1 00:00:00,680 --> 00:00:01,960 Speaker 1: Heather Do to see out. 2 00:00:02,000 --> 00:00:04,200 Speaker 2: The boss of New Zealand Southby says the government is 3 00:00:04,280 --> 00:00:06,640 Speaker 2: leaving money on the table by not overturning the foreign 4 00:00:06,680 --> 00:00:08,920 Speaker 2: buyer bang. You will recall ahead of the last election, 5 00:00:09,039 --> 00:00:11,239 Speaker 2: National wanted to allow the foreign buyers back into the 6 00:00:11,280 --> 00:00:14,520 Speaker 2: property market, then plan to tax them and then plan 7 00:00:14,600 --> 00:00:16,560 Speaker 2: to use that money to pay for the tax cuts 8 00:00:16,560 --> 00:00:18,640 Speaker 2: that we're just announced in the budget. But Winston Peters 9 00:00:18,640 --> 00:00:21,440 Speaker 2: put the kibosh on it. New Zealand Southby's managing director 10 00:00:21,480 --> 00:00:22,400 Speaker 2: Mark Harris is with us. 11 00:00:22,400 --> 00:00:25,600 Speaker 1: Now, Hey, Mark, hi, how are you very well? 12 00:00:25,640 --> 00:00:27,640 Speaker 2: Thank you? How many how many of these foreign buyers 13 00:00:27,640 --> 00:00:29,000 Speaker 2: you reckon want to come into the market. 14 00:00:31,120 --> 00:00:33,640 Speaker 1: There's quite a few. I think we're probably turning away weekly. 15 00:00:34,000 --> 00:00:37,120 Speaker 1: You know, wealthy foreigners from the US, the UK, et cetera, 16 00:00:37,720 --> 00:00:40,280 Speaker 1: you know who are looking at investing in buying homes 17 00:00:40,280 --> 00:00:41,960 Speaker 1: in New Zealand. We're having to say no too. So, 18 00:00:42,080 --> 00:00:44,280 Speaker 1: you know, there's quite a quite a lot of interest, 19 00:00:44,320 --> 00:00:45,760 Speaker 1: as there always has been in New Zealand. 20 00:00:45,960 --> 00:00:47,600 Speaker 2: Why are they so interested in us at the moment? 21 00:00:49,760 --> 00:00:51,760 Speaker 1: Well, I think there's a you know, there's multiple things 22 00:00:51,760 --> 00:00:55,360 Speaker 1: going on around the world as geopolitical stuff in Europe, 23 00:00:55,400 --> 00:00:58,720 Speaker 1: and you know, the election in the US, et cetera. So, 24 00:00:59,120 --> 00:01:00,880 Speaker 1: I mean, New Zealand's all has been of interest, but 25 00:01:00,920 --> 00:01:03,280 Speaker 1: there definitely seems to be a pickup of late. You know, 26 00:01:03,360 --> 00:01:07,360 Speaker 1: certainly our website traffic from international bias has increased quite 27 00:01:07,360 --> 00:01:08,760 Speaker 1: a lot in the last six months, so you know, 28 00:01:08,800 --> 00:01:11,440 Speaker 1: those sorts of things driving interest our way. 29 00:01:12,280 --> 00:01:15,959 Speaker 2: Are you hearing these industry murmurings that Winston Peter's may 30 00:01:15,959 --> 00:01:16,760 Speaker 2: be softening on it. 31 00:01:18,760 --> 00:01:20,919 Speaker 1: Yeah, we've had a few of those rumors floating around, 32 00:01:20,959 --> 00:01:22,960 Speaker 1: and you know, we're so half expecting in the budget 33 00:01:23,000 --> 00:01:25,840 Speaker 1: there might be an announcement around, you know, some easing 34 00:01:25,880 --> 00:01:29,640 Speaker 1: up for that foreign buyer rule, potentially a four million, 35 00:01:29,760 --> 00:01:32,560 Speaker 1: five million dollar threshold being introduced with a stamp duty. 36 00:01:32,560 --> 00:01:35,120 Speaker 1: But you know, it obviously didn't happen, so it must 37 00:01:35,120 --> 00:01:35,880 Speaker 1: have been just a rumor. 38 00:01:35,920 --> 00:01:37,720 Speaker 2: I think you don't think that. I mean, we spoke 39 00:01:37,720 --> 00:01:39,560 Speaker 2: to Nicola Willis about it earlier and she was pretty 40 00:01:39,600 --> 00:01:41,840 Speaker 2: coy about it. I wouldn't answer the question either way, 41 00:01:41,840 --> 00:01:43,760 Speaker 2: which suggests to me that I don't know, maybe we 42 00:01:43,760 --> 00:01:44,560 Speaker 2: can take some hope from it. 43 00:01:44,600 --> 00:01:47,600 Speaker 1: What do you think, Well, hopefully, yeah, you never know, 44 00:01:47,720 --> 00:01:50,800 Speaker 1: later in the year or whenever Winston steps aside, it 45 00:01:50,880 --> 00:01:53,480 Speaker 1: might be a turning point. It certainly seems to make 46 00:01:53,520 --> 00:01:56,760 Speaker 1: sense to us that they would be encouraging any sort 47 00:01:56,800 --> 00:01:59,120 Speaker 1: of investment into New Zealand at the moment given the economy. 48 00:01:59,400 --> 00:02:01,840 Speaker 2: Mark, what properties are these people interested in? Are we 49 00:02:01,920 --> 00:02:06,640 Speaker 2: talking about like really big gangster pads in Queenstown? 50 00:02:08,400 --> 00:02:10,680 Speaker 1: No. I had a know a Sydney investor today this 51 00:02:10,720 --> 00:02:13,520 Speaker 1: morning looking at something around three or four million dollars 52 00:02:13,560 --> 00:02:16,120 Speaker 1: from apartment and of course Australians can buy here at 53 00:02:16,120 --> 00:02:18,520 Speaker 1: the moment without a problem, but generally speaking it's you know, 54 00:02:18,520 --> 00:02:21,400 Speaker 1: four or five million dollars and above. Sure there are 55 00:02:21,400 --> 00:02:23,680 Speaker 1: some that are looking for, you know, big pads, but 56 00:02:25,000 --> 00:02:26,760 Speaker 1: I think there was a four or five million dollars 57 00:02:26,800 --> 00:02:29,320 Speaker 1: threshold that would be sensible. That there was a stamp 58 00:02:29,360 --> 00:02:31,200 Speaker 1: duty on top of that of ten or fifteen percent 59 00:02:31,240 --> 00:02:33,360 Speaker 1: that they were paying, and we could use some of 60 00:02:33,360 --> 00:02:35,680 Speaker 1: that income off that tax to put back into social 61 00:02:35,680 --> 00:02:39,200 Speaker 1: housing or what not to encourage supply. Then I don't 62 00:02:39,240 --> 00:02:41,000 Speaker 1: see that affecting the lower end of the market in 63 00:02:41,040 --> 00:02:45,120 Speaker 1: terms of prices, which they were obviously initially worried about. 64 00:02:45,280 --> 00:02:49,320 Speaker 2: We haven't missed the surge of interest because remember after 65 00:02:49,400 --> 00:02:51,760 Speaker 2: Clovid there was this massive surge of interest in people 66 00:02:51,800 --> 00:02:53,680 Speaker 2: move into New Zealand. We haven't missed that boat. 67 00:02:53,520 --> 00:02:56,440 Speaker 1: Have we. I don't think so. No. I think New 68 00:02:56,520 --> 00:02:58,880 Speaker 1: Zealand's always going to be a popular place to visit 69 00:02:59,080 --> 00:03:02,240 Speaker 1: and to potentially own a holiday home. You know, it's 70 00:03:02,240 --> 00:03:06,440 Speaker 1: a pretty attractive place for the reasons aforementioned, and again 71 00:03:06,480 --> 00:03:08,079 Speaker 1: we've seen the traffic increase quite a lot in the 72 00:03:08,160 --> 00:03:09,720 Speaker 1: last six months. I don't think we've missed the boat. 73 00:03:09,720 --> 00:03:11,360 Speaker 1: We just need to make it a lot more simple 74 00:03:11,480 --> 00:03:14,480 Speaker 1: for these sorts of investors to come here and buy 75 00:03:14,480 --> 00:03:16,200 Speaker 1: a holiday home, because we know when they come here 76 00:03:16,240 --> 00:03:18,680 Speaker 1: and they enjoy the place and they have a holiday 77 00:03:18,680 --> 00:03:20,639 Speaker 1: home that they can use, they then go further to 78 00:03:20,680 --> 00:03:24,119 Speaker 1: invest in local community businesses and many examples of that 79 00:03:24,160 --> 00:03:26,000 Speaker 1: are in the Southern Lakes, which is where we're based. 80 00:03:26,200 --> 00:03:27,760 Speaker 2: Market's good to talk to you. Thank you for your time. Mate. 81 00:03:27,760 --> 00:03:31,800 Speaker 2: This Mark Harris, New Zealand Southeby's International reality Realty Managing Director. 82 00:03:32,760 --> 00:03:35,920 Speaker 2: For more from Hither Duplasy Allen Drive, listen live to 83 00:03:36,040 --> 00:03:39,080 Speaker 2: news talks it'd be from four pm weekdays, or follow 84 00:03:39,080 --> 00:03:40,880 Speaker 2: the podcast on iHeartRadio.