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Speaker 1: Got some fascinating data around Auckland housing. July hotter than

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Speaker 1: a hot thing. Apparently, sales up nine percent from June

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Speaker 1: nine percent. New listing's up fourteen percent month on month.

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Speaker 1: Now for Buffett and Thompson, they sold nine hundred and

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Speaker 1: fifty seven properties. Is that a lot? Yes, it's the

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Speaker 1: most in four years. Peter Thompson's managing director, of course,

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Speaker 1: and as with us, Peter morning, Yeah, good morning, Mike.

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Speaker 1: Is this an outlier or is August going to track

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Speaker 1: some So we're heading towards springing a new tomorrow and

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Speaker 1: the whole world's changing.

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Speaker 2: Yeah. I think if we take the last three to

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Speaker 2: six months, we've actually been tracking up very slightly month

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Speaker 2: after month, and I think there's just a little bit

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Speaker 2: more confidence coming in the real estate market. Traditionally June

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Speaker 2: and July are our slowest month's been winter, but yeah,

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Speaker 2: we're actually starting to see a lot more activity, which

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Speaker 2: is very pleasing.

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Speaker 1: Can we cut through it all and have some reasons?

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Speaker 1: I mean, why would you list in the middle of

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Speaker 1: winter unless you have to? A people leaving the country.

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Speaker 1: Are they feeling bullish and trading up? What's going on?

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Speaker 2: No, we're actually starting to see see quite a lot

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Speaker 2: of first home buyers getting into the market that you know,

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Speaker 2: the average median and average sale price for Auckland have

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Speaker 2: come down just slightly over the last few months. You know,

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Speaker 2: we were originally at the beginning of the esay over

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Speaker 2: a million dollars. We're now down around about nine hundred

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Speaker 2: and ninety thousand. So we're starting to see a few

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Speaker 2: more of the first home buyers, a little bit more

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Speaker 2: activity with some of the developers, with the fast tracking

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Speaker 2: that's come in, there's a little bit more movement starting

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Speaker 2: to happen, and everything's just sort of just starting and

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Speaker 2: I think that's the pleasing thing. But it's all led

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Speaker 2: by the interest rates of course.

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Speaker 1: Okay, So if we're doing and feeling that right here

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Speaker 1: now in the depths of winter, could we feel bullish

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Speaker 1: about September, October and November.

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Speaker 2: I personally think we well, I wouldn't say bullish, but

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Speaker 2: certainly we're going to see a lot more activity. And traditionally,

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Speaker 2: you know, September October, as you say, are our better months.

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Speaker 2: When the weather comes out, we certainly start seeing the

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Speaker 2: higher priced properties come in. That will effect obviously the

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Speaker 2: average sale price. But you know, if you average it

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Speaker 2: out over the year, we're really basically the price is

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Speaker 2: aesthetic and the volume of properties are increasing.

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Speaker 1: And what do you what weight do you place on

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Speaker 1: the so called interest rate flow through? So allegedly you've

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Speaker 1: got a couple more cuts coming from the r but

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Speaker 1: it's not automatic into the retail end. But nevertheless, it's

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Speaker 1: you know, it's putting pressure on the data. Does that

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Speaker 1: fire everything up?

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Speaker 2: It certainly does. But I think it's not just for property.

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Speaker 2: I think you know, getting money in their hands is

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Speaker 2: certainly helping with you know, the average person on the

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Speaker 2: street with every day spending. And you know, we just

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Speaker 2: got to look at what's happened in the rural market.

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Speaker 2: The farmers are happy and now we're starting to see

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Speaker 2: you know, most probably the rural in sales over the

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Speaker 2: last three or four years have been almost non existent.

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Speaker 2: But now it's doing to the activity and that's all

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Speaker 2: good signs.

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Speaker 1: I know, it's a big talking point in the industry.

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Speaker 1: If Lux and Tomorrow announced that your foreign buyers can

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Speaker 1: come back and start buying four or five million dollar houses,

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Speaker 1: how really does that affect the market? Do you think.

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Speaker 2: It won't affect It's huge and I've heard these discussions

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Speaker 2: going on and in reality that there's the protection for

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Speaker 2: the first home buy you know, the five million really

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Speaker 2: will only most probably affect say maybe Auckland and say

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Speaker 2: the Southern Lakes districts. We need to be able to

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Speaker 2: spread it through the country and they may have to

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Speaker 2: lower that that five million, but maybe they have to

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Speaker 2: add on extra for investment that they're talking about. So

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Speaker 2: a total of ten million dollars, it could be five

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Speaker 2: million in Auckland with five million investment. It could be

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Speaker 2: three million, say in Wellington with seven million investment. I

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Speaker 2: think they just need to be aware that we've got

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Speaker 2: to be able to spread some of those foreign buyers.

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Speaker 2: There's a lot of people wanting to come. I've just

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Speaker 2: come back from Singapore, for instance. It was amazing over there.

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Speaker 2: They have free trade and a combined they don't apply

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Speaker 2: to our policy. Very few Singaporeans realized that, and I

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Speaker 2: think that's a message we've actually got to get out

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Speaker 2: to them. Well.

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Speaker 1: Sid appreciate times of works Peter Thompson, who's the managing

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Speaker 1: director of course at Barfoot and Thompson. For more from

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