 5 (22:00):
My movement was a bit that was a bit duplicitous,
isn't it? Movement could be anything volume or price? I mean,
so is it? Is it volume?
Speaker 7 (22:07):
More?
Speaker 5 (22:07):
Sorry? I answered that again for me because I'd confuse myself.
Is the movement mostly with the do with interest and volume?
And how much is that affecting price from what you have?
Speaker 4 (22:17):
Yeah? So the big shift year on year is volume.
So there's a volume of sales is picked up. Price wise,
Nationally across the country we're reasonably stable, but pockets of it. Again,
certain elements, certain regions are well and truly peeking up
in price.
Speaker 5 (22:31):
Right, let's carry on. I'll take into which those regions
are right now. Mind you, by the time they've started moving,
it's too late, isn't it. You got to be in
before then.
Speaker 3 (22:38):
Josh, Hello, yeah, hey some Hey, mister real estate guy.
Speaker 5 (22:44):
It's Mark Mark, Mark, Josh.
Speaker 1 (22:48):
Mark.
Speaker 3 (22:49):
I should said hey, hey some about earlier you know
the yes, I'm with you. Yeah, So hey, Well, we
could literally have influence demand over a limited commodity if
we played it that way. Of course, foreign foreign bus band.
(23:12):
But what I'm thinking is this capital gains tax idea.
Why don't we make it a graduating system, So we'll
just let the take every band off and have a
graduating tax system for various like if we want to
get like if we want to get the behavior that
(23:35):
we want out of the market, why don't we just
what structure the tax in that way?
Speaker 5 (23:40):
What behavior do you want out of the market?
Speaker 3 (23:43):
Like an example would be, you know we've just gone
through a flat period in construction because everything closed down
for a teen miles.
Speaker 5 (23:53):
Is that you are you in construction.
Speaker 3 (23:56):
Are affiliated here and there? So the way I look
at it is we actually like, you'd be silly not
to buy a house in New Zealand regardless of where
you're coming from around the world. I don't think we
need to bush the idea coming here because the idea
sells itself. So if you take off the foreign buyer's band,
(24:19):
that's all you'd need to do to drive the economy forward.
What you want, well, what you'd want, I should want
people buying housing in the right areas and throwing the
right thone. So as an example, if you say you're
teeing up a new subdivision, if some of those houses
were sold to either rent to buy or equity what
(24:43):
do you call it? Like a shit equity agreement type
scenario that you'd go lesser tax on those people that
are doing that, But if they were just coming in
and buying twenty and selling twenty off the plan, that
you'd hit them with quite a hard tax. So just
wondering what the real estate point of view though, would
(25:06):
you let the handbrake off the whole thing? As still
as a capital gains tax that was functional, that made
it work in that way, so we were sort of
covering everything.
Speaker 5 (25:18):
Okay, Okay, I think I get something out of that.
I think, Mark, I don't think a capital gains tax
is a price mechanism. It's just an income mechanism for
the government, isn't it.
Speaker 4 (25:27):
Yeah, that's right. I think that'd be pretty complicated system.
I know what you're thinking, but maybe a simpler way
to do it. One thing that they've talked about or
thought about doing, I think is a stamp duty. So
the original plan from Luxem was that they were going
to have a hurdle of two million dollars and they
were going to have a tax on top of it
in a stamp duty which was rumored to be ten
to fifteen percent, which is what they do in Singapore
(25:48):
and what they do over there also as they ratcheted up.
So foreign I could buy a property, I think they
can pay any price for it, but they're going to
pay a stamp duty, say of ten percent. But then
on a second or third or fourth property they buy,
each time they buy one, that the stamp duty goes up.
So I would assume that they've looked well and truly
into that. And you don't like that idea, I think
(26:09):
it's complicated.
Speaker 5 (26:11):
Yeah, it's complicated. The euphemism for that sucks.
Speaker 4 (26:16):
Well, I don't think it sucks. I think one thought
we had was, you know, we have debated this ourselves.
You know, there was a hurdle of three or four
million dollars five let's call it five million dollars, that's
what it is, and a stamp duty of ten to
fifteen percent. That's quite a significant amount of money on top.
So so you take that tax and put it back
into the first home buyer market, into social housing, etc.
(26:37):
As a mechanism of assisting first home buyers. You would
think that something like that would could be pretty beneficial
and reasonably simple to do. But obviously they've just gone
with a blanket five million at the moment with no
tax on top. So there're obviously implications around the details
of a tax on top of these properties that they
don't like.
Speaker 5 (26:56):
How much, I mean, how much would a tax like
that really raise. It's not like we're selling five or
ten million dollars in properties. You know, I don't know
how what the volume would be in that market. How
many properties over the value of five million? You must
know this. Actually you've got to look about you which
things you either haven't got the stat or you definitely have.
Speaker 4 (27:18):
I think last year there was around one hundred and
eighty above five million, but in its peak in twenty
twenty one, where we're more like three hundred and three fifty,
and so we're heading back towards that direction and it's
above five mil, i'd have to check out.
Speaker 5 (27:30):
So they could raise maybe one hundred to two hundred million.
Speaker 4 (27:32):
Minutes talking about insignificant night it was put back in
the right place.
Speaker 5 (27:36):
Okay. It's interesting because we've got quite a range of
topics going at the moment. One's a little bit about
the old foreign buyers band as well. But has New
Zealand's property obsession changed. Look if I'm always probably a
little in terms of exp If Mark wasn't here and
I was sitting in the living room chatting with some friends,
(27:57):
and based on the way the interest and the way
the conversation and the shows goes, I would say, subject
to being shot down by Mark that actually do think
the property obsessions with New Zealanders has changed for the
time being. I don't know how much longer before. But
I'm quite pessimistic about the idea of being an investor
(28:17):
and leveraging for big profits. I have a suspicion those
days are well gone. And that's just and I reckon,
isn't it Mark?
Speaker 4 (28:26):
But now that I put it to you shoot me down, Well,
I'm on the same page. I actually think the versification
is good. I think that, you know, people buying multiple
properties is not healthy. I think that you know, buy
your home that you're going to live in, have a
long term view, get a roof over your head, have
some control and independence, and I think that's good. Maybe
a second property the property if you can afford it,
(28:47):
but multiple multiple properties, I think those days have started
to wane.
Speaker 5 (28:51):
Also think that maybe there was a time where I
know friends of mine who were property investors from way back,
you know, they got into it and really they really
stretched themselves. But that was because the leveraging was going
to pay off. And I just I just have this suspect.
And also that's right, the rent just about covered your mortgage,
(29:12):
whereas those days seem to be well gone, don't they,
Which does have an effect on people's enthusiasm to subsidize
their investment.
Speaker 4 (29:21):
Yeah, it does. There are still plenty of examples out there.
I was talking to a lady the other day in
christ Church who has fifteen properties that she's invested in
over the last five or ten years and made a
great living out of it and is looking for more,
you know. So there's definitely.
Speaker 5 (29:32):
Still cases is that someone with decent capital to sticking
in the first place, though.
Speaker 4 (29:36):
So she's just been smart in terms of how she's
invested and where she's invested and known when to sell
to move on to the next one, you know. And
there are plenty of obviously plenty of examples like that.
But I think as a first home buyer, concentrate on
your home bricks and mortar control independence, pay down the mortgage.
It's a tax for investment, and where else does it lead,
(30:01):
you know, into other businesses, gives you confidence to invest
in other things.
Speaker 5 (30:05):
Yeah, it's a bit of a flywheel, isn't it. Twenty
one minutes to five, we'll be back and just to
take my guest as Mark Harris's managing director of his
NSISII at Southby's Realty. We'll be back in just a sec. Yes,
welcome back to the One With Radio show. My guest
is Mark Harris. Actually, Mark, we turned out to be
on more common ground there with me saying that the
property obsession with New Zealand has changed that we're not,
you know, we're not sort of just thinking let's all
(30:26):
pile and you're a mug if you're not piling into
the investment market. Because it is hard to work now,
isn't it.
Speaker 4 (30:33):
Yeah, it is, And I think you know, the prudent
thing to do is have a bit of a diversified portfolio.
It doesn't need to be all in property. You know,
you're going to get plenty out of your main home
and maybe one or two. I mean I personally own,
you know, our main home and an apartment up here,
and then I've got other interests. So you know, I
think you know, nowadays it is easier, particularly with this
(30:56):
at a younger demographic coming through to access shares, things
like Shares's and obviously crypto et cetera. You know, it's
much more excess them.
Speaker 5 (31:05):
Yeah, you're not involved in that, but I saw there's
a bunch of them. I'm singing a Christmas concert at
Holy Trinity and I pulled up. I suddenly noticed this
brand new set of apartments and I thought, God, that
look a bit of flash. It's not your bag?
Speaker 4 (31:16):
Is it not ours?
Speaker 5 (31:16):
Not yours? I can well, I did mention it, but anyway,
doesn't that Hey, let's go to another caller, Aaron did
I kiday?
Speaker 7 (31:24):
Guys? How good things?
Speaker 5 (31:26):
What do you reckon?
Speaker 4 (31:27):
Yeah?
Speaker 7 (31:28):
Oh the capital gains text and I think it's a
bit I don't like it personally.
Speaker 3 (31:32):
I'm an engineer, you know.
Speaker 7 (31:34):
Forty years. I'll excuse my friends. I have worked my
ass off and I owned six properties. And the whole
idea was to benefit myself and benefit my kids as
they get older. And you know, I was never born
with a silver spoon in my mouth. You know, Mum
and Dad were typical Kiwi family. They struggled, and you know,
(31:57):
I just head down, us up and I'll work my
ass off all my life and to try to make something.
And first in the South, I've found the capital gains tax.
It's pretty much the knife in the back for the
guys that weren't born into money and don't have a
lot of money and just literally work their asses off
to get what they've got.
Speaker 5 (32:18):
Do you think that things have changed regardless of the
capital gains tax? Do you think that the market is
different anyway? Because it's some people want a capital gains
tax to chill it out, But I don't think it'll
make any difference.
Speaker 7 (32:27):
To be honest, I think one hundred percent it's changed.
You know, I've got I've got a niece and a
nephew that are being struggling to buy a house for
some time and first time home by you know, you know,
two young people, the baby on the way, and you know,
paying well over a million dollars for the first time.
(32:48):
I think that's absolutely ridiculous. And they didn't buy in
a flash suburb. They nothing against the area, but they
brought in Wayoku because that's where they thought their budget
could work. But you know, they ended up paying one
point three point fifty, you know, just over one and
a quarter million dollars for their first home. And I
(33:08):
just think that was just that was the stay of
the top, you know. I know they got a bit
of a subsidy from government and the key we Saver
and things like.
Speaker 5 (33:18):
That, but.
Speaker 7 (33:21):
You know, you've put the noose around someone's neck from
the word to go. You know, how are they supposed to.
Speaker 3 (33:29):
To leve it?
Speaker 1 (33:29):
You know?
Speaker 7 (33:30):
I sat down and I said the Mark. I said, well,
WA's your monkey payments? And when he told me I
won't say it because it's personal information, I was flabbergas
I said, that is a ridiculous amount of money. He goes, yeah,
he is, he says, when as soon as baby's old enough,
he said, my wife has to go back to work
otherwise they can't afford the mortgage. You know, yeah, I
(33:54):
just think it's I think it's wrong, you know, not
fair enough.
Speaker 5 (33:59):
Aaron hate what any comment? Mark?
Speaker 4 (34:00):
Well, I mean there is a bright line test, right
so they the way that works on an investment property,
once you've held it for two years, you're not going
to pay tax on it on the sale, on the
capital gain of the sale. So if you sell it
within two years then you will and so effectively, there
is a capital gain tax there on investment property within
that two year threshold, and I actually think that's pretty
(34:22):
sensible and it seems to be working in the right direction.
Speaker 5 (34:24):
Actually, the funny thing is about capital gains is technical.
I mean, it's the bright line test is there to
sort of try and capture some of that. But if
you have bought legally, it's just they can never prove it.
But if legally, if you buy a property and you're
really hoping that ultimately you're going to make a capital gain,
if that intention can be proven, you are actually supposed
to pay tax on it anyway, aren't you legally. It's
(34:46):
just that the inland revenue you will so, and I
bought it for the rental income. That is the legal test,
doesn't it.
Speaker 4 (34:53):
I mean, the only thing you're not going to pay
tax on is your first home, But any other investment
property after two within two years, you will do.
Speaker 7 (34:59):
So.
Speaker 4 (34:59):
I don't think it's pretty trigger to get around that.
Speaker 5 (35:01):
Yeah, do you reckon that? On on the property dream
for New Zealanders? How much do you think it's changing
with the advent of you know, apartments, And I mean
I've sent some spectacular apartments, we'd think it would be
an easy sell to get you into one. But do
you think that our you know, the well quarter acre,
we can kiss that goodbye. It's all it's all subdivided
(35:23):
these days. But do you think that New Zealander's property
dreams are sort of changing along with what's happened we've
seen internationally.
Speaker 4 (35:31):
Yeah, I guess if you look at what's happening in
the US. You're a Aussie certain extent, Sydney, you know
it's densive. You know, it's definitely going up in terms
of the high rises and the density and and I
think you can see the same pressure as being applied here.
And you know, but I don't think that's a bad
thing that if you know, first home buyer needs to
buy their you know, their first property as an apartment.
I did back in nineteen ninety nine. And you know
(35:56):
that's not a terrible thing.
Speaker 5 (35:57):
Yeah, I mean, do you think that more it used
to be literally was the you know, the patch of grass,
you know, the three or four dam house. Do you
think it's it's less about that now and it's more
about just having a steak in a property, whether it
be an apartment of townhouse, or you know.
Speaker 4 (36:13):
I think so. And it's also probably about the ability
to you know, think about where you can afford to buy.
So for instance, if you can't afford to buy in
the center of Auckland, then you know, have a think
about moving somewhere else into the regions. It's plenty of
examples of families up and leaving from Auckland and shifting
to Cambridge or that down to christ Church, et cetera,
because that's where they can afford to have the garden.
Speaker 5 (36:34):
Where's the next Queenstown mark? Come on, tell us, that's
a tricky one.
Speaker 4 (36:37):
It's pretty interesting down part of the world at the
moment where it's just spreading out to Cromwell and Kingston
Jacks Point at a rate of knots, you know, so
those places are really starting to come alive, you know.
So I think anywhere down in that region, you know,
within an hour hour and a half of the center
is you know, is going to have a pretty good
runover the next little I think Nelson's really undervalued, I do.
(37:00):
I think you can buy a lovely home there for
one hundred thousand dollars and you know, be within fifteen
minutes of beach and great transport in the town, et cetera.
So there's still pockets are really good value out.
Speaker 5 (37:10):
There, good stuff. Hey, look, we're going to be back
with the one roof Property of the Week is next
it's ten and a half minutes to five News Talk set.
Speaker 1 (37:16):
Beak the one roof Property of the Week on the
Weekend Collective.
Speaker 5 (37:22):
Yes, look, we have chosen the one roof Property of
the week because I was having a chat with Mark
and he was talking about some of the spectacular properties.
You can check this out on the one Roof website.
It is Mount Algadis. I think it's a l gid
Us and it is a stunning estate in the South Island. Obviously,
(37:42):
it's amazing. It's a bit like New Zealand's version of Yellowstone.
I'm going to leave this to you to describe, Mark,
because the photos where the house is located, looking down
the valley with the rich mountain scenery and the river bed,
it's just I mean, we're not talking first home by
talking first home by here are we?
Speaker 4 (38:00):
No, we're not probably ten, to be fair, but it is.
You know, we've sold since spectacular properties over the years,
but this is next level in terms of the beauty
of it in the landscape of it looks like a
painting literally, but twenty two thousand hectares of high country
station in the foothills you know of Mount Hut around Canterbury,
Methven area there and just next level and it's you know,
(38:23):
the inquiry. It's only been listed for about four weeks,
but there's been over one hundred hundred and twenty inquiries
from Australia and New Zealand, the US, et cetera. Our
agents are actually on the property today with buyers. So yeah,
it's quite incredible how it's.
Speaker 5 (38:38):
It's quite funny because on it there are a few
different structures there and of course anyone who wants to
go and check it out look on the one roof
Radio one roof dot cod in zed Mount Algadus a
j al jiudis sorry algid Us. The structure that captures
your attention is the house itself, which is there's something
(38:58):
about a knack with getting it right, isn't there in
a country setting where it's a beautiful house but it's
not ostin you know what it's not. It's not it
doesn't clash, it's just a beautiful New Zealand South Island
Lodge slash house.
Speaker 4 (39:12):
Yeah, that's right. The architecture is sympathetic to the environment,
even though it's you know, a grand home, it's it
is sympathetic to the setting that it's in. And it yeah,
quite an incredible property. We had actually had an inquiet
because it does look like Yellowstone. Someone running up and said,
I'll buy it if you throw in rip, So that
was that was interesting.
Speaker 6 (39:30):
Yeah.
Speaker 5 (39:31):
Hey, actually because now the reason I mentioned the structures
because there are a variety of other houses and structures
and it looks like a hunter's hut or something in
the I don't know where that would be, but it's
literally a basic corrugated iron, one door, one window shared
as well. Not to be confused with the with the
main residence.
Speaker 4 (39:50):
No, I think there are various huts on it. Yeah,
but you know obviously the grand manor house there. There's
a there's a video on the on the website you'll
be able to watch. But yeah, quite an incredible property.
Speaker 5 (39:59):
So go and check it out, Go and look on
the one roof, one roof, dot cut and zid and
it is. It's just worth a look at. Just a
beautiful piece of New Zealand. Actually, what's man, how much
time would you have spent looking around a property like that?
I mean it's a big deal.
Speaker 4 (40:14):
Yeah, that one when we've got a team of two
licensees of agents that specialize in these properties, and that
one has taken well over a year to get ready
for market, so you know, quite a substantial amount of
time just learning the property inside out. It's they're not
easy to understand and to market and they've done a
great job.
Speaker 5 (40:32):
And what's surprise expectation?
Speaker 1 (40:34):
Do we know?
Speaker 4 (40:35):
Circa fifty fifty bucks?
Speaker 3 (40:40):
Short?
Speaker 5 (40:40):
A few zeros there?
Speaker 6 (40:41):
Now?
Speaker 5 (40:42):
Hey, thanks thanks for coming and joining us, Mark, and
if go and check out that property on one roof
dot curtains. That was Mark Harris, managing director Vincity way
outside of his realty. We will be back shortly with
the parents squad and with having a chat about social
media and the band that Australia bringing in and whether
in fact we should look at it ourselves. And also
(41:02):
if we've got time, we'll have a chat about relationships
with the grandparents and members of the extended family and
how important they are. That'll be next on news Talk
zed B. It's just coming up to three minutes to
five
Speaker 1 (41:16):
For more from the Weekend Collective, listen live to news
Talk ZIB weekends from three pm, or follow the podcast
on iHeartRadio.
You're listening to the Weekend Collective podcast from News Talks EDB.
Speaker 2 (00:10):
So kiss me the lady, let you if we dad
to hold me the way that's.
Speaker 3 (00:23):
Fur the final time.
Speaker 4 (00:26):
Whatever we come.
Speaker 2 (00:28):
Deep beside this always this word, So just kiss me
the way that's you, if.
Speaker 5 (00:39):
We Dad tonight, if we deep and welcome back. This
is the One Roofradio Show. By the way, if you
ever missed any of the hours and you want to
catch up with them, don't forget to check out our podcast.
But never do it but between the hours of three
and six, because that's where we live. You must. We
just enjoy your sales live. Welcome to the One Roufradio Show.
I'm Tim Beverage and look we're gonna obviously as you know,
(01:02):
we talk about property on the show, and for long
of us can remain. For as long as many of
us can remember, there's been in fact on this show.
You know the key we dreams meant maybe a three
or four bedroom home, three bedroom four if you can
stretch a bit with a deck out the back, a
little bit of grass for the moa. And it's about
you know, about putting down roots, getting a family and
(01:22):
things like that. But of course it does feel that.
You know, we've had years of rising house prices, interest
rates have gone up and down. I mean, we know
what happened after COVID with the cheap money, and then
property prices went through the roof and then ever since then,
I'm still not sure quite what to think of the
property market. But you do wonder whether our has our
(01:44):
attitude or maybe you could even say our obsession with
property has it changed? And if it has changed, is
it a temporary change or a permanent one? Is the
key we dream still a house with a lawn or
are we thinking? You know, I was driving past some
apartments just today, Actually I thought, whoo, wouldn't mind living
in those? They look pretty flash Okay, they were in Parnal.
(02:05):
They were brand new and the advert was for a
penthouse and I sort of thought, well that's probably a
LOTO win. But have what does the New Zealand property
dream look like? And has our obsession? Has our obsession
or our focus on property is it different now? Has
it changed what you reckon? Is it? Do you think
it's changed? And my quick observation before I introduced my
(02:28):
guest would be even with regards to the conversations that
we've had on this show, the one with radio show
over the last few years that for a while there
was a certain consistent type of conversation which was about basically,
you've got to get it and you've got a leverage,
you got to get an investment property, and this is how.
Speaker 6 (02:43):
You do it.
Speaker 5 (02:44):
Whereas now it does feel that there are other topics
that come into play because our obsession is a bit
more I don't know, how is it a bit more varied? Perhaps? Anyway,
joining us he is managing director of n zsir at
Southby's Realty and his name is Mark Harris and he's
with us today. Mark, how you going good?
Speaker 4 (03:05):
A Tim? I'm good, thank you and great to be here.
Speaker 3 (03:08):
Yeah.
Speaker 5 (03:08):
What actually, by the way, it's his managing rich. I
was going to dig him to what is in ZID
if I asked down for in ZID souther Bees International Realty.
Speaker 4 (03:16):
New Zealand Southbe's International Realty. Correct, you got it.
Speaker 5 (03:20):
I must feel like a sugar of chocolate fish for that.
Speaker 4 (03:23):
And you are based where I'm based in Queenstown House things.
Speaker 5 (03:27):
Well, here we go, because Queenstown has been a hot
topic for conversation over the years house things in Queenstown.
Speaker 4 (03:33):
I feel a bit guilty for saying it now, No, I.
Speaker 5 (03:36):
Mean Queenstown's gorgeous. I mean there's a reason everyone loves Queenstown.
Speaker 4 (03:40):
Yeah, it's a great part of the world. I've just
flown up today and yeah, it was a spectacular day
down there this morning, all the way up the country actually,
but yeah, Queenstown as well, and truly filling up again
for Christmas to a season and the energy is well
and truly back.
Speaker 5 (03:54):
Now is your focus exclusively on Queenstown because Southern Bee's,
you know, they're not just Queenstown, they're around the country
as well. But do you vote Is your business focused
in that area exclusive?
Speaker 4 (04:05):
No, not at all. We started the business down there
in two thousand and three and my business partner and
I and we've grown it around New Zealand. So we've
thirty offices now right around the country, you know, Ponsonby
up the road here and you know, a good national spread,
three hundred agents and you know, we've been out for
twenty years, so we've got a pretty good network.
Speaker 5 (04:23):
Just I mean, you've we've met before and we've had
you on the show before. But tell us a little
bit you're not quite the regular face that that some
might be. Tell us a little bit, how did you
get into property and your journey to being where you
are now?
Speaker 4 (04:37):
Well, I'm actually austrain how mu sure where you can
hear the twang still, I've been working on it. But
I arrived over here in two thousand and and two
to start up a real estate business. Met my current
business partner, Julian Brown, who's a long term, time term local,
and we effectively grew the business. So you know, we
acquired the Southby's brand, or won the rights to it
(04:57):
for New Zealand back then, and we've effectively grown the
business through New Zealand over the last twenty years. We
owned six of the offices ourselves and the rest of
them are franchised. So yeah, we've.
Speaker 5 (05:08):
Actually I'm quite quite curious, So what is it? Because
Southerb's of course the name. I mean when I first
saw Southerbea's because we've had friends of ot a house
in Queens stan and we my wife and I have
a family, spent quite a bit of time there and
I noticed when I actually think I remember when Southerbeast
first popped up, and I did think to myself. Oh
souther Bees, that's a bit posh, and it was you,
(05:30):
thank you. But what was the process involved and how
hard was that and did you pick the brand? Did
you think we need a new brand. Let's go shopping
for something that people will recognize instantly that tells us
in one word, what we're about.
Speaker 4 (05:48):
Yeah, we had a good think about it. I'd launched
an Australian brand over here and after a year or two,
you know, Julian and I set up her own business
and we're effectively just Mark and Julian. But we'd started
to list some pretty big projects, including Jack's Point, and
there were probably the catalyst to it where the developer
was like, guys, we need a brand that can differentiate
(06:09):
you and ourselves to the market and add value. And
so we looked around at what was available and went
through quite a process, applied to New York, where it's based.
They flew out and met a couple of thirty two
year old who were you know, obviously pretty young at
the time, and the very key you wore a tie
where I haven't won one since, and yeah we're lucky
(06:30):
enough to win it and here we are today.
Speaker 5 (06:32):
So what do you so when you would have been
setting that up. It seems that the last twenty years,
it's almost you would have been part of quite a
roller coaster in terms of quite a fast ride with
the property market because until recently there was there's been
a lot of energy in the property market from investors
and especially in Queenstown and all that is that right?
(06:55):
I mean, and I was going to ask you have
you noticed if it's changed.
Speaker 4 (06:59):
Well, it's changed dramatically. I mean we've been through probably
three cycles, you know, since back then, so we've seen it.
You know, everything come and go and flatten out and
then go again. And you know, we've had earthquakes and
you know the you know, the big drop in the
market in two thousand and eight, and you know we've
been through all those things and here we are again.
(07:20):
We had a big change and you know with the
government in twenty eighteen, twenty nineteen, with the international buyer
we're all being shut down and here we are again
that's swinging back in again. So you know, we've been
through everything and you know, ultimately it might level off
a little bit, but it just keeps going, you know,
And I think that's what people need to remember.
Speaker 5 (07:37):
What do you, I mean, what changes would you say
you've noticed in the last because look for someone like me,
it's it's a lot shorter window of memory, I guess.
But the conversation around property does feel a little bit
different than there's I mean that you might have not
seen the story last night about landlords dropping their rents
and things, but it feels the energy and property is different.
(07:57):
At the moment. We've got a lot more first time buyers.
Obviously they're not probably not so many first time buyers
at souther Bees.
Speaker 4 (08:03):
I don't know, no, no, we deal in that part
of the market. Our average sale price is one point
two you'd be surprised. I mean, we saw the top
three properties in New Zealand last year, you know, across
the country, but which is one point two two in
remy we were one down in Queenstown and you know,
so we do operate in that top end, but we
certainly operate in the you know, in that low to
mid end as well.
Speaker 5 (08:25):
You know.
Speaker 4 (08:25):
And as I said, the cycle has swung around since
twenty twenty one. We've had three years of a flat market,
but you can definitely feel the momentum coming back, and
it is two speed you know, economy, as they say,
in terms of the regions versus the cities, that's definitely happening.
But we can feel Auckland coming back now over the
last couple of months.
Speaker 5 (08:44):
What is coming back to you look like? Because there
are some who have written about how the property market
in New Zealand is fundamentally overvalued because in terms of expectations,
you know, the old rule it used to be, oh,
you double your money every eight or nine years or
something like that, but of course exponentially that's not going
(09:04):
to be possible. In fact, I saw I met with
a financial advisor was talking about, you know, a much
longer prognosis for the doubling of the market, that things
are going to be slower. What do you make of where?
I mean, it's difficult Queenstown and it's almost like a
separate market, isn't it. But what are your observations around
that in New Zealand property?
Speaker 4 (09:23):
Yeah, well, as I say, the last three years has
been pretty flat, and I think there was definitely a
hangover post COVID almost psychologically in terms of engaging and
it's taken a while for that to flush through. You know,
I think if you look at the last ten years
of the market, it's probably average five or six percent
a couple of gain each year, and we haven't seen
that for the last three years. But you know, i'd
(09:44):
certainly think next year we're going to be moving back
into that territory. And there's probably another three years ahead
of us.
Speaker 1 (09:49):
Now.
Speaker 4 (09:51):
You know, if cycles are repeating themselves, that we've got
a good positive run now consistent run. So you know,
I think we're at the foundation at the step of
another gear change.
Speaker 5 (10:00):
How different are the factors involved in the property market?
What are the factors involved in the property market? And
the difference, isn't it when you mentioned the foreign bias thing.
What's different in terms of the current the current market
and who can buy and the rules around it and
what you can borrow and all that sort of thing
(10:21):
versus what we saw maybe ten or fifteen years And
what are the differences?
Speaker 4 (10:25):
Well, in terms of the foreign buyer rule, that was
obviously changed in twenty nineteen with the Labor government coming in,
so that was quite a significant change, and you know,
obviously that's being brought back, so you know they're talking
now Q one, Q two. But ultimately really foundationally the
whole thing is driven by interest rates, and we've now
had seven drops in a row with the ocr and
(10:47):
particularly in that low to mid end. You know, I
think that's what stimulates it. It's probably not what is
stimulating and at the high net worth part of the market,
that's different stimulants.
Speaker 5 (10:59):
But what are the rules around that? What are the
rules around the high net worth thing? I can't keep
track of it all really, but there is there's going
to be a change we think around if you want
to buy a property worth three million or four million,
I can't where are we at with that five million?
Speaker 4 (11:15):
So mister Luxon announced, well, I was thinking of willis
I think back in maybe August that the change was coming,
and they announced it was going to happen before Christmas.
I think we've got six days of Parliament left, so
we're running a fine line as to whether that's going
to happen or not. But the understanding is that that's coming,
(11:36):
it's going to happen, and it's probably going to be
legalized or ratified by Q one Q or end of
Q one Q two next year. So it allows for
people overseas, people who have gone through the AIP, the
active investor plus visa category and been accepted into it
to buy a property, a residential property over five million dollars.
Speaker 5 (11:55):
So that's what's coming, and it will be anyone who
tacks those boxes.
Speaker 4 (11:59):
Anyone who's been approved via the application process.
Speaker 5 (12:03):
It's kind of funny, isn't it how we have this slightly.
I mean a lot of us, a lot of New
Zealanders have this protective attitude because there's the argument that,
you know, we want to see money invested into business
and productivity and stuff, which is a fair enough point
to make. But isn't it funny because we are kind
of hypocrites because I'm not sure where my opinion is
on this, but I know that if I won Lotto,
(12:23):
I'd want to be able to go and buy a
property and say France, And actually we do enjoy those
rights New Zealanders in quite a few countries to go
and you know, find some quaint little village in Tuscany
or in France or something in Provence or something, and
away you go. But whereas we are quite protective here.
Speaker 4 (12:43):
Yeah, I mean that's right. We can go and buy
a property in Australia or Canada or France or you know,
the UK the US, So it's it's it's funny to
think that it's not quite reversed.
Speaker 5 (12:53):
Yeah, what's actually what is this? With Australia. It's reciprocal though,
wasn't it.
Speaker 4 (12:57):
Yeah with Australia and Singapore it's it's reciprocal at the moment.
So they can come in and buy residential property. They
still can't buy a property which is deemed OHIO sensitive,
which is over five hectares or waterfront, but they can
buy a residential home. So and that's what's going to
be allowed with this new AIP or be it over
five million dollars. And remember we're only talking about one
(13:17):
percent of the entire market.
Speaker 5 (13:19):
So I mean, you'd keep an eye on the on
the broader market, regardless of what your personal interests are.
As a business, I get, what have you noticed in
terms of what the market here has been doing in
terms of who's getting in and who you know, what
what are the things that might be different to what
they were three or four years ago.
Speaker 4 (13:36):
Well, as I said, we're definitely seeing a two speed
market at the moment. So areas like Queenstown, the Southern
Lake Southland being drive driven by the ag sector. Even
you know, nelson Is has had a really positive six
months Hawk's Bay, you know. So the regions, you can
see a bit of a pattern. The regions are performing well.
They're coming out of this slump more quickly than Auckland
and Wellington. Albeit that Auckland.
Speaker 5 (13:59):
Wellington and quite different places too, aren't they.
Speaker 4 (14:02):
They are different. Yeah, And we've seen a different pickup
in Auckland in the last couple of months with some
high end sales ten million to twenty million dollars, particularly
around Herne Bay, Remuware Awahiki. So in my mind, when
those high networth buyers are coming back into the market,
that's a sign of confidence that the market is shifting
in the right direction.
Speaker 5 (14:21):
Okay, we love your calls on this eight hundred and eight,
ten eighty that look, the simple question is is do
you think New Zealand's property obsession has changed or is
it you know, so the question being whether we are
going to see the same sort of growth that we
may have seen in years gone by where the market
has doubled in it within a particular period of time.
(14:43):
Do you think our obsession with it the market is
going to return or is it a little different now?
And how would you define it? My guest is Mark
Harrisey's managing director the NZ version of Southeby's Realty. I've
got to find a fair way of how do I
say what New Zealand Southby's okay International Realty. There we go.
Give us a call eight hundred eighty ten eighty text
(15:05):
nine to nine two. It's just gone twenty one past four.
News Talks EDB, News Talks ed B. This is one
ref radio show. Has New Zealand's property obsession changed? And
we want your cause eight hundred and eighty ten eighty.
We're going to see the return of foreign bars by
the look of it at some stage. My guest is
Mark Harrisy's managing director of nzsir at Southby's Realty. And
(15:27):
we're taking your calls and let's go to it, shall we?
Speaker 3 (15:29):
John?
Speaker 6 (15:29):
Hello, O, Hi, how's it going good?
Speaker 5 (15:32):
Mate? How you doing good?
Speaker 6 (15:34):
I was listening to your guest. I just wanted to
put in a little bit of a comment there saying
that with the ridiculous fall of the New Zealand dollars,
you know, historic lows, someone doesn't really have to have
much worry about buying property in New Zealand. They've just
it's just become thirty percent cheap before them, whether it's
(15:54):
pound sterly or dollars or euros, you know, literally it's
it's a buyer's market for them because it's so cheap.
Speaker 5 (16:06):
Have we thirty percent lower? That's quite a big drop,
isn't it.
Speaker 6 (16:10):
Well, it depends on what it depends on your time frame.
But it has fallen a lot. Yeah, pretty low levels
now compared to where it was a couple of years ago.
Speaker 5 (16:19):
Yeah, what do you reckon?
Speaker 4 (16:20):
Yeah, well I think we're fifty seven cents in the
dollar now, so it has dropped quite a lot. And yeah,
it's interesting look at our websites Stat's lately the international
flow of you know, traffic into it is really picked
up from the US, and I don't think it's currency orientated,
but yeah, it does play a part.
Speaker 5 (16:36):
You're right, Actually, that's what it's going to ask. I
was thinking, when you're in the top end of the market,
are you very worried about Well, I mean you also
end up being wealthy by being careful about these things,
I guess. But if you're looking for a property in
New Zealand, a you're really worried about with it's eighty
seven cents for the Australian dollar, you know, or ninety five.
Speaker 4 (16:53):
Well, I think the Aussies mentioned it more than the
US guy. Has to be fair, that's quite a drop
for Australia as well. But yeah, they do, they do
keep it pretty close on it.
Speaker 5 (17:01):
Yeah, what are your thoughts about the whole thing? Mark
with do you think? One, do you think our attitude
property has changed to New Zealand? But also you've got
to take on the feign bars thing.
Speaker 4 (17:11):
Yeah, look, I think from a broader perspective, you know,
I know the optics of it. You know, people are
concerned that, you know, the New Zealand's going to get
sold out. But in our experience, the guys that we've
dealt with, you know, in this category, and remember that
they've either invested already ten million or five million to
get their visa and then then going to go and
invest another five million. They're coming here for serious reasons.
They're not coming here to you know, buy up holiday
(17:34):
homes left right and center around the country. A lot
of the time, they're coming because they want to invest
in other things, other businesses and infrastructure. So it's exactly
the sort of people that we want to get here
and if they can get a holiday home here and
enjoy the lifestyle, and then quite often go on and
want to invest in other things, and that's what we need.
Speaker 6 (17:50):
What do you reckon, John, I reckon, He's absolutely right.
I mean, I've lived in Greece for many years and
throughout Southerner Europe. During the financial crisis, they basically open
up the floodgates to help the economies, and you are
literally getting people coming in for a hundred thousand euros
(18:12):
buying property. So yeah, I fully agree that I'm not
against the people buying property in New Zealand as long
as they're the right sort of people. And obviously high
end properties are likely than entice people who are appreciative
of the place that they're going to and quite likely
to put down some routes and spend some serious money.
Speaker 5 (18:33):
Yeah. Yeah, you quite like the idea that we still
have restrictions generally, but if you're someone who can bring
something into New Zealand, then go for it.
Speaker 6 (18:41):
Look, you know, I think that no society should get
cart lanche to anybody in any area. I think that
the people who live in the country should determine who
comes in. I don't think they should be fearful. I mean,
why should we worry about people buying some properties. I mean,
we're quite happy to have one hundred thousand people come
(19:03):
into New Zealand one day and two thousands of them
go to Australia five years down the road to the
New Zealand citizenship. So yeah, as far as I'm concerned,
if we if we're getting people who are coming in
here and spending some serious money here, then why would
I be against it?
Speaker 5 (19:17):
Hey, by the way, did you buy a property in Greece?
Speaker 6 (19:22):
Yep, I've had one. You I lived there thirty years.
Speaker 5 (19:26):
Oh wow, okay, well you obviously would have got it
quite cheap. I mean, what's what is the property? What
are property price is like? In Greece?
Speaker 6 (19:34):
They collapsed during the financial crisis. They were literally giving
them away and now they've searched back to the highs
prior to the crisis, and they were very high. And
in comparison to the to the income that people can
earn young people, it's too expensive. So Greece has had
(19:54):
about five hundred thousand people leave the country, most of
them very well young, very well educated, because they can't
afford to get married and have kids.
Speaker 3 (20:03):
You know, all over Europe it.
Speaker 5 (20:05):
Does seem to be important. It does seem to be
a bit of a theme, doesn't it in some countries. Yeah, hey,
thanks for a cool mate, appreciate it, John, good on you.
Let's gosh, that's do you fight? By the way, do
you Mark? Do you enjoy surfing the property markets overseas
just for fun to see what you know? What's what
I used to love searching Detroit to see what you
get for fifteen grand?
Speaker 4 (20:25):
But that was just you know, yeah, well it's great
with the brand, with the coverage around the world quite
often seeing properties come in from the US and UK
and seeing what's going on in Europe. So you know,
we're lucky in that way. But being an ausio, keep
a pretty close eye on what's happening in Sydney, which
is basically, you know, out of control.
Speaker 5 (20:41):
What about this? This is one that's challenging us a bit.
It says, Yes, New Zealand property obsession has changed. It's
a text here. Zb's weekend PM shows need to catch
up and stop with the different guests who are trying
to hype it up every week. It's a turn off,
says Justin, Oh, hot take.
Speaker 4 (20:58):
I don't know whether I'm trying to hype it up.
If that's what he's suggesting, I'm glad I can help.
Speaker 5 (21:06):
Well, I guess, I mean everyone has a vested interest
in things as well. I mean, and a different point
of view on things. But I mean what he's representing
is he reckons that. Sometimes we have guests who obviously
want you know, you read the one Roof website and
things like that, and there are always stories about the
big movements, and I guess Justin's like, well, hang on,
(21:27):
but is that really representing what's going on? What do
you reckon? What would you be answered to that be?
Speaker 4 (21:32):
Well, if it's a reflection of the foreign by rule
changing again, we're talking about one percent of the entire
market over five million dollars, So I don't think that's
going to affect the loader med end, and certainly in
regions we're already seeing the loader med end pick up
quite dramatically for sign by Aza back and that's interest
rate rivet. It's nothing to do with foreigners, is that movement?
Speaker 5 (21:54):
Or price?
Speaker 4 (21:55):
It's volume and prices actually reasonably stable, but volume is
definitely pigging.
Speaker 5 (22:00):
My movement was a bit that was a bit duplicitous,
isn't it? Movement could be anything volume or price? I mean,
so is it? Is it volume?
Speaker 7 (22:07):
More?
Speaker 5 (22:07):
Sorry? I answered that again for me because I'd confuse myself.
Is the movement mostly with the do with interest and volume?
And how much is that affecting price from what you have?
Speaker 4 (22:17):
Yeah? So the big shift year on year is volume.
So there's a volume of sales is picked up. Price wise,
Nationally across the country we're reasonably stable, but pockets of it. Again,
certain elements, certain regions are well and truly peeking up
in price.
Speaker 5 (22:31):
Right, let's carry on. I'll take into which those regions
are right now. Mind you, by the time they've started moving,
it's too late, isn't it. You got to be in
before then.
Speaker 3 (22:38):
Josh, Hello, yeah, hey some Hey, mister real estate guy.
Speaker 5 (22:44):
It's Mark Mark, Mark, Josh.
Speaker 1 (22:48):
Mark.
Speaker 3 (22:49):
I should said hey, hey some about earlier you know
the yes, I'm with you. Yeah, So hey, Well, we
could literally have influence demand over a limited commodity if
we played it that way. Of course, foreign foreign bus band.
(23:12):
But what I'm thinking is this capital gains tax idea.
Why don't we make it a graduating system, So we'll
just let the take every band off and have a
graduating tax system for various like if we want to
get like if we want to get the behavior that
(23:35):
we want out of the market, why don't we just
what structure the tax in that way?
Speaker 5 (23:40):
What behavior do you want out of the market?
Speaker 3 (23:43):
Like an example would be, you know we've just gone
through a flat period in construction because everything closed down
for a teen miles.
Speaker 5 (23:53):
Is that you are you in construction.
Speaker 3 (23:56):
Are affiliated here and there? So the way I look
at it is we actually like, you'd be silly not
to buy a house in New Zealand regardless of where
you're coming from around the world. I don't think we
need to bush the idea coming here because the idea
sells itself. So if you take off the foreign buyer's band,
(24:19):
that's all you'd need to do to drive the economy forward.
What you want, well, what you'd want, I should want
people buying housing in the right areas and throwing the
right thone. So as an example, if you say you're
teeing up a new subdivision, if some of those houses
were sold to either rent to buy or equity what
(24:43):
do you call it? Like a shit equity agreement type
scenario that you'd go lesser tax on those people that
are doing that, But if they were just coming in
and buying twenty and selling twenty off the plan, that
you'd hit them with quite a hard tax. So just
wondering what the real estate point of view though, would
(25:06):
you let the handbrake off the whole thing? As still
as a capital gains tax that was functional, that made
it work in that way, so we were sort of
covering everything.
Speaker 5 (25:18):
Okay, Okay, I think I get something out of that.
I think, Mark, I don't think a capital gains tax
is a price mechanism. It's just an income mechanism for
the government, isn't it.
Speaker 4 (25:27):
Yeah, that's right. I think that'd be pretty complicated system.
I know what you're thinking, but maybe a simpler way
to do it. One thing that they've talked about or
thought about doing, I think is a stamp duty. So
the original plan from Luxem was that they were going
to have a hurdle of two million dollars and they
were going to have a tax on top of it
in a stamp duty which was rumored to be ten
to fifteen percent, which is what they do in Singapore
(25:48):
and what they do over there also as they ratcheted up.
So foreign I could buy a property, I think they
can pay any price for it, but they're going to
pay a stamp duty, say of ten percent. But then
on a second or third or fourth property they buy,
each time they buy one, that the stamp duty goes up.
So I would assume that they've looked well and truly
into that. And you don't like that idea, I think
(26:09):
it's complicated.
Speaker 5 (26:11):
Yeah, it's complicated. The euphemism for that sucks.
Speaker 4 (26:16):
Well, I don't think it sucks. I think one thought
we had was, you know, we have debated this ourselves.
You know, there was a hurdle of three or four
million dollars five let's call it five million dollars, that's
what it is, and a stamp duty of ten to
fifteen percent. That's quite a significant amount of money on top.
So so you take that tax and put it back
into the first home buyer market, into social housing, etc.
(26:37):
As a mechanism of assisting first home buyers. You would
think that something like that would could be pretty beneficial
and reasonably simple to do. But obviously they've just gone
with a blanket five million at the moment with no
tax on top. So there're obviously implications around the details
of a tax on top of these properties that they
don't like.
Speaker 5 (26:56):
How much, I mean, how much would a tax like
that really raise. It's not like we're selling five or
ten million dollars in properties. You know, I don't know
how what the volume would be in that market. How
many properties over the value of five million? You must
know this. Actually you've got to look about you which
things you either haven't got the stat or you definitely have.
Speaker 4 (27:18):
I think last year there was around one hundred and
eighty above five million, but in its peak in twenty
twenty one, where we're more like three hundred and three fifty,
and so we're heading back towards that direction and it's
above five mil, i'd have to check out.
Speaker 5 (27:30):
So they could raise maybe one hundred to two hundred million.
Speaker 4 (27:32):
Minutes talking about insignificant night it was put back in
the right place.
Speaker 5 (27:36):
Okay. It's interesting because we've got quite a range of
topics going at the moment. One's a little bit about
the old foreign buyers band as well. But has New
Zealand's property obsession changed. Look if I'm always probably a
little in terms of exp If Mark wasn't here and
I was sitting in the living room chatting with some friends,
(27:57):
and based on the way the interest and the way
the conversation and the shows goes, I would say, subject
to being shot down by Mark that actually do think
the property obsessions with New Zealanders has changed for the
time being. I don't know how much longer before. But
I'm quite pessimistic about the idea of being an investor
(28:17):
and leveraging for big profits. I have a suspicion those
days are well gone. And that's just and I reckon,
isn't it Mark?
Speaker 4 (28:26):
But now that I put it to you shoot me down, Well,
I'm on the same page. I actually think the versification
is good. I think that, you know, people buying multiple
properties is not healthy. I think that you know, buy
your home that you're going to live in, have a
long term view, get a roof over your head, have
some control and independence, and I think that's good. Maybe
a second property the property if you can afford it,
(28:47):
but multiple multiple properties, I think those days have started
to wane.
Speaker 5 (28:51):
Also think that maybe there was a time where I
know friends of mine who were property investors from way back,
you know, they got into it and really they really
stretched themselves. But that was because the leveraging was going
to pay off. And I just I just have this suspect.
And also that's right, the rent just about covered your mortgage,
(29:12):
whereas those days seem to be well gone, don't they,
Which does have an effect on people's enthusiasm to subsidize
their investment.
Speaker 4 (29:21):
Yeah, it does. There are still plenty of examples out there.
I was talking to a lady the other day in
christ Church who has fifteen properties that she's invested in
over the last five or ten years and made a
great living out of it and is looking for more,
you know. So there's definitely.
Speaker 5 (29:32):
Still cases is that someone with decent capital to sticking
in the first place, though.
Speaker 4 (29:36):
So she's just been smart in terms of how she's
invested and where she's invested and known when to sell
to move on to the next one, you know. And
there are plenty of obviously plenty of examples like that.
But I think as a first home buyer, concentrate on
your home bricks and mortar control independence, pay down the mortgage.
It's a tax for investment, and where else does it lead,
(30:01):
you know, into other businesses, gives you confidence to invest
in other things.
Speaker 5 (30:05):
Yeah, it's a bit of a flywheel, isn't it. Twenty
one minutes to five, we'll be back and just to
take my guest as Mark Harris's managing director of his
NSISII at Southby's Realty. We'll be back in just a sec. Yes,
welcome back to the One With Radio show. My guest
is Mark Harris. Actually, Mark, we turned out to be
on more common ground there with me saying that the
property obsession with New Zealand has changed that we're not,
you know, we're not sort of just thinking let's all
(30:26):
pile and you're a mug if you're not piling into
the investment market. Because it is hard to work now,
isn't it.
Speaker 4 (30:33):
Yeah, it is, And I think you know, the prudent
thing to do is have a bit of a diversified portfolio.
It doesn't need to be all in property. You know,
you're going to get plenty out of your main home
and maybe one or two. I mean I personally own,
you know, our main home and an apartment up here,
and then I've got other interests. So you know, I
think you know, nowadays it is easier, particularly with this
(30:56):
at a younger demographic coming through to access shares, things
like Shares's and obviously crypto et cetera. You know, it's
much more excess them.
Speaker 5 (31:05):
Yeah, you're not involved in that, but I saw there's
a bunch of them. I'm singing a Christmas concert at
Holy Trinity and I pulled up. I suddenly noticed this
brand new set of apartments and I thought, God, that
look a bit of flash. It's not your bag?
Speaker 4 (31:16):
Is it not ours?
Speaker 5 (31:16):
Not yours? I can well, I did mention it, but anyway,
doesn't that Hey, let's go to another caller, Aaron did
I kiday?
Speaker 7 (31:24):
Guys? How good things?
Speaker 5 (31:26):
What do you reckon?
Speaker 4 (31:27):
Yeah?
Speaker 7 (31:28):
Oh the capital gains text and I think it's a
bit I don't like it personally.
Speaker 3 (31:32):
I'm an engineer, you know.
Speaker 7 (31:34):
Forty years. I'll excuse my friends. I have worked my
ass off and I owned six properties. And the whole
idea was to benefit myself and benefit my kids as
they get older. And you know, I was never born
with a silver spoon in my mouth. You know, Mum
and Dad were typical Kiwi family. They struggled, and you know,
(31:57):
I just head down, us up and I'll work my
ass off all my life and to try to make something.
And first in the South, I've found the capital gains tax.
It's pretty much the knife in the back for the
guys that weren't born into money and don't have a
lot of money and just literally work their asses off
to get what they've got.
Speaker 5 (32:18):
Do you think that things have changed regardless of the
capital gains tax? Do you think that the market is
different anyway? Because it's some people want a capital gains
tax to chill it out, But I don't think it'll
make any difference.
Speaker 7 (32:27):
To be honest, I think one hundred percent it's changed.
You know, I've got I've got a niece and a
nephew that are being struggling to buy a house for
some time and first time home by you know, you know,
two young people, the baby on the way, and you know,
paying well over a million dollars for the first time.
(32:48):
I think that's absolutely ridiculous. And they didn't buy in
a flash suburb. They nothing against the area, but they
brought in Wayoku because that's where they thought their budget
could work. But you know, they ended up paying one
point three point fifty, you know, just over one and
a quarter million dollars for their first home. And I
(33:08):
just think that was just that was the stay of
the top, you know. I know they got a bit
of a subsidy from government and the key we Saver
and things like.
Speaker 5 (33:18):
That, but.
Speaker 7 (33:21):
You know, you've put the noose around someone's neck from
the word to go. You know, how are they supposed to.
Speaker 3 (33:29):
To leve it?
Speaker 1 (33:29):
You know?
Speaker 7 (33:30):
I sat down and I said the Mark. I said, well,
WA's your monkey payments? And when he told me I
won't say it because it's personal information, I was flabbergas
I said, that is a ridiculous amount of money. He goes, yeah,
he is, he says, when as soon as baby's old enough,
he said, my wife has to go back to work
otherwise they can't afford the mortgage. You know, yeah, I
(33:54):
just think it's I think it's wrong, you know, not
fair enough.
Speaker 5 (33:59):
Aaron hate what any comment? Mark?
Speaker 4 (34:00):
Well, I mean there is a bright line test, right
so they the way that works on an investment property,
once you've held it for two years, you're not going
to pay tax on it on the sale, on the
capital gain of the sale. So if you sell it
within two years then you will and so effectively, there
is a capital gain tax there on investment property within
that two year threshold, and I actually think that's pretty
(34:22):
sensible and it seems to be working in the right direction.
Speaker 5 (34:24):
Actually, the funny thing is about capital gains is technical.
I mean, it's the bright line test is there to
sort of try and capture some of that. But if
you have bought legally, it's just they can never prove it.
But if legally, if you buy a property and you're
really hoping that ultimately you're going to make a capital gain,
if that intention can be proven, you are actually supposed
to pay tax on it anyway, aren't you legally. It's
(34:46):
just that the inland revenue you will so, and I
bought it for the rental income. That is the legal test,
doesn't it.
Speaker 4 (34:53):
I mean, the only thing you're not going to pay
tax on is your first home, But any other investment
property after two within two years, you will do.
Speaker 7 (34:59):
So.
Speaker 4 (34:59):
I don't think it's pretty trigger to get around that.
Speaker 5 (35:01):
Yeah, do you reckon that? On on the property dream
for New Zealanders? How much do you think it's changing
with the advent of you know, apartments, And I mean
I've sent some spectacular apartments, we'd think it would be
an easy sell to get you into one. But do
you think that our you know, the well quarter acre,
we can kiss that goodbye. It's all it's all subdivided
(35:23):
these days. But do you think that New Zealander's property
dreams are sort of changing along with what's happened we've
seen internationally.
Speaker 4 (35:31):
Yeah, I guess if you look at what's happening in
the US. You're a Aussie certain extent, Sydney, you know
it's densive. You know, it's definitely going up in terms
of the high rises and the density and and I
think you can see the same pressure as being applied here.
And you know, but I don't think that's a bad
thing that if you know, first home buyer needs to
buy their you know, their first property as an apartment.
I did back in nineteen ninety nine. And you know
(35:56):
that's not a terrible thing.
Speaker 5 (35:57):
Yeah, I mean, do you think that more it used
to be literally was the you know, the patch of grass,
you know, the three or four dam house. Do you
think it's it's less about that now and it's more
about just having a steak in a property, whether it
be an apartment of townhouse, or you know.
Speaker 4 (36:13):
I think so. And it's also probably about the ability
to you know, think about where you can afford to buy.
So for instance, if you can't afford to buy in
the center of Auckland, then you know, have a think
about moving somewhere else into the regions. It's plenty of
examples of families up and leaving from Auckland and shifting
to Cambridge or that down to christ Church, et cetera,
because that's where they can afford to have the garden.
Speaker 5 (36:34):
Where's the next Queenstown mark? Come on, tell us, that's
a tricky one.
Speaker 4 (36:37):
It's pretty interesting down part of the world at the
moment where it's just spreading out to Cromwell and Kingston
Jacks Point at a rate of knots, you know, so
those places are really starting to come alive, you know.
So I think anywhere down in that region, you know,
within an hour hour and a half of the center
is you know, is going to have a pretty good
runover the next little I think Nelson's really undervalued, I do.
(37:00):
I think you can buy a lovely home there for
one hundred thousand dollars and you know, be within fifteen
minutes of beach and great transport in the town, et cetera.
So there's still pockets are really good value out.
Speaker 5 (37:10):
There, good stuff. Hey, look, we're going to be back
with the one roof Property of the Week is next
it's ten and a half minutes to five News Talk set.
Speaker 1 (37:16):
Beak the one roof Property of the Week on the
Weekend Collective.
Speaker 5 (37:22):
Yes, look, we have chosen the one roof Property of
the week because I was having a chat with Mark
and he was talking about some of the spectacular properties.
You can check this out on the one Roof website.
It is Mount Algadis. I think it's a l gid
Us and it is a stunning estate in the South Island. Obviously,
(37:42):
it's amazing. It's a bit like New Zealand's version of Yellowstone.
I'm going to leave this to you to describe, Mark,
because the photos where the house is located, looking down
the valley with the rich mountain scenery and the river bed,
it's just I mean, we're not talking first home by
talking first home by here are we?
Speaker 4 (38:00):
No, we're not probably ten, to be fair, but it is.
You know, we've sold since spectacular properties over the years,
but this is next level in terms of the beauty
of it in the landscape of it looks like a
painting literally, but twenty two thousand hectares of high country
station in the foothills you know of Mount Hut around Canterbury,
Methven area there and just next level and it's you know,
(38:23):
the inquiry. It's only been listed for about four weeks,
but there's been over one hundred hundred and twenty inquiries
from Australia and New Zealand, the US, et cetera. Our
agents are actually on the property today with buyers. So yeah,
it's quite incredible how it's.
Speaker 5 (38:38):
It's quite funny because on it there are a few
different structures there and of course anyone who wants to
go and check it out look on the one roof
Radio one roof dot cod in zed Mount Algadus a
j al jiudis sorry algid Us. The structure that captures
your attention is the house itself, which is there's something
(38:58):
about a knack with getting it right, isn't there in
a country setting where it's a beautiful house but it's
not ostin you know what it's not. It's not it
doesn't clash, it's just a beautiful New Zealand South Island
Lodge slash house.
Speaker 4 (39:12):
Yeah, that's right. The architecture is sympathetic to the environment,
even though it's you know, a grand home, it's it
is sympathetic to the setting that it's in. And it yeah,
quite an incredible property. We had actually had an inquiet
because it does look like Yellowstone. Someone running up and said,
I'll buy it if you throw in rip, So that
was that was interesting.
Speaker 6 (39:30):
Yeah.
Speaker 5 (39:31):
Hey, actually because now the reason I mentioned the structures
because there are a variety of other houses and structures
and it looks like a hunter's hut or something in
the I don't know where that would be, but it's
literally a basic corrugated iron, one door, one window shared
as well. Not to be confused with the with the
main residence.
Speaker 4 (39:50):
No, I think there are various huts on it. Yeah,
but you know obviously the grand manor house there. There's
a there's a video on the on the website you'll
be able to watch. But yeah, quite an incredible property.
Speaker 5 (39:59):
So go and check it out, Go and look on
the one roof, one roof, dot cut and zid and
it is. It's just worth a look at. Just a
beautiful piece of New Zealand. Actually, what's man, how much
time would you have spent looking around a property like that?
I mean it's a big deal.
Speaker 4 (40:14):
Yeah, that one when we've got a team of two
licensees of agents that specialize in these properties, and that
one has taken well over a year to get ready
for market, so you know, quite a substantial amount of
time just learning the property inside out. It's they're not
easy to understand and to market and they've done a
great job.
Speaker 5 (40:32):
And what's surprise expectation?
Speaker 1 (40:34):
Do we know?
Speaker 4 (40:35):
Circa fifty fifty bucks?
Speaker 3 (40:40):
Short?
Speaker 5 (40:40):
A few zeros there?
Speaker 6 (40:41):
Now?
Speaker 5 (40:42):
Hey, thanks thanks for coming and joining us, Mark, and
if go and check out that property on one roof
dot curtains. That was Mark Harris, managing director Vincity way
outside of his realty. We will be back shortly with
the parents squad and with having a chat about social
media and the band that Australia bringing in and whether
in fact we should look at it ourselves. And also
(41:02):
if we've got time, we'll have a chat about relationships
with the grandparents and members of the extended family and
how important they are. That'll be next on news Talk
zed B. It's just coming up to three minutes to
five
Speaker 1 (41:16):
For more from the Weekend Collective, listen live to news
Talk ZIB weekends from three pm, or follow the podcast
on iHeartRadio.
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