1 00:00:00,080 --> 00:00:02,240 Speaker 1: Yet more proof now is the perfect time to buy 2 00:00:02,279 --> 00:00:05,040 Speaker 1: a house, particularly if your first time buying. Figures from 3 00:00:05,080 --> 00:00:08,080 Speaker 1: Catality Show has to price income ratio back to pre 4 00:00:08,200 --> 00:00:11,640 Speaker 1: COVID levels. Mortgage repayments now make up around forty four 5 00:00:11,680 --> 00:00:14,240 Speaker 1: percent of the median household income. The peak was fifty 6 00:00:14,360 --> 00:00:16,360 Speaker 1: seven percent. That was back in twenty twenty two. 7 00:00:16,880 --> 00:00:19,560 Speaker 2: Owen Vaughan is the editor of One Roof and with 8 00:00:19,680 --> 00:00:20,560 Speaker 2: us this morning. 9 00:00:20,280 --> 00:00:22,560 Speaker 3: Good morning, Good morning, Ryan. 10 00:00:22,680 --> 00:00:26,960 Speaker 2: You're saying, don't walk, but run to the bank, run. 11 00:00:26,760 --> 00:00:29,760 Speaker 3: To the bank. Well, I know where people should run too, 12 00:00:29,800 --> 00:00:33,559 Speaker 3: because look when you look at these figures and it's positive, 13 00:00:34,040 --> 00:00:35,839 Speaker 3: but I think for a lot of people who are 14 00:00:35,880 --> 00:00:38,320 Speaker 3: out in the market, they see things like this and 15 00:00:38,320 --> 00:00:41,199 Speaker 3: they just go, Wow, houses still cost a lot. And 16 00:00:41,240 --> 00:00:46,320 Speaker 3: I think, yeah, affordability is improved, but I think it's 17 00:00:46,640 --> 00:00:51,320 Speaker 3: more about houses are just less unaffordable. But there are 18 00:00:51,640 --> 00:00:55,000 Speaker 3: a lot of pockets out in the market that first 19 00:00:55,040 --> 00:00:58,840 Speaker 3: one buyers should be targeting. And I think that's where 20 00:00:58,960 --> 00:01:02,640 Speaker 3: kind of know that the full should be that buyers 21 00:01:02,640 --> 00:01:05,760 Speaker 3: should be still looking for where there's value, and I 22 00:01:05,760 --> 00:01:07,240 Speaker 3: think there is a lot of value there. 23 00:01:07,319 --> 00:01:09,800 Speaker 2: Where Where are the pockets you're talking about. 24 00:01:10,480 --> 00:01:13,800 Speaker 3: Well, not a suburb that's on a lot of people's 25 00:01:13,880 --> 00:01:18,559 Speaker 3: radar for a lot of reasons. But o Tara Atara 26 00:01:18,720 --> 00:01:23,440 Speaker 3: is a suburb where right now kind of no houses 27 00:01:23,480 --> 00:01:27,880 Speaker 3: on full sections are probably the cheapest in Auckland. And 28 00:01:27,920 --> 00:01:31,480 Speaker 3: that's a fantastic kind of deal for kind of personal 29 00:01:31,560 --> 00:01:36,880 Speaker 3: buyers right now. Like back in the speak of the market, 30 00:01:37,120 --> 00:01:41,600 Speaker 3: O Tara was a million dollar suburb. That's hard to imagine, 31 00:01:41,760 --> 00:01:46,440 Speaker 3: but the price frenzy that was going on then drove 32 00:01:46,560 --> 00:01:52,200 Speaker 3: prices up in that south Aakland suburb which buzz really 33 00:01:52,240 --> 00:01:55,760 Speaker 3: a kind of an area where there was those social housing. 34 00:01:56,920 --> 00:02:00,240 Speaker 3: It wasn't kind of not a desirable suburb, not land, 35 00:02:00,920 --> 00:02:03,680 Speaker 3: but these prices rose to a million dollars and that's 36 00:02:03,680 --> 00:02:08,000 Speaker 3: because developers piled in thought they should buy flat sections 37 00:02:08,040 --> 00:02:15,200 Speaker 3: for reasonable prices, build townhouses, make a fortune that will collapse. 38 00:02:15,880 --> 00:02:20,000 Speaker 3: And now prices in Otara have come down round about 39 00:02:21,280 --> 00:02:26,799 Speaker 3: twenty percent since the COVID peak, and pretty decent houses 40 00:02:27,080 --> 00:02:30,320 Speaker 3: x statehouses are going from there for around about six 41 00:02:30,440 --> 00:02:34,760 Speaker 3: hundred thousand dollars. That's a house in Auckland for six 42 00:02:34,840 --> 00:02:36,480 Speaker 3: hundred thousand dollars, And. 43 00:02:36,440 --> 00:02:38,600 Speaker 2: Then what will I be worth in ten years? 44 00:02:39,280 --> 00:02:45,359 Speaker 3: Well, that's the thing that currently there's a restriction imposed 45 00:02:45,400 --> 00:02:49,919 Speaker 3: by water care, and that means that developers can't build 46 00:02:49,960 --> 00:02:54,240 Speaker 3: new stock and connect it to the was for supply 47 00:02:55,040 --> 00:03:00,840 Speaker 3: sewerage supply. That means those houses are basically worthless developed developers. 48 00:03:01,360 --> 00:03:04,600 Speaker 3: But those work here. Restrictions will left in around about 49 00:03:04,639 --> 00:03:07,720 Speaker 3: ten years time, so no one should be kind of 50 00:03:07,960 --> 00:03:13,400 Speaker 3: piling into Atara for speculation. But it does mean that 51 00:03:13,400 --> 00:03:17,160 Speaker 3: that suburb, once there is water or care restrictions are lifted, 52 00:03:17,360 --> 00:03:20,000 Speaker 3: maybe in around about ten years, maybe to fifteen years, 53 00:03:20,320 --> 00:03:23,720 Speaker 3: they will suddenly be worth a lot more than what 54 00:03:23,840 --> 00:03:24,440 Speaker 3: they are now. 55 00:03:25,240 --> 00:03:28,359 Speaker 2: Really interesting stuff. I'm calling the bank. Appreciate you. Turn 56 00:03:28,320 --> 00:03:29,040 Speaker 2: on the. 57 00:03:29,440 --> 00:03:34,400 Speaker 1: Should all be piliament to Tara edit of One Room. 58 00:03:35,120 --> 00:03:37,360 Speaker 3: For more familiar edition with Ryan Bridge. 59 00:03:37,480 --> 00:03:39,000 Speaker 2: Listen live to news talks. 60 00:03:39,000 --> 00:03:42,280 Speaker 3: It'd be from five am weekdays, or follow the podcast 61 00:03:42,320 --> 00:03:43,200 Speaker 3: on iHeartRadio.