1 00:00:00,120 --> 00:00:03,760 Speaker 1: House praises house braces have decreased by zero point nine 2 00:00:03,800 --> 00:00:05,960 Speaker 1: percent naturally in the three months to the end of June. 3 00:00:06,000 --> 00:00:08,920 Speaker 1: Let's caught it one percent between friends. That is still 4 00:00:08,920 --> 00:00:12,280 Speaker 1: two point six percent higher than last year. Orchard prices, 5 00:00:12,320 --> 00:00:15,880 Speaker 1: though saw a two point six percent decrease. South Island 6 00:00:15,920 --> 00:00:19,239 Speaker 1: prices are remaining strong overall. This comes from the QV 7 00:00:19,480 --> 00:00:23,239 Speaker 1: House Price Index, and the QV Operations manager is a 8 00:00:23,239 --> 00:00:25,640 Speaker 1: fellow called James Wilson who joins you now, Hello, James, 9 00:00:25,840 --> 00:00:27,920 Speaker 1: how are you? So the prices are down? How does 10 00:00:27,920 --> 00:00:32,240 Speaker 1: this compare with a so called normal normal quarter. 11 00:00:33,560 --> 00:00:35,839 Speaker 2: Yeah, this is the second quarter and arrival, we've had 12 00:00:35,840 --> 00:00:39,839 Speaker 2: that nationwide value step back, albeit slightly. You caught it 13 00:00:39,880 --> 00:00:43,479 Speaker 2: one percent between friends point nine percent officially, so second 14 00:00:43,479 --> 00:00:46,320 Speaker 2: in a row that overall we've come back. As you mentioned, 15 00:00:46,360 --> 00:00:48,960 Speaker 2: it's driven heavily out of those main urban centers so 16 00:00:49,080 --> 00:00:52,920 Speaker 2: Awkward in particular Welling to not far behind and also 17 00:00:53,400 --> 00:00:55,800 Speaker 2: Christ here as Canterbury now also softening for the first 18 00:00:55,880 --> 00:00:59,000 Speaker 2: quarter in a while. So really a case of your 19 00:00:59,040 --> 00:01:03,760 Speaker 2: main urban center are pulling that nationwide overall value down, 20 00:01:04,400 --> 00:01:07,040 Speaker 2: and that just represents that mindset that we've seen for 21 00:01:07,080 --> 00:01:11,520 Speaker 2: a while now. Of caution spreading more across also the 22 00:01:11,600 --> 00:01:14,760 Speaker 2: key active groups, which are first home biers and owner occupiers. 23 00:01:14,800 --> 00:01:17,440 Speaker 2: So that mindset we saw, I think back to late 24 00:01:17,480 --> 00:01:20,399 Speaker 2: twenty three, we saw a bit of heat back in 25 00:01:20,440 --> 00:01:22,760 Speaker 2: the market, a little bit of heat, and we saw 26 00:01:22,800 --> 00:01:25,720 Speaker 2: people looking to re enter. That carried through to twenty 27 00:01:25,760 --> 00:01:27,920 Speaker 2: four and then it began to pause a bit and 28 00:01:27,959 --> 00:01:30,800 Speaker 2: we saw listed numbers increase, about a stock of be 29 00:01:30,880 --> 00:01:34,280 Speaker 2: able to purchase increase. People step back, and they waited, 30 00:01:34,520 --> 00:01:36,920 Speaker 2: and now they're really going, look, I actually think let's 31 00:01:37,000 --> 00:01:39,800 Speaker 2: just pause for the winter and see what happens. So 32 00:01:39,840 --> 00:01:43,360 Speaker 2: it's really just a mindset shift across all the buyer groups. 33 00:01:43,080 --> 00:01:45,040 Speaker 1: Now, so you reckon the money is still there. They're 34 00:01:45,080 --> 00:01:47,640 Speaker 1: just waiting for conditions to improve, maybe for interest rates 35 00:01:47,640 --> 00:01:51,320 Speaker 1: to turn. Therefore, when that does happen, perhaps in the summer, 36 00:01:51,760 --> 00:01:54,960 Speaker 1: there could be a new boom. 37 00:01:54,520 --> 00:01:56,720 Speaker 2: Move A strong word. Look, I think that's going to 38 00:01:56,760 --> 00:01:58,560 Speaker 2: be the word of the rest of the year, Andrew, 39 00:01:59,320 --> 00:02:01,600 Speaker 2: you know that's not always a bad thing though, So 40 00:02:01,680 --> 00:02:03,960 Speaker 2: there is a mindset out there that we've seen a 41 00:02:03,960 --> 00:02:06,120 Speaker 2: lot of movement back off the peak where things got 42 00:02:06,120 --> 00:02:08,480 Speaker 2: to post COVID still a long way ahead, of whether 43 00:02:08,480 --> 00:02:10,919 Speaker 2: they were pre COVID, I would add to context is important, 44 00:02:10,919 --> 00:02:13,160 Speaker 2: but we've seen that come back off the peak in 45 00:02:13,240 --> 00:02:16,600 Speaker 2: many markets that's now flattening, So flat is probably a 46 00:02:16,600 --> 00:02:19,399 Speaker 2: good thing around the world. I think has been really uncertain, 47 00:02:19,440 --> 00:02:21,840 Speaker 2: you know, knowing the housing markets cool and flat can 48 00:02:21,840 --> 00:02:25,240 Speaker 2: actually be quite a Rasheran mindset. So that pause effect 49 00:02:25,400 --> 00:02:27,760 Speaker 2: really is the key mindset we've seen out there. I 50 00:02:27,760 --> 00:02:30,160 Speaker 2: would add, we are seeing pockets of optimism, you know, 51 00:02:30,240 --> 00:02:33,000 Speaker 2: deleted in the cargo. That really is your first home 52 00:02:33,040 --> 00:02:35,399 Speaker 2: buyers who are now moving out of those main urban 53 00:02:35,480 --> 00:02:38,799 Speaker 2: centers looking for more affordable opportunities, you know, further outside 54 00:02:38,800 --> 00:02:42,280 Speaker 2: of the main urbans. So there's a few glimmers of 55 00:02:42,280 --> 00:02:45,079 Speaker 2: hope there, but overall it really is a cool cold 56 00:02:45,120 --> 00:02:47,079 Speaker 2: seasonal effect and a cool cold mindset. 57 00:02:47,160 --> 00:02:49,000 Speaker 1: And so it appears that the refugees from the big 58 00:02:49,000 --> 00:02:51,000 Speaker 1: cities are going for Marlborough that was up point nine. 59 00:02:51,040 --> 00:02:53,519 Speaker 1: They're not going for Queenstown though, that's going off. 60 00:02:54,440 --> 00:02:57,240 Speaker 2: Perhaps the overall price point to enter Andrew, Yeah, like 61 00:02:57,880 --> 00:03:00,200 Speaker 2: Queenstowe has paused of it. I just think it so 62 00:03:00,480 --> 00:03:02,920 Speaker 2: Queenstown fluctuates. It can be up and down quarter on 63 00:03:03,000 --> 00:03:05,359 Speaker 2: quarter depends on lots of things. You're not just what's 64 00:03:05,360 --> 00:03:07,240 Speaker 2: happening in New zeal when what's happening over seas. It's 65 00:03:07,240 --> 00:03:09,840 Speaker 2: probably our most international market, so that can be a 66 00:03:09,840 --> 00:03:12,520 Speaker 2: really volatile one. But overall, again you're seeing that sort 67 00:03:12,520 --> 00:03:16,400 Speaker 2: of more cautious to miss the coroner, occupyer type buyer 68 00:03:16,440 --> 00:03:18,919 Speaker 2: who might look to pick up the the ski chalet 69 00:03:19,040 --> 00:03:21,320 Speaker 2: down there for the winter. Even they are pausing now 70 00:03:21,360 --> 00:03:23,280 Speaker 2: and just going, look, let's just wait this out. See 71 00:03:23,280 --> 00:03:25,840 Speaker 2: what happens when we warm up as a country. Do 72 00:03:25,960 --> 00:03:28,200 Speaker 2: the mindsets warm up. That's the crystal ball goes. And 73 00:03:28,200 --> 00:03:30,440 Speaker 2: I think interest rates are still high enough to really 74 00:03:30,520 --> 00:03:34,480 Speaker 2: keep most people quite cautious. But that's the wait and 75 00:03:34,560 --> 00:03:35,120 Speaker 2: see question. 76 00:03:35,320 --> 00:03:36,880 Speaker 1: It is a way to see question. And we'll have 77 00:03:36,920 --> 00:03:38,920 Speaker 1: more waiting and seeing on Wednesday, of course, when they 78 00:03:38,920 --> 00:03:41,800 Speaker 1: come out with their latest statement on our milor three policy. So, 79 00:03:41,920 --> 00:03:43,520 Speaker 1: James Wilson, I thank you so much for your time 80 00:03:43,520 --> 00:03:47,160 Speaker 1: today from QV. For more from the Mic Asking Breakfast, 81 00:03:47,320 --> 00:03:50,680 Speaker 1: listen live to news talks. It'd be from six am weekdays, 82 00:03:50,880 --> 00:03:52,920 Speaker 1: or follow the podcast on iHeartRadio.