Speaker 1: You're listening to the Weekend Collective podcast from News Talk,
Speaker 1: said B.
Speaker 2: Yes, welcome back to the Weekend Collective. I'm Tim Beverage
Speaker 2: and this is the one with radio show. Don't forget
Speaker 2: if you miss any of the hours, we get them
Speaker 2: loaded up online pretty quickly after each hour concludes. You
Speaker 2: can go to news Talk, said B, look for the
Speaker 2: Weekend Collective or to iHeartRadio. In fact that I think
Speaker 2: that that that little bit of Bob Man there, I
Speaker 2: think that might be the first time we've played near
Speaker 2: Bob Marley on the show, which I'm almost ashamed to say.
Speaker 2: As soon as I heard it, I was think, I
Speaker 2: don't think we've had that. But the songs, we often
Speaker 2: let our guests choose the song, and that song was
Speaker 2: chosen by a new guest we're having on the show
Speaker 2: for this hour, who I'm going to introduce in just
Speaker 2: a moment, but we're going to have a chat initially
Speaker 2: about CVS. SO CVS and Auckland came out last week
Speaker 2: and there were basically many people surprised to see their
Speaker 2: properties are valued about nine percent less on average. There
Speaker 2: were some people who went up a bit I think
Speaker 2: actually funny enough, I went down exactly nine percent, and
Speaker 2: I couldn't give two hurts about it, but there were
Speaker 2: plenty of people. There was quite a lot of conversation
Speaker 2: about it, what it meant for buyers, expectations, sellers, expectations,
Speaker 2: attitudes towards prices. Even though many of the guests I've
Speaker 2: had on the show will tell you if it comes to,
Speaker 2: you know, getting an appraisal on what your property is worth,
Speaker 2: the CV's not worth very much. Well, maybe the two
Speaker 2: words are very much, how much very much? Is it
Speaker 2: worth much at all? And should they have any bearing
Speaker 2: on it? Should there be a different system? But do
Speaker 2: you care about your council valuation? And what effect do
Speaker 2: you think it will have on the market. We'd love
Speaker 2: to get your calls on that. On eight hundred and
Speaker 2: eighty ten eighty. Anyway, as I mentioned, our song three
Speaker 2: Little Birds by Bob Marley was chosen by a new guest.
Speaker 2: He's managing director at Harcourt's Cooper and Co. And his
Speaker 2: name there's a hint there with the Cooper. It's Martin
Speaker 2: Cooper GEO. Martin, How you going very good, very good?
Speaker 2: Thank you, Nice to have you in the studio. How
Speaker 2: long have you been in the real estate game.
Speaker 3: For Oh well, I sold my first house in nineteen
Speaker 3: eighty three for thirty four thousand, five hundred dollars.
Speaker 2: You mean you mean you owned the house or you
Speaker 2: were agent?
Speaker 3: As an agent my first sale back in McAndrew Bay,
Speaker 3: down in Dunedin. So I do Korea nights, And I
Speaker 3: often say to people entering the business, so who wasn't
Speaker 3: born in nineteen eighty three? And there's a wave of hands.
Speaker 3: So funny. For the first first ten years I was
Speaker 3: the youngest person in the office, and maybe my last
Speaker 3: ten years I'll be the oldest. So you go through transitions.
Speaker 2: Wow, thirty four k actually back in nineteen eighty three,
Speaker 2: I'm trying to think. Was that an expensive property back then?
Speaker 3: No, it was a mid range sort of home and
Speaker 3: Muldoon was our prime minister. We had to wage in
Speaker 3: price freeze, so interest rates for at seven percent. Eighteen
Speaker 3: months later they'd gone up with rogernomics to about twenty
Speaker 3: two percent.
Speaker 2: Oh that time, man, Oh my goodness. So actually, what
Speaker 2: was that like being an agent? Were you was you
Speaker 2: sold your first house? Was that the start of a
Speaker 2: career in real estate? NonStop?
Speaker 3: Yep?
Speaker 2: So you went right through that era, because the calls
Speaker 2: over the years that I've hosted this show, always there's
Speaker 2: one that pops up. People say, oh, you could buy
Speaker 2: a house on Northcote for one hundred and fifty thousand,
Speaker 2: and somebody said, yeah, I bought one hundred fifty thousand,
Speaker 2: My mortgage was twenty two percent. How long did that last?
Speaker 3: The two Well, yeah, Rogernomic's the free market after a
Speaker 3: wage and price freeze, moulding government for years, and then
Speaker 3: off it went right up to you know, it was
Speaker 3: sometimes eighteen nineteen twenty, but up to twenty two percent
Speaker 3: first mortgage rates. And I remember a whole year nineteen
Speaker 3: eighty six selling I sold about forty homes that year,
Speaker 3: and none of the sellers were happy that year with
Speaker 3: the sale price because they were selling for less because
Speaker 3: interest rates had gone through the roof. They were selling
Speaker 3: for less than what they wanted. But so there was animosity.
Speaker 3: There was drama at those times, but you'd see them
Speaker 3: four or five days later and they'd come across. I
Speaker 3: remember someone running cross the street to say almost giving
Speaker 3: me a hug, and he said, I'm sorry, I was
Speaker 3: so angry when we were signing that contract. But I've
Speaker 3: never slept better knowing I've got rid of my twenty
Speaker 3: two percent interest rate mortgage. You know the burden of
Speaker 3: that reoccurring amount. So but look, whether it's a good
Speaker 3: market or a bad market, there's always people need to
Speaker 3: be acting.
Speaker 2: So that actually, how many propitis did you sell in
Speaker 2: eighty six?
Speaker 3: Did you say I personally sold? I just did forty.
Speaker 2: That it sounds like quite a good success rate.
Speaker 3: Is that I enjoyed real estate. I found it before
Speaker 3: that I was a sales rep, proficient pike or great
Speaker 3: company to work for. But it didn't matter if I
Speaker 3: was good, bad, or average. I just got my salary
Speaker 3: every fortnight.
Speaker 2: What's the worst year you've had in real estate? I mean,
Speaker 2: we don't want to focus on negatives, but I just
Speaker 2: thought we're talking about twenty two percent interest, angry customers,
Speaker 2: and yet you sold quite a few properties. What's the
Speaker 2: worst year I've been for you or for the market
Speaker 2: that you look back and go that sucks.
Speaker 3: Well, it's a weird thing. I'd have to go back
Speaker 3: to February, February, March April of twenty twenty three. So
Speaker 3: you'd think after being in real estate for so many
Speaker 3: years that i'd have it nailed and know what I
Speaker 3: was doing, but I just bought a whole lot of
Speaker 3: offices up in the Rodney are And then we had
Speaker 3: that big flood cyclone drama. We had repercussions of the
Speaker 3: labor government borrowing that ninety seven point five billion dollars,
Speaker 3: so we had the cost of living crisis. Interest rates
Speaker 3: were going up, and I was losing a substantial amount
Speaker 3: of money, and I remember my accountant saying, you know
Speaker 3: that war chest we put away. If we don't turn
Speaker 3: this around, we're going to run out of money. And
Speaker 3: I just thought, this isn't what I signed up for.
Speaker 3: I should be at the what year was this? This
Speaker 3: is back in twenty twenty three. The volumes were very
Speaker 3: very low in the Auckland market. Not sure our core
Speaker 3: market four hundred and fifty sales would be the average
Speaker 3: right across all the industry, you know, all the agents,
Speaker 3: and there was a couple of months there was under
Speaker 3: one hundred and seventy one hundred and seventy six one month,
Speaker 3: so we're all dishing out the pizza pie, you know,
Speaker 3: to get the meal from. There was very very little
Speaker 3: going on at that time. So that's my most recent
Speaker 3: memory but hey, overall, it's been a great industry to
Speaker 3: be in and been a pleasure.
Speaker 4: Hey.
Speaker 2: Look, as I mentioned to the callers on and eighty,
Speaker 2: so the cvs are Auckland and Lock cvs. Auckland's had
Speaker 2: its big announcement with those those having changed. I confessed
Speaker 2: I fell for the hype and I went straight onto
Speaker 2: the Auckland Council Valuation website to find what my property,
Speaker 2: our property was worth. But I did hear a lot
Speaker 2: of chat that people were upset that their properties had
Speaker 2: fallen in price and what it means for sellers and buyers.
Speaker 2: What's your take, Martin on just the relevance or the
Speaker 2: lack of relevance of council valuations. Well, because theoretically versus emotion,
Speaker 2: I guess because you know people's you might say to me, sorry,
Speaker 2: I've chopped you off before you started. I thought i'd
Speaker 2: flesh out the question people often say. And on the
Speaker 2: shows I mentioned and the core logic people, et cetera,
Speaker 2: and everyone will say who has a bit to do
Speaker 2: with valuations? That cvs have very little to do with
Speaker 2: it in terms of putting any stock in them. And
Speaker 2: yet it seems that there's still a number that people
Speaker 2: pay attention to. So what role do they play there?
Speaker 2: We go, I'll shut up, now it's over there.
Speaker 3: Well I think okay, firstly, if we look at just
Speaker 3: overall data, okay, it's it's an evaluation so that you
Speaker 3: can have at tax on your property. So if we
Speaker 3: look at Auckland, for example, there's in the Auckland Greater
Speaker 3: City area there's six hundred and thirty thousand radable properties,
Speaker 3: so every three years they've got to be valued. So
Speaker 3: it's a massive task. But no one it's all done online,
Speaker 3: you know, just algorithms and it's not.
Speaker 2: Like someone walks past your property and has a walk
Speaker 2: around and it's the paint.
Speaker 3: And what happens. No, they haven't. No one's been to
Speaker 3: my house to check it out. So that and from
Speaker 3: those rates like the Auckland City Council just their their
Speaker 3: ratable income is I think was two no year, two
Speaker 3: hundred and forty billion dollars they collect off the rate
Speaker 3: payers of Auckland. So if you're going to live in
Speaker 3: the same house for forty years and you've got a
Speaker 3: very low rateable value, you could be disappointed because it
Speaker 3: might affect some buyers and impression of what your value is.
Speaker 3: Oh yeah, but if you're paying out the rates, just
Speaker 3: sit on that low valuation because you're going to pay
Speaker 3: less rates.
Speaker 2: Well, see, that's that's the first thing. It affects how
Speaker 2: much rates you play. So, for instance, I'm my house
Speaker 2: is valued at I would say we live in one
Speaker 2: of four units, so and that you know, the goods
Speaker 2: pretty big size, one hundred and eighty square meters probably
Speaker 2: you know, total from up and down. But my neighbor's
Speaker 2: valuation is fifteen, maybe even twenty percent in one of
Speaker 2: their cases, cheaper than mine, And so I'm paying more rates?
Speaker 2: Should I? Actually I've had different opinions on this, but
Speaker 2: one real estate person told me, he said, don't haggle
Speaker 2: it down. Don't don't complain, because one day you might
Speaker 2: want to sell your house and you'll you'll have put
Speaker 2: it out there that it's not worth as much as
Speaker 2: the neighbor.
Speaker 4: You know.
Speaker 3: Well, yeah, you can't have both ways, because if you've
Speaker 3: got to, if you're thinking of selling these four or
Speaker 3: five years, leave it high because I'm not No, Well,
Speaker 3: if you're staying for a long time, because your neighbor,
Speaker 3: if he's paying twenty percent less than you, are. He's
Speaker 3: still going to have the same transport infrastructure that you use.
Speaker 3: He's still going to be able to go to the
Speaker 3: same park. And maybe you produce a lot of rubbish, you.
Speaker 2: Know, because well I do have a couple of kids. Yeah.
Speaker 3: Well, you know, the council collect your rubbish, your waste management.
Speaker 3: You get the water, maybe drink a lot of water,
Speaker 3: you know, big baths or something. But and your environmental incentives.
Speaker 3: They want to have clean, green spaces. So your neighbor's
Speaker 3: paying effectively help you paying twenty percent, you know, proportionately
Speaker 3: less than you about getting the same services. But hey,
Speaker 3: look it's fascinating. And Wellington, what Wellington, we saw a
Speaker 3: twenty three percent reduction, you know because of all the
Speaker 3: civil servants of Frelington. But the races have come back,
Speaker 3: so we actually saw a big reduction there. Queenstown it's
Speaker 3: got its own economy, it's it's microclimate.
Speaker 5: You know.
Speaker 3: With international buyers coming in, they actually with twenty percent higher.
Speaker 3: So look, I tell you, if playing the role of
Speaker 3: a salesperson, you can go and get data. You can
Speaker 3: go and just hunt through all the rateable values as
Speaker 3: opposed to what they sold to. And I could I
Speaker 3: going you twenty five sales just online and say look, hey, damn,
Speaker 3: look at these These sold at thirty percent above, you know,
Speaker 3: so you that's the sort of zone. And then you
Speaker 3: go the other way and get get a whole lot
Speaker 3: of other data that's sold at twenty percent below. So
Speaker 3: you're just it's just not a reliable You should get
Speaker 3: a proper valuation, use comparative sales for expert advice rather
Speaker 3: than just what the rating value is.
Speaker 2: As does the recent council valuation. On average, it's dropped
Speaker 2: the value of property down nine percent. Does that I mean,
Speaker 2: is it simply a reflection of the fact that where
Speaker 2: the market is or does that in itself have an
Speaker 2: effect on how people perceive property values because the council
Speaker 2: are basically downgraded the whole stock by nine percent.
Speaker 3: Oh there's people always.
Speaker 2: Bad news for sellers.
Speaker 3: Yeah, yeah, it is for sellers, just another reason the
Speaker 3: buyers will want to beat them up, you know, and say, look,
Speaker 3: the raidable values come down, but hey it is. It
Speaker 3: is a fact. If you bought a home on the
Speaker 3: peak of the market back in twenty twenty two, yeah
Speaker 3: it was realist. I told you twenty twenty three. I
Speaker 3: didn't enjoy it. But as a business owner of real
Speaker 3: estate Company twenty twenty two, was it loved it. Real
Speaker 3: estate heaven, you know. But what would happen is people
Speaker 3: had fomo missing out and sellers were getting some tremendous prices.
Speaker 3: So the buyers that think, oh, thank god I secured
Speaker 3: a property. The sellers think, thank god I sold, I've
Speaker 3: got such a great price, and it was all come
Speaker 3: by our happy days. But the raidable values, the prices
Speaker 3: went up, so the radable values would have gone up.
Speaker 3: But since then property prices, particularly in Auckland, have come down.
Speaker 3: So the council has to say, well, based on that sale,
Speaker 3: that sale, and the algorithm algorithm just runs through and says, yeah,
Speaker 3: these properties are selling for less, so that the rateable
Speaker 3: values have to come down, but the scale charges of
Speaker 3: the rates they won't come down. I'll just move the
Speaker 3: scale up.
Speaker 2: I'm always amused because I know the address of one
Speaker 2: of New Zealand's richest New Zealanders and I often look
Speaker 2: at what he pays for his rates, and I think
Speaker 2: his rates bill is one hundred and nineteen thousand dollars,
Speaker 2: and I don't even think he gets an extra bin yeah, yeah,
Speaker 2: I mean because it's I mean it is. It's a
Speaker 2: form of wealth tax in a way, isn't it, Because.
Speaker 3: Well, I've got twenty twenty branches, right, so, and I've
Speaker 3: got it. Over time, I've treated real estate as an
Speaker 3: investment for retirement saving. So I've got some commercial properties
Speaker 3: and some apartments. So I am a VIP client in
Speaker 3: my opinion of the Auckland Council because I work out
Speaker 3: on the twenty Because as a tenant in a building,
Speaker 3: I have to pay the op X operating expenses, and
Speaker 3: if I'm renting out an apartment, I still have to
Speaker 3: pay the rate spell. So it's quite horrific how much
Speaker 3: of an expense that is. So the guy in the
Speaker 3: rich list, all he's doing is helping all of us
Speaker 3: because he's paying one hundred and six grand per anam
Speaker 3: for the same service as someone in a little modest
Speaker 3: one bedroom apartment.
Speaker 2: You think you could get an extra bin for that,
Speaker 2: wouldn't you. You'd think, well, could I have an extra
Speaker 2: bin please? And well that's going to be extra.
Speaker 3: Could I have a wee bit of the park that
Speaker 3: you look after for me exclusive for me or something
Speaker 3: like that? Or could some function or something.
Speaker 2: Yeah, yeah, I imagine this person doesn't get invited to
Speaker 2: a few functions, but hey, look we want your calls.
Speaker 2: Eight hundred eighty ten eighty. Do cvs matter for you
Speaker 2: as a buyer, a seller, or even just as a homeowner?
Speaker 2: Does it offend you? That's suddenly the property the council
Speaker 2: evaluation you'd be looking at, going look at what my
Speaker 2: house is worth?
Speaker 4: Is what?
Speaker 2: Hang on a minute, hasn't gone down ten percent? What's happened?
Speaker 2: Are cvs relevant? Do they matter? But also do they
Speaker 2: effect the way that you transact in the property market,
Speaker 2: whether you're a buyer a salad? What do you reckon
Speaker 2: your reckons? On? Eight hundred eighty t and eight. My
Speaker 2: guest is managing director at Hardcourts Cooper and Kurtz Martin Cooper.
Speaker 2: First time on the show twenty two past four News
Speaker 2: Talk zed B News Talk z B with the Timberbris
Speaker 2: is the one roof radio show. My guest is Martin Cooper.
Speaker 2: We're talking about cvs. They came out last week. Aukme to.
Speaker 2: Homeowner has been checking their's a few surprised to see
Speaker 2: their properties now valued nine percent less on average. Does
Speaker 2: it matter? Does it do you care. We're taking your calls.
Speaker 2: Eight hundred eighty ten and eighty Graham, Hello.
Speaker 4: Hi, how are you doing good?
Speaker 2: Thanks?
Speaker 4: I'm an Auckland homeowner. H My rates assessment have shifted
Speaker 4: from one million dollars down to six hundred and eighty
Speaker 4: thousand dollars.
Speaker 2: What one million to six hundred and eighty thousand dollars?
Speaker 4: Yep?
Speaker 2: Did that offend you? Upset you? What was your reaction
Speaker 2: to that?
Speaker 4: Just just a tiny bit? I mean, I don't mind
Speaker 4: the idea that the rates if it's applicable, but I
Speaker 4: honestly don't. I don't think the system is robust enough
Speaker 4: at the stage, and we've certainly put our objection in.
Speaker 4: But it just seems overtly annoying that to shift significantly
Speaker 4: from that number's about thirty percent reduction?
Speaker 2: That actually, that is a colossal reduction. How actually, let's
Speaker 2: Bran Martin, How would that happen that much?
Speaker 3: That seems Oh no, Graham, you should be appealing that.
Speaker 3: I don't see thirty percent reduction on any Auckland the state.
Speaker 3: You're talking about a residential property, so that would have
Speaker 3: been quite a shock.
Speaker 4: It's part of a unit block is twenty two apartments
Speaker 4: in the facility. There are some one bedroom units. Ours
Speaker 4: as a three bedroom much larger, But I have a
Speaker 4: funny feeling they've mixed up for one bedrooms which are
Speaker 4: a lot small about adiold square metis versus ours, which
Speaker 4: is a significantly larger unit. But it's one I'm saying
Speaker 4: about the robusters of assessments.
Speaker 2: Have you checked have you searched your neighbors the other
Speaker 2: two bedrooms to see what they're worth? And then does
Speaker 2: what does that say?
Speaker 4: I haven't. They haven't come up as done yet. No,
Speaker 4: I have not done that yet.
Speaker 5: No.
Speaker 3: Okay, yeah, I think Graham, you're onto a mistake there.
Speaker 2: What if your rates are a thousand bucks cheaper? I mean,
Speaker 2: what if how much would you pay extra and rates
Speaker 2: just to get that value back up?
Speaker 4: I honestly, we don't know that yet. Of course, until
Speaker 4: the next a lot of weights come through the system.
Speaker 4: Because I just say that, you know, the rates of
Speaker 4: such won't change. But the problem is is my my
Speaker 4: body corporate expenses will not reduce significantly, So I've still
Speaker 4: got all of those to manage and take care of.
Speaker 4: And but the rateable value really puts a line in
Speaker 4: the sand about if I was to sell.
Speaker 3: Yeah, no, Graham, it wouldn't be the case that you know,
Speaker 3: if you've had a million dollar apartment dropping down to
Speaker 3: six hundred. I mean it's a it's a unit title
Speaker 3: with a body corporate. It's not a leasehold, a leasehold
Speaker 3: situation something.
Speaker 4: No, no, no, no, it's a unit title.
Speaker 3: Yep, you should be fine. Hey, what you can do? Agents?
Speaker 3: Real estate agents are very hungry for new clients and contacts.
Speaker 3: You could ring any agency and just ask, just say, hey,
Speaker 3: I want to get it up to date appraisal of
Speaker 3: the value of my property. It might find it reassuring
Speaker 3: that they would give you comparative sales analysis and you
Speaker 3: could reassure yourself that your equity hasn't gone down by
Speaker 3: thirty percent.
Speaker 2: When did you buy it, a Graham?
Speaker 4: I bought it back in twenty eleven, three days before
Speaker 4: we won the World Cup, and.
Speaker 3: Then prices boomed. We used to I used to when
Speaker 3: I first started selling real estate, Graham. I used to
Speaker 3: get anxious. I was sew into rugby myself. I thought
Speaker 3: if we lost a Test match it would be detrimental
Speaker 3: to the market.
Speaker 2: But yeah, did you do you remind me asking what
Speaker 2: you do you remind me asking what you paid in
Speaker 2: it back, because that's fourteen years ago.
Speaker 4: Now it's four hundred and fifty two a thousand.
Speaker 2: Okay, well, yere, you would be upset with it dropping
Speaker 2: from a million to six. That's quite expensive, doesn't.
Speaker 4: I mean, well, it was quite expensive. There was certainly
Speaker 4: about fifty percent above the CV of that time. But
Speaker 4: but I guess my point. I guess where I'm sitting.
Speaker 4: They're not going to get too anxious. I just want
Speaker 4: to see how the redress program goes through their their
Speaker 4: rates process. That if it comes back and they say, oh, yes,
Speaker 4: it's a genuine mistake, we'll write it. But beyond that,
Speaker 4: then I will have a bigger issue to deal with. Yeah.
Speaker 3: Yeah, Well, if it's beyond that, just call a real
Speaker 3: estate agent that you like and trust. They can do
Speaker 3: an analysis of other sales for you, which might help
Speaker 3: if you want to get it get it back up.
Speaker 4: Oly. Look, thanks, gentlemen, Yeah, cheers.
Speaker 2: I imagine the thing would be for I mean, the
Speaker 2: other thing is if they're still updating the data for
Speaker 2: the other units in his block, wait for that to
Speaker 2: come out, and there may be a really simple answer,
Speaker 2: because if it turns out that say, you know, there
Speaker 2: are the other two bedroom apartments are about eight eighty
Speaker 2: or so, let's just be you know, eight eighty or
Speaker 2: nine hundred. Then he and he's obviously been there. That's
Speaker 2: clearly a mistake. Yes, although that is a mass.
Speaker 3: That's why look at the start of this, don't worry.
Speaker 3: Every little thing's going to be all right, you know,
Speaker 3: but a bold mary, but you know, like do the investigation.
Speaker 3: It sounds like a mistake there. But you know, you
Speaker 3: hear that, you think, oh my god, my equity. I
Speaker 3: was going to look at whatever you're heating to retirement.
Speaker 3: You think you've got that money in the bank, and
Speaker 3: then you're here you're not. But that might be a
Speaker 3: lot of fuss over just a mistake because as I said,
Speaker 3: six hundred and thirty thousand properties, they have to assess
Speaker 3: a rateable value just in the Auckland catchment. So there's
Speaker 3: going to be mistakes for sure.
Speaker 2: Do you know how the process works when it comes
Speaker 2: to objections? Do they I mean, I mean, are the
Speaker 2: ejections looked at by a real person or would they
Speaker 2: use AI or so for instance, if I wrote for mine,
Speaker 2: I'm sure mine is valued at more because we are
Speaker 2: at the end and the land that is next to it.
Speaker 2: I wonder if they assume that that's my land where
Speaker 2: it's not. It's all shared. You know, I've even got
Speaker 2: a neighbors, got a clothesline.
Speaker 3: Oh yeah, but they might like you'll get to definitely
Speaker 3: get a premium for an end. You're doing one of
Speaker 3: four if there's two medals and two ends, okay, so
Speaker 3: you probably find the guy or the capable family at
Speaker 3: the other end saying.
Speaker 2: It's a bigger the one at the end. It was
Speaker 2: one of those ones where I'm sure that the person
Speaker 2: who built it the front one was for the owner
Speaker 2: and the threat at the back was for the for
Speaker 2: the rentals, and they've gradually become But theirs is definitely
Speaker 2: worth more and I can that's you know, it's significantly bigger.
Speaker 2: So yeah, taking your calls on it. Though I wait,
Speaker 2: one hundred and eighty ten eighty, what do you reckon
Speaker 2: about the about the council valuations? Something you mentioned just before,
Speaker 2: Martin about talking to a friendly real estate agent about appraisals.
Speaker 2: I mean, I'm not talking about getting something for nothing,
Speaker 2: but can can you get a real estate agent even
Speaker 2: if you're not thinking of selling, just saying, look, if
Speaker 2: you're in a neighborhood, I wouldn't mind an appraisal. And what
Speaker 2: do they do? How does that work? Well?
Speaker 3: I just I went down to visit my mum and
Speaker 3: dad in Queenstown and they just on Wednesday. Because dad's
Speaker 3: ninety two and mum's eighty eight. They live in I
Speaker 3: don't know if I better. They live in Park Street
Speaker 3: in Queenstown's right near the botanical gardens, right near the
Speaker 3: center of town. Yeah, I won't say their address, but anyway,
Speaker 3: they had some agents and Mom said, oh, they were
Speaker 3: so nice. You know, they came, they offered to come,
Speaker 3: and they've come and done a full appraisal, valuation, beautiful
Speaker 3: presentation and sat with them and ran through it and
Speaker 3: Mum said, right up front, unsolicited, Yeah, unsolicit. They just
Speaker 3: were ringing saying, oh, we're doing up to date appraisals,
Speaker 3: would you like? They're not they're not keen on shifting.
Speaker 3: But obviously the agents are building, rapport building and if
Speaker 3: the time comes, it might be five years. Whenever it is,
Speaker 3: the agent's done the appraisal. So there's no problem whatsoever
Speaker 3: for anyone who's concerned to a real estate if you
Speaker 3: like someone trusts someone in your local community. Just ring
Speaker 3: the agents say could you come and do an appraisal,
Speaker 3: and you can say, look, I'm not really thinking. We're
Speaker 3: just weighing up our options. You know, don't be open
Speaker 3: with them that you just want to get it. You're
Speaker 3: thinking about your options. You're wanting to know what your
Speaker 3: property's worth. You don't say I'm selling in a week.
Speaker 3: You know you but but.
Speaker 2: You don't need to make up a story. Just say, look,
Speaker 2: we want to have a think about the future, and
Speaker 2: we're just getting ahead of things. You know, what do
Speaker 2: you think We're not selling at the moment. But if
Speaker 2: you're interested on.
Speaker 3: The agents, I'm sure the good agents will come around.
Speaker 3: Give you the time, give you comparative analysis, have a
Speaker 3: look at your property, and give you an up to
Speaker 3: date because it's far better than an algorithm. There's some
Speaker 3: computer whirling away telling you what your front, your apartment,
Speaker 3: your property's worth. Yeah, it doesn't compare to physically coming
Speaker 3: looking what improvements have you made, how well is it kept,
Speaker 3: what the carpet conditions, your kitchen, everything about your home.
Speaker 2: Actually I wondered if they are because we did object
Speaker 2: successfully a few quite a few years ago. I objected
Speaker 2: because we had we we'd done okay, we had we
Speaker 2: had under underneath our place. It was just car poards.
Speaker 2: It was ten minutes deep both sides, so truckload. So
Speaker 2: we turned the back and we had consent. We had
Speaker 2: a consent lodged, and I wonder if that entered the figures.
Speaker 2: And I wrote them and said, we haven't done that yet,
Speaker 2: because I think they priced it up as a four
Speaker 2: bedroom home. And I always wondered with the whether they've
Speaker 2: suddenly gone, oh, he's got it done by now.
Speaker 3: Surely you might have the red flat. The computer's got
Speaker 3: you with a red flag.
Speaker 2: There's trouble with that. We'll get this guy back in
Speaker 2: a few years time. Let's take some more calls. Were
Speaker 2: we up to Liam? Hello, good good.
Speaker 6: Yeah, it's a scenario I've just kicked on the computer
Speaker 6: the other day when they came out. The start of
Speaker 6: it was five million dollar, yeah, and it was. And
Speaker 6: then we got it and it came down. We got
Speaker 6: it refused down for reasons that the Rating Commission ratings
Speaker 6: people change the letterbox on the next door neighbors CROSSFLFS
Speaker 6: house to a one A and we're a one and
Speaker 6: we said, oh, that's not right. You can't do that
Speaker 6: because they were twenty seven off another street negative a thing.
Speaker 6: So we got it reduced to under four to one.
Speaker 6: The new rating came out and it's the land values
Speaker 6: gone down three hundred thousand dollars, uh huh to three
Speaker 6: eighty five, and then they put the house value up
Speaker 6: seventy five thousand, and I thought that's a little bit odd.
Speaker 6: I've never heard of land value going down three hundred
Speaker 6: on whatever the calculation is. It was it the hundreds
Speaker 6: of thousands, and I just thinking you were saying, that's
Speaker 6: an object to that.
Speaker 2: Yeah, where you go Marp?
Speaker 3: Yeah, absolutely, Yeah. The oh system it's just online. You
Speaker 3: can go online and put in.
Speaker 6: You it's got to be in by the twenty fifth
Speaker 6: of the June or July, does it?
Speaker 3: I don't know the dates, but if you go onto
Speaker 3: the it's a website and if you can find your
Speaker 3: way through it, it's got I haven't checked myself.
Speaker 6: But the date, so they're sure. I got a set.
Speaker 6: If that came down three hundred thousand dollars four hundred
Speaker 6: thousand dollars, does that mean we pay.
Speaker 2: Less No, Unfortunately.
Speaker 3: What happens. See, because I guarantee you that Auburn rates
Speaker 3: haven't come down by nine percent, even though overall values the.
Speaker 2: Pel stays the same. With that, it's just the way
Speaker 2: they are portionate. I guess if he gets his down,
Speaker 2: his will rates will come down, just because comparatively he's
Speaker 2: in a different pace.
Speaker 6: Yeah, it would come down.
Speaker 7: Yeah.
Speaker 6: On your own an apartment downstairs, they charge us times
Speaker 6: to times to recreational times, to waste management times to
Speaker 6: or whatever it is. Because it's a rental property. It's
Speaker 6: a bigger part. It's a big house with its own
Speaker 6: entrance and kitchen down stairs. I used to call it.
Speaker 3: Yeah, well you'll get two bins then, won't you.
Speaker 6: Yeah, we've got two burns. Yeah, Lucky sort it out. Yeah,
Speaker 6: two recyclers to waste here.
Speaker 7: Yeah.
Speaker 3: But there's just the more tax that you're paying. There's
Speaker 3: a GST on everything. Is you've got your tack, Yeah, yeah.
Speaker 6: I just thought there was an extreme amount of money
Speaker 6: for a land value to go down versus house value.
Speaker 3: Yeah that is, Yeah, that that is. But if you're
Speaker 3: concerned about it, you just put put in your reasons.
Speaker 3: If you want it to get back but you so
Speaker 3: you went from five.
Speaker 6: They haven't they haven't redeced. What they haven't released is
Speaker 6: the amount, the figure that you have to pay it.
Speaker 6: Where's that available? Ah, that's not available online. You can't
Speaker 6: see how much it's gonna I don't mind if it
Speaker 6: goes down, because it's not not a drama if the
Speaker 6: price is down. But I don't want to be going
Speaker 6: down that far and paying virtually the same. I'd object
Speaker 6: to that. I'd say it comes down. It comes down.
Speaker 6: At the moment it's ten thousand plus rates per anum,
Speaker 6: so it's kind of under tent as far as I'm concerned.
Speaker 2: Okay, well, well, good luck with that. Obviously you're not
Speaker 2: looking at selling any time in the future there where
Speaker 2: you're wanting.
Speaker 6: To keep your valuerability. But I mean, if a real
Speaker 6: estate agent was to ring me and start bringing up
Speaker 6: the cvs, he'd come around. You know, he'd get an
Speaker 6: air full of it, because that's a pretty nasty thing
Speaker 6: for a real estate agent to start scanning through new
Speaker 6: cvs and finding lower ones and then coming in. It's
Speaker 6: like you'd say no, no, no, no. Like that other
Speaker 6: guy that rang up just before about his apartment. If
Speaker 6: he was to sell it. He wouldn't sell it for
Speaker 6: six hundred and so now I want the PA millionaire,
Speaker 6: you know, I think it's worth you can, you know,
Speaker 6: And they and then some of real estate agents are
Speaker 6: bit slight on it, and they'd come in and come
Speaker 6: in with the new figure and start bleating about the
Speaker 6: new CV. You know, So that doesn't that's not in
Speaker 6: the equation anymore.
Speaker 2: Yeah, yeah, a.
Speaker 3: Good thing though, as you were the boss. You're the
Speaker 3: one that signs the contract, not the agent. So you
Speaker 3: you you.
Speaker 2: No, that's just a little hint that we're going to
Speaker 2: the break, I think, is it must be? Yeah, I
Speaker 2: think I think that's a little hint we're going to
Speaker 2: the brook. You can first what you're saying, what we're saying.
Speaker 3: It just said, Really it wasn't.
Speaker 2: It strange muslude. We'll make sure it's slightly more so.
Speaker 3: Yeah, you're the boss, the vendor, the seller's the boss,
Speaker 3: the agent. Just that if you sign a contract, you
Speaker 3: agree with it, that's good, but you call the shots,
Speaker 3: which is a great way to be.
Speaker 2: Right where with Martin Cooper from Harwarts, Cooper and Co.
Speaker 2: We'll be back in just a moment talking about seed
Speaker 2: c v's how much do they bother you that your
Speaker 2: CV might have gone down a bit or do you
Speaker 2: just sort of think, oh, well, that's life and you
Speaker 2: go back to the Bob Marleish song we started with it.
Speaker 2: They don't worry about a thing. Everyone's going to be
Speaker 2: all right. It's twenty to five news talk, said b Well, yeah,
Speaker 2: I got over a little bit of the Beach Boys
Speaker 2: that they're following the news of the death of Brian Wilson.
Speaker 2: Amazing songwriter, a bit of a genius is according to
Speaker 2: many people, probably including me as well. We're with Martin Cooper.
Speaker 2: We're talking about cvs and whether they're relevant and what
Speaker 2: you make of your new house value according to your
Speaker 2: local council and Stephen Gooday, yeah.
Speaker 6: Hi Martin.
Speaker 7: We live on the outskirts of christ Church rurally.
Speaker 6: We've got by Baker blog.
Speaker 7: There's talk about a subdivision being putting locally down the
Speaker 7: road with up to seven hundred houses in it. What's
Speaker 7: that going to do to about property value? Is it
Speaker 7: going to go up down or stay the same?
Speaker 3: Usually your value will go up. You know, when you
Speaker 3: get more density around, you're going to get more amenities.
Speaker 3: Like my wife and I purchased properly eighteen or nineteen
Speaker 3: years ago out near Coatsville, sort of dairy flat area.
Speaker 3: And since then, the Albany Mall's gone in, the Silverdale
Speaker 3: Town Center's gone in, and now there's all subdivision around us,
Speaker 3: So more people moving in, more desire potentially. You did
Speaker 3: you say you had five acres of land. Yeah, well,
Speaker 3: some people get surrounded by other homes and then it's
Speaker 3: valuable that you could cut your site up into later on.
Speaker 3: If this higher density going in around you, your land
Speaker 3: value might surpass what your your actual home value is
Speaker 3: on the property. So you can get financial gain by
Speaker 3: doing a subdivision of your own place. That's a possibility,
Speaker 3: but an agent would we can't subdivide, Okay, yeah, but yeah,
Speaker 3: invariably you've still got five acres, you've got a buffer zone,
Speaker 3: but you're gonna have more amenities around you. So generally
Speaker 3: you would see that would improve your value. But the
Speaker 3: other thing is it's peaceful where you are, it's rural,
Speaker 3: and you might think, oh, I don't want a whole
Speaker 3: lot more traffic and a whole lot more people. So
Speaker 3: what we find is quite often people will move further out,
Speaker 3: further away if they want peace and tranquility without a
Speaker 3: whole sort of suburban situation around them. But your value
Speaker 3: should go up.
Speaker 7: That's what we moved out here for peace and quiet,
Speaker 7: and it seems to be following us. Yeah.
Speaker 3: Well, I'll tell you what the good thing is. You're
Speaker 3: in a desirable location where people want to be, so
Speaker 3: your real estate will go up in value with all
Speaker 3: that development happening around you, and that'll give you more money.
Speaker 3: But the trouble is you might have to go further
Speaker 3: out to get away from the noise and the construction.
Speaker 3: And you know, but your money will have more buying
Speaker 3: power if you go further away.
Speaker 2: Yephal good stuff. Thanks for your course, Steven, cheers mate, Okay,
Speaker 2: thanks very much. Hi guys. There's a couple of texts here.
Speaker 2: Hi guys, I live in Snail's Beach. All property rates
Speaker 2: appear to unchanged and I have added a minor dwelling.
Speaker 2: It hasn't changed. How does that work? They probably don't
Speaker 2: know about it, I guess do they, Martin?
Speaker 4: Uh?
Speaker 3: Yeah, they won't have matched the records. So hey for
Speaker 3: that text. Person coming in if you if you want
Speaker 3: to get your value up, if you're thinking of selling well,
Speaker 3: just tell them, hey, I've spent money, it should be
Speaker 3: worth more and that'll lift it for you.
Speaker 2: So long as you want it up. You got to
Speaker 2: ask yourself why you want the value up, of course,
Speaker 2: and if it's because you know you want to feel
Speaker 2: flash and you're thinking of selling.
Speaker 3: If you don't stay under the radar and just enjoy lower,
Speaker 3: lower rates.
Speaker 2: Gilly has texted saying high tim reratable values. If you
Speaker 2: get a building consent for renovations, that info is sent
Speaker 2: to QV this may affect the improvements value on your
Speaker 2: rateable value. Cheers. Do you mean anything about that?
Speaker 3: Anything to add No, I think memory it's once the
Speaker 3: work's done, you know the permits granted, then it would
Speaker 3: trigger the higher value anticipated improvements.
Speaker 2: And okay, afternoon. About five years ago and Gismond, we
Speaker 2: bought a house for two ninety five RV one sixty five.
Speaker 2: A month later, the council increased the RV dramatically for
Speaker 2: other properties maybe thirty percent plus hours only went up
Speaker 2: five percent. I complained. Council guy came around, was there
Speaker 2: five minutes? He said, no problem. Increased our evaluation same
Speaker 2: percent as the neighbors. He said it was because we've
Speaker 2: got it for much less than the RV. They assumed
Speaker 2: there was a problem with the house and they were
Speaker 2: happy to charge extra rates.
Speaker 3: I guess yeah.
Speaker 2: I wonder if they pop your rates up, because does
Speaker 2: it mean that somewhere along the line they've reduced someone
Speaker 2: else's or they just go, well, there we go, let's
Speaker 2: take the extra rates.
Speaker 3: Yes, I are the same theory about weight. You know,
Speaker 3: if you lose some weight, if you lose five kilos,
Speaker 3: that's good, bit of fat goes, But where does that
Speaker 3: fat go? Someone else gets it. It's the same with
Speaker 3: raidable values. If someone loses evaluations someone else, they have
Speaker 3: to pop you up, and that might be they might
Speaker 3: be picking on you because you did that car board thing.
Speaker 2: Yeah. Anyway, Hey, look we'll be back in just a moment.
Speaker 2: It's eleven minutes to five new stalks. He'd be And
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Speaker 2: what are the top colors on trend now?
Speaker 5: In terms of neutrals, there's the classics like black white
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Speaker 2: Okay, how can I make a color palette that really
Speaker 2: suits my personality?
Speaker 5: You can always t inspiration from what you love and
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Speaker 2: What paint should I be using to paint minterior walls?
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Speaker 1: The one roof Quantity of the week on the Weekend Collective, Yes.
Speaker 2: And the one ruth Probably the week's an interesting one
Speaker 2: is thirty two Bays Road already points in Monaco City.
Speaker 2: It's something I think it's in here because it's also
Speaker 2: looks like it's reasonably affordable. You might get a bit
Speaker 2: of bang for your buck. Apparently, priced eight hundred and
Speaker 2: eighty thousand, it's described as a coastal treasure close to beaches,
Speaker 2: far from crowds. It's got a renovated kitchen, country views,
Speaker 2: immaculate finishes throughout, exceptional quality and thoughtful upgrades. So it's
Speaker 2: described as being lovingly added over the years. Actually, it
Speaker 2: does seem like quite a lot of House Martin Cooper
Speaker 2: from Harcourt's Cooper and Co. What do you make of it?
Speaker 2: House Lighthouse.
Speaker 3: It'd be interesting to see what the raidable value is.
Speaker 3: Can we while we're talking.
Speaker 2: Oh damn it, you know what? You keep talking and talking,
Speaker 2: I'll quickly.
Speaker 3: Do it if you get onto one roof and just
Speaker 3: search the address and have a look at it. If
Speaker 3: you're looking. It's three bedrooms, it's just got the one bathroom,
Speaker 3: but good garaging. It's rural. It's got that sort of
Speaker 3: lockwood ceiling look about. I love that, you know that
Speaker 3: you get that rich timber, but knotty in it's got
Speaker 3: the pitched roofs. And I'll tell you what, I just
Speaker 3: bought a new stove for my house. Like all that
Speaker 3: has got a luxury guess.
Speaker 2: Well, use flash. Interesting the capital value it is was
Speaker 2: six thirty now it's five ninety. What that's that's interesting.
Speaker 2: They won't be very happy with the accounts of evaluation
Speaker 2: if they're because what I'm seeing here is they're seeking
Speaker 2: eight hundred and eighty for it.
Speaker 3: So well, i'll tell you what. For eight hundred and eighty,
Speaker 3: it looks good. And if you're paying exorbitant rates where
Speaker 3: you are, I'd sell up your place, tim, I'd be
Speaker 3: getting down to have a look at this one.
Speaker 2: Well, actually that it just focuses on I'm sorry to
Speaker 2: our property of week because we're about to give it
Speaker 2: a peck on it a bit. But it's if it's
Speaker 2: priced at eight eighty and its capital value is now
Speaker 2: what did I say? It was five ninety. That's this
Speaker 2: is where the rubber hits the road, isn't it when
Speaker 2: it comes to buyer expectations and selling it.
Speaker 3: But if you're a buyer, you turn up, look at
Speaker 3: that rural setting. They've got the double car port, you've
Speaker 3: got the storage, you've got you've got space around you.
Speaker 3: That looks every bit of eighty's rural. No, it is
Speaker 3: so peaceful. So and the main thing look for buying
Speaker 3: a house. You can look at the ratable value. But
Speaker 3: some people have lost out on a home they would
Speaker 3: have loved because they thought the ratable value if they
Speaker 3: if you like something and it feels good, you should
Speaker 3: just and you can afford it. I always say, just
Speaker 3: go for it. It's what's it with to live in
Speaker 3: a home you love and have a look at that
Speaker 3: drone view.
Speaker 2: This is why even when times were tough, you that
Speaker 2: properties were walking out the door went they made yeah, yeah, hey,
Speaker 2: just quickly. How quickly can you or an experienced real
Speaker 2: estate agent, You can get valueism and you can do
Speaker 2: a detailed analysis of a property, But how quickly if
Speaker 2: you walk into a property in your neck of the woods.
Speaker 2: When you know the market, how quickly do you are
Speaker 2: you able to assess a value and go, you know,
Speaker 2: and be reasonably confident. Can you literally walk up and
Speaker 2: knock on the door and go, I reckon, it's about
Speaker 2: one point three.
Speaker 3: Yeah. Look some of our agents that got an on
Speaker 3: board computer, you know, because they'll go and look at
Speaker 3: ten or fifteen homes a week and then we're in
Speaker 3: the auction rooms and you see, you see what stuff
Speaker 3: selling for, so you get tuned in. But you've just
Speaker 3: got to make sure that you're like because your land
Speaker 3: is your main primary value of any real estate. So
Speaker 3: if you're in a top location, your land value is higher.
Speaker 3: So sometimes people get out of area and they muck
Speaker 3: up a price because they're you know, if you're a
Speaker 3: Remuera based agent you go to pray something potentially, say
Speaker 3: on the north Shore, where there'd be difference because of
Speaker 3: the underlying land value, you can get a few mistakes.
Speaker 3: So you want to get a local agent. A local
Speaker 3: agent who works at farm or target area should be
Speaker 3: able to have a onboard computer, pretty quick assessment, and
Speaker 3: then they would back it up by getting the data
Speaker 3: of what other places are sold for comparable sales.
Speaker 2: Good stuff. And of course I mean I think we
Speaker 2: know how to get in touch with you. You at
Speaker 2: your business, don't where it's hard Courts, what is it?
Speaker 2: What is the web address for it? Hardy?
Speaker 3: You just just google Hardwourtz Cooper and go, we'll pop up.
Speaker 3: And that's the interesting thing about real estate now, you
Speaker 3: know the one roof it was the Herald. You know,
Speaker 3: back when I started, you just have the little run
Speaker 3: on ads in the Herald.
Speaker 2: That was it.
Speaker 3: That was your marketing tool for real estate.
Speaker 2: We didn't even get onto different ways of marketing. We'll
Speaker 2: have to have we'll have to have a chat about
Speaker 2: that next time.
Speaker 3: We'll wait now, yeah, as well as time to go.
Speaker 2: Ok, good to see him, mate. And by the way,
Speaker 2: if you've missed any of the hour and you want
Speaker 2: to go and check it out, look for our podcast,
Speaker 2: The Weekend Collective. We'll be back shortly with John Cown
Speaker 2: for the Parents Squad. This is News Talk Said B.
Speaker 7: What's done?
Speaker 4: Then?
Speaker 1: For more from The Weekend Collective, listen live to News
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