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Speaker 1: Here's an intersting number. Half of us are on either

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Speaker 1: floating or fixed for less than six months. We are

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Speaker 1: just crutch hold weight and to pounce on a lower

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Speaker 1: interest rate. And west PAC's cut by ten basis points

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Speaker 1: after the OCR drop yesterday. They're one year special rate

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Speaker 1: to six point one nine percent. That's the same as

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Speaker 1: Asb's now their two year rates five points six to

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Speaker 1: nine percent. The variable rates have been cut by fifty

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Speaker 1: basis points. What does it mean for house prices? Campbell

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Speaker 1: Dunoon is the Old Day Hilker Group, Head of Network

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Speaker 1: New Zealand. Good morning, Campbell, thanks for being on the show.

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Speaker 2: Good morning Ryan, nice to be here.

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Speaker 1: What do you think this is going to do to

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Speaker 1: prices and win?

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Speaker 2: Well, big question, But firstly, I think it's just fantastic news.

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Speaker 2: It's news we've all been waiting for its effect on prices. Well. Look,

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Speaker 2: I guess at the end of the day, it should

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Speaker 2: increase more activity, more participation from people in the property market,

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Speaker 2: and that could lead to something more positive in prices

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Speaker 2: heading into next year. I think this year is a

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Speaker 2: bit of weight and a bit of caution still, but

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Speaker 2: looking good for twenty five.

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Speaker 1: So there's no flood of vendors have been lining up

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Speaker 1: waiting for the sun to shine and Adrian Or to sing.

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Speaker 2: Well, we've seen an increase in stock this year, in

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Speaker 2: the last half of this year, which is good, and

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Speaker 2: we're heading into the Christmas period and we're seeing more

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Speaker 2: indications of that coming along. So the stock has been there,

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Speaker 2: we're just waiting for the buyers and I think this

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Speaker 2: is just going to give them the nuts just to participate.

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Speaker 2: So again I think if you're looking to buy now,

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Speaker 2: it's probably a good time, and next year I certainly

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Speaker 2: see much more activity.

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Speaker 1: Now would probably be the better time though, right while

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Speaker 1: prices are still quite suppressed, and before you get the

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Speaker 1: floods if they come from the cuts that will come

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Speaker 1: in November and then probably February March.

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Speaker 2: Yeah, it's always funny. People always try and pick the

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Speaker 2: bottom of the market, but look, it's been quite quite

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Speaker 2: average for nearly two years now, and I think we're

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Speaker 2: just with the signs, with the interest raids, the general

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Speaker 2: mood in the country, which I also think is important

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Speaker 2: heading into sum Right, Look, if you're going to buy,

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Speaker 2: if you see the house that you like, if you've

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Speaker 2: done all your due diligence. I'd be jumping in now

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Speaker 2: because next year you could have a bit more competition

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Speaker 2: for the property.

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Speaker 1: Thanks so much for your time, Campbell donon with us

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Speaker 1: al Ja Hooker, Group head of Network New Zealand after

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Speaker 1: the fifty basis point count to the OCI yesterday.

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Speaker 2: For more from News Talks EDB listen live on air

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Speaker 2: or online, and keep our shows with you wherever you

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