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Speaker 1: The Huddle with New Zealand Southerby's International Realty, local and

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Speaker 1: global exposure like no other.

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Speaker 2: Nick Leggett from Infrastructure in New Zealand and Tim Wilson

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Speaker 2: from the Maximine Institute, Welcome to the program, gentlemen, good evening,

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Speaker 2: Hello Nick Legett. The Bank of Mum and Dad? Are

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Speaker 2: you one or did you use one?

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Speaker 1: Well?

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Speaker 3: I think probably a bit like Tim, my kids are

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Speaker 3: a bit young at this point. But yeah, look, I

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Speaker 3: actually I bought a house with my parents jointly when

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Speaker 3: I was in my late twenties, and it was it

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Speaker 3: had a tenant in it for three or four years,

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Speaker 3: and then I brought them out and I moved into it.

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Speaker 3: So that if that's you know, I didn't borrow any

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Speaker 3: money from them, but we bought something jointly and that

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Speaker 3: helped me get into the housing market. And yes, I

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Speaker 3: would do it for my children because I'm a view

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Speaker 3: I'm of the view that a property owning democracy is

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Speaker 3: what New Zealand should continue to aim for. We should

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Speaker 3: also develop other types of housing use. Not everybody everybody

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Speaker 3: can nine a house, those who choose to should be

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Speaker 3: able to.

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Speaker 2: But when the Bank of Mom and Dad ended up

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Speaker 2: taking over sixty five percent of all the property transactions.

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Speaker 2: You know, it's a very unbalanced economy, don't you think totally?

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Speaker 1: That's right?

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Speaker 3: And the question is how do we get how do

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Speaker 3: we get to a balance point where we know people

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Speaker 3: can can get into the housing market themselves, that their

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Speaker 3: incomes can you know, in some way give them an

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Speaker 3: ability to service a mortgage without resorting to the bank

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Speaker 3: of mom and dad.

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Speaker 4: It's an affordability It's an affordability issue, isn't it. I mean,

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Speaker 4: that's check key here. We're actually at maxim We've just

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Speaker 4: produced a research paper on this. Free We need to

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Speaker 4: free up the land that we have to actually at

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Speaker 4: lower the expensive building. And one thing that happens in

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Speaker 4: Houston is they let streets determine their own zoning, so

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Speaker 4: you just take a vote, it's like what the density like,

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Speaker 4: and there's much there's much more flexibility within the unitary plan.

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Speaker 5: We don't have that.

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Speaker 4: We've got to blow away some of this some of

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Speaker 4: this administrative hurdles that contribute to the high cost of housing.

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Speaker 2: Well, that's what mister Seymore is doing, is is that

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Speaker 2: what his new Bureau of Regulatory Reform is going to

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Speaker 2: be or whatever he's going in the ministry.

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Speaker 5: I'm not aware, but I'd be more than happy to

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Speaker 5: remit this paper to him.

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Speaker 3: This is I mean this, this what we're talking about

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Speaker 3: here is more going to be covered in the reforms

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Speaker 3: to the Resource Management Act. So this is about, you know,

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Speaker 3: the sort of central control of district plans for councils

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Speaker 3: we do require. You know, regional deals that the government

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Speaker 3: is talking about are going to be really important here

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Speaker 3: because they could partnerships between local and central government really

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Speaker 3: unlock these big areas of land funder the infrastructure both

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Speaker 3: under the ground and above the ground, have good links,

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Speaker 3: transport links and critically moving quickly so you don't have

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Speaker 3: these massive upticks in value that effectively shut people out.

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Speaker 5: And also, if it all works, I won't have to

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Speaker 5: buy the kids any houses.

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Speaker 4: Four boys, four houses. Forget about it. They're not getting it.

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Speaker 2: Yes, A going to say, of course, yeah, and Tim

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Speaker 2: should have thought about that earlier. If I think we

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Speaker 2: might have actually told you that earlier, Tim, are you

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Speaker 2: sure you're happy with all this? That's a lot of kids,

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Speaker 2: that's a lot of.

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Speaker 4: Nonsense, nonsense. It's not even a large Protestant family, much

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Speaker 4: less Catholic one good stuff.

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Speaker 2: Have you guys done your wrap your Spotify rapped? If so,

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Speaker 2: we'll find out after the break. All right, Nick Leggot

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Speaker 2: and sim Wilson, have you got your Spotify rap lists? Yes, gentlemen, Yes, yes, yes,

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Speaker 2: good good? Who's that? That's Nick? Tim? You've got a

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Speaker 2: musician in the family. What's yours?

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Speaker 4: Yeah? Well, actually I do have a musician in the family.

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Speaker 5: What might go to has been David allen Coe's you

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Speaker 5: don't have to call me Darlin Darlin, which is the

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Speaker 5: probably the quintessential country and Western song because it's got

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Speaker 5: a verse that's that goes I was.

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Speaker 4: Drunk the day my mom got out of prison.

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Speaker 2: There's a beautiful there's a bit of us on. But

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Speaker 2: because your partner does sort of more transcendent, semi slowed

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Speaker 2: sotoon dance stuff, doesn't she triplep?

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Speaker 4: Well no, no, Rachel, Rachel actually does some some wonderful,

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Speaker 4: wonderful songs are Rachel Wilson. Yeah, in my name? Look

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Speaker 4: it up on Spotify.

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Speaker 1: Ha.

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Speaker 2: There we go. And Nick, do I believe that you

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Speaker 2: don't have a Spotify rapped?

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Speaker 3: That's exactly right.

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Speaker 2: I don't.

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Speaker 3: My wife does.

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Speaker 2: I listened to.

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Speaker 3: It's because I don't want people knowing what I listened to.

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Speaker 3: But I did nominate a song that if I did

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Speaker 3: have one, it would have print up the top because

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Speaker 3: we have a three year old who loved it.

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Speaker 2: Oh okay, and there it is club Look at that magic. Gentlemen,

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Speaker 2: thank you so much for your time today. All the

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Speaker 2: best make Leggan's favorite song three minutes to six, It's

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Speaker 2: good to come.

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