Speaker 1: You're listening to the Weekend Collective podcast from News Talks AB.
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Speaker 6: News Talk CB Weekend Collective. I'm Jess. I'm with you
Speaker 6: through until six o'clock. Tim on a well earned break
Speaker 6: after working through the summer season. Seven minutes past four
Speaker 6: still to come on the show. After five o'clock, we're
Speaker 6: going to have a debut guest spot with midwife Grace Strange,
Speaker 6: so we're going to talk parenting and also the increasing
Speaker 6: amount of C sections that are being requested in New Zealand.
Speaker 6: We'll find out why that is and whether it is
Speaker 6: a good thing. But of course it is now time
Speaker 6: for the one roof radio show and joining me today
Speaker 6: is Ashley Church, property commentator. Hi, Ashley, Jess.
Speaker 7: I'm just thinking, I'm very please you haven't got the
Speaker 7: topics around the wrong way, because I would have been
Speaker 7: in a bit of trouble with the next.
Speaker 6: Time I want to put that on. You don't worry.
Speaker 6: That would be a whole new type of property check.
Speaker 6: Just quietly.
Speaker 7: Actually, I'm pretty sure whoever it was coming on probably
Speaker 7: would have struggled a bit too, So there you go.
Speaker 6: Hey, now first and foremost, we'll get the formalities out
Speaker 6: of the way. Happy New Year. Did you have a
Speaker 6: chance for a good break?
Speaker 7: Yeah, you didn't go anywhere, living here in Paradise on
Speaker 7: the beach in Hawks Bay.
Speaker 6: Oh nice.
Speaker 7: Had some stunting weather up until Christmas and then the
Speaker 7: and then it all packed up for a while. But
Speaker 7: it's come right again now, but it's been good.
Speaker 2: Yeah.
Speaker 7: How about you? Where did you go?
Speaker 6: I worked, so I didn't go too far. But when
Speaker 6: I did go away, I went camping for ten days
Speaker 6: actually round Nelson and Blenham, and we were lucky with
Speaker 6: the weather. But I tell you what, it's nothing like
Speaker 6: summer should be, isn't.
Speaker 7: Wow. Well, it's interesting you went down there because your
Speaker 7: compatriot Tim Beveridge is down in cable bait the moment,
Speaker 7: so yeah, he is so obviously a popular haunt.
Speaker 6: Yep, yep. And of course we are chatting property now,
Speaker 6: and are we finding is this the time when people
Speaker 6: start to kind of wake up to the property market again? Ashley?
Speaker 7: Well, funny you should ask. So there's a very interesting
Speaker 7: article Calvin Davis, who most of your listeners will know.
Speaker 7: He's with core logic. He's got an article in the
Speaker 7: one of the newspapers a few days ago talking about
Speaker 7: what's happened to house prices over the last in fact,
Speaker 7: basically since since the peak, which was in twenty twenty one,
Speaker 7: and he talks about the fact that Auckland house prices
Speaker 7: have dropped by about twenty percent and how Wellington prices
Speaker 7: have done even worse. He've dropped by about twenty five sorry,
Speaker 7: Auckland about twenty two and Wellington about twenty five, So
Speaker 7: very much crash territory for both of those markets, although
Speaker 7: to be feared that the incidence so that it would
Speaker 7: be different in different parts of Workington Wellington. Anyway, the
Speaker 7: reason I mentioned that is because we've had this, and
Speaker 7: everybody knows this. We've all experienced it, so I'm not
Speaker 7: telling anybody anything they don't already know. What we've all
Speaker 7: been waiting for is the return to market normality, and
Speaker 7: we've had a couple of false starts chests. We had
Speaker 7: a false start about two years ago and then more
Speaker 7: recently in December twenty twenty three, so just over twelve
Speaker 7: months ago it looked like the market was all ready
Speaker 7: to take off again, and this even before interest rates
Speaker 7: started dropping. It looked like there was a bit of
Speaker 7: confidence in the market. And I don't know if whether
Speaker 7: you remember this, but was there was sort of a
Speaker 7: hesitant confidence starting to return. And then Sharon Zohner, who
Speaker 7: was the head economist at the A and Z, made
Speaker 7: what was, in hindsight a pretty stupid comment, which was
Speaker 7: that the Reserve Bank was likely to increase interest rates,
Speaker 7: and that snuffed it out. And at the time she
Speaker 7: got criticized by pretty much everybody, and I think she
Speaker 7: came out and said she was wrong pretty quickly. But
Speaker 7: the point is not so much to criticize her, but
Speaker 7: to just indicate how fickle that confidence actually was at
Speaker 7: the time. So I'm mentioning all that because we're now
Speaker 7: into another phase like that. So we're now into another
Speaker 7: period where it's looking like the market might recover again
Speaker 7: with a bit more validity this time, just because interest
Speaker 7: rates have been dropping reasonably steadily since late last year.
Speaker 7: So the difference between last year and this year is
Speaker 7: that there is there is certainly a reduction in what
Speaker 7: it's costing people to own property, and that has two impacts. One, obviously,
Speaker 7: it gives them more confidence to go back into the
Speaker 7: market and to it means that it actually they can
Speaker 7: spend more because they've got more to spend because they're
Speaker 7: not spending as much on interest. So long, very long
Speaker 7: answer to your question, which is the art to which
Speaker 7: the answers may.
Speaker 6: Be maybe or we might We might as well carry
Speaker 6: on with that chat too, Eshley, because as you say,
Speaker 6: it's it's such a it's such a big as investment
Speaker 6: for so many people that when do people start believe
Speaker 6: thing in the rhetoric when it's Sorry, I.
Speaker 7: Was just going to say, that's an excellent question, and
Speaker 7: if I had the answer without it'd be worth billions.
Speaker 7: So and the reason I say that is because there
Speaker 7: is a point at work. Have you ever read the
Speaker 7: book Tipping Point by Stephen Gladwell Malcolm Gladwell, No, I haven't, No, Okay,
Speaker 7: that's a really good book. He's a British author, wrote
Speaker 7: about twenty years ago, and it basically talks about the
Speaker 7: fact that when subtle changes take place in any trend,
Speaker 7: there is a point at which they suddenly take off.
Speaker 7: Doesn't matter what it is, whether it's a product of
Speaker 7: service or in our case, the property market, there is
Speaker 7: a point at which it tips. And once that tip
Speaker 7: takes place at the prices start dropping in the case
Speaker 7: of the property market, all going up if we're going
Speaker 7: into a new market. And so the question at the
Speaker 7: moment is when will that tipping point be. I think
Speaker 7: we all recognize it's coming. We all know it's going
Speaker 7: to happen. We all know that the market's long overdue
Speaker 7: for an increase and that it's going to take off again.
Speaker 7: It's just that none of us know when we will
Speaker 7: actually hit that point. When it happens, it will happen
Speaker 7: quickly and we'll know it. We'll all know it. But
Speaker 7: it hasn't happened yet, and we're sort of all waiting
Speaker 7: on ten to hooks. And I think probably more nervous
Speaker 7: because this time fourteen months ago we were going through
Speaker 7: pretty much the same thing, thinking that was the tipping point,
Speaker 7: and it turns out it wasn't.
Speaker 6: Yeah, exactly, And so why is it areas like Wellington
Speaker 6: and Auckland. Do you think that have dropped because it
Speaker 6: hasn't been near as bad in christ Church?
Speaker 7: Yeah? Two slight dear different reasons in each of those.
Speaker 7: So in the case of Auckland, it's because they got
Speaker 7: so high. So you remember we had that and it's
Speaker 7: really important, and I say this every time on the show,
Speaker 7: and I need to stress it. The reason we're in
Speaker 7: this position now is that there is a If you
Speaker 7: want to look for somebody to blame or something to blame,
Speaker 7: there is an offending party and it's the Reserve Bank.
Speaker 7: The Reserve Bank created the situation that increased house prices
Speaker 7: in twenty twenty and twenty twenty one, and then when
Speaker 7: it realized it had gone too far with monetary policy,
Speaker 7: it had born interest rates down too far, it then
Speaker 7: proceeded to do the opposite of that and basically screw
Speaker 7: the economy for two years. So the Reserve Bank is
Speaker 7: the stalking night in this and the Reserve Bank's desperate
Speaker 7: now trying to get inflation back under control. Looks like
Speaker 7: it's done that I should hasten to add. I agree
Speaker 7: with what they've done. I just resent the fact that
Speaker 7: they put us in the position that they had to
Speaker 7: do it in the first place. So Auckland house prices
Speaker 7: went up dramatically as a result of rezerm policy, so
Speaker 7: they had further to fall. And it's pretty much as
Speaker 7: simple as that. In most parts of Auckland, Wellington's a
Speaker 7: little bit more difficult difficult a couple of reasons. One
Speaker 7: of them is that, and this is going to offend
Speaker 7: some of your listeners, but it's just a fact. When
Speaker 7: it comes to the Wellington market, I would argue that
Speaker 7: Wellington's not a particularly attractive destination for people to purchase homes.
Speaker 7: People go there because they have to because they work
Speaker 7: in the public service. So it's not a destination like
Speaker 7: other parts of the country where I am here in
Speaker 7: Hawk's Bay or where you are in christ Church. You
Speaker 7: are other parts of the country where people buying because
Speaker 7: they want to because it's a lifestyle destination. They buy
Speaker 7: in Wellington because that's where the job is. And compounding that,
Speaker 7: and related to that, is the fact that the public
Speaker 7: service is such a large stalking horse over the Wellington
Speaker 7: property economy that when there's a lack of confidence in
Speaker 7: what's happening there or or changes taking place as there
Speaker 7: are at the moment with the government, that also has
Speaker 7: that costs a very long shadow over what happens to
Speaker 7: Wellington house prices, and that will continue to do so,
Speaker 7: I think probably for another year or so, until that
Speaker 7: sort of sorts itself out and we know what the
Speaker 7: Government's actually doing in that space.
Speaker 6: Yeah, and it's with things like infrastructure. You know, Wellington's
Speaker 6: had such a tough time in the news over the
Speaker 6: last year with their water infrastructure and the likes of that.
Speaker 6: Does that put people off?
Speaker 7: Well, it puts It's not so much that it puts
Speaker 7: us off per se. Well, yes it does, but it
Speaker 7: also puts it puts people off because all that impacts
Speaker 7: on rates. So Wellington rates are just astronomical at the
Speaker 7: moment there. You know, they're at a point now where
Speaker 7: I would argue the government should already have stepped in
Speaker 7: and sacked the council there and put a commissioner in
Speaker 7: in the same way that they did with Towering or
Speaker 7: a few years ago. In fact, they probably could have
Speaker 7: got in Tolly who was the commissioner and Towering are
Speaker 7: to do the same job in Wellington. For whatever reason,
Speaker 7: they've chosen not to. But so you've got this uncertainty.
Speaker 7: You've got people thinking, what's gonna heaven to my rates?
Speaker 7: And they're going to continue increasing over the next few
Speaker 7: years are certainly an indication that they're likely to. And
Speaker 7: then you've got, as you say, all that infrastructural deficit
Speaker 7: stuff that's taking place, which is not only expensive, but
Speaker 7: it also impacts on people's lifestyles while the well that
Speaker 7: work's actually being.
Speaker 6: Done eight hundred eighty ten eighty. If you've got a
Speaker 6: question for Ashley Church, our property commentator today, have you
Speaker 6: seen your property value go down? Have you seen prices
Speaker 6: going down around you? Are you trying to buy or
Speaker 6: sell at the moment and how are you finding it?
Speaker 6: Our lines are open, oh, eight hundred eighty ten eighty
Speaker 6: or any question in regards to the property market. We
Speaker 6: would welcome your calls today. So is it a good
Speaker 6: time to sell then, Ashley at the moment, given what's
Speaker 6: going on.
Speaker 7: It's an interesting question because it really depends on why
Speaker 7: you're selling. If you're selling to make money, if you're
Speaker 7: selling because you want to sort of capitalize on the
Speaker 7: value of your property, probably not. But most people aren't
Speaker 7: doing that. Most people are buying and selling for reasons
Speaker 7: other than profits, So they're they're they're selling because they
Speaker 7: want to buy another house, either in the same city
Speaker 7: or somewhere else. And for those people, life just goes
Speaker 7: on and so they'll continue and particularly if you're in
Speaker 7: the same market, so if you are in Wellington, for example,
Speaker 7: and things are a little bit up in the air
Speaker 7: there at the moment. If you're selling a property in
Speaker 7: order to buy another property in the Wellington market, then
Speaker 7: you're fine because because as much as prices might be
Speaker 7: a little bit depressed at the moment, that goes both ways.
Speaker 7: If you're buying it also it's also a benefit to you.
Speaker 7: So the answer is probably no. But if you ask
Speaker 7: me the flip question to that, which is a good
Speaker 7: time to buy, it's absolutely a good time to buy
Speaker 7: right now and it won't continue to be for it indefinitely.
Speaker 7: Prices are probably as depressed as they're going to be
Speaker 7: at the moment in most parts of the country, even
Speaker 7: christ Church where they've only dropped by about seven percent,
Speaker 7: they're not going to drop any further than that. So
Speaker 7: for somebody who's looking to buy a home, maybe a
Speaker 7: first time buyer who's been holding off for the last
Speaker 7: couple of years, thinking that you know, the property houses
Speaker 7: that might drop a little bit further. You're talking eking
Speaker 7: out small, tiny fractions of a percent. Now more likely
Speaker 7: that house prices will start increasing. So for those people yet,
Speaker 7: it's a good time to be listening to it to
Speaker 7: take advantage of the market. Well, that still prevails.
Speaker 6: An interesting as an aside. This week, of course, we
Speaker 6: heard that christ Church in the Canterbury region having a
Speaker 6: huge amount of consents approved. So meeting that demand is
Speaker 6: obviously going to keep the price fairly reasonable.
Speaker 7: You would hope, you would hope, Yeah, I did see that.
Speaker 7: It's not something I keep a huge ionic am. Interestingly,
Speaker 7: that would be the opposite situation to some parts of
Speaker 7: the country, where partly as a result of the fact
Speaker 7: that there was probably over supply over the last couple
Speaker 7: of years, and partly as a result of the fact
Speaker 7: that immigration numbers have come down, that consenting for new
Speaker 7: constructions come down in some parts of the country. So
Speaker 7: the fact that it's up in christ Church is a
Speaker 7: good sign of a healthy economy.
Speaker 6: Sure is. I can see it happening around me in
Speaker 6: the central city as we speak. Apartments going up everywhere. Oh,
Speaker 6: eight hundred and eighty ten eighty. If you have a
Speaker 6: question around property investment, whether you're buying or selling at
Speaker 6: the moment, or want some questions answered, weight one hundred
Speaker 6: and eighty teen eighty, we'd love to have your calls.
Speaker 6: We have Hapal on the line, Hig Hapal.
Speaker 4: How are you goody, Sorry but novous. This is the
Speaker 4: first time Mama were talking on a radio. Shirt don't
Speaker 4: need to be made. Yeah, so I got a house
Speaker 4: last year. The intrust rate was like, I think six
Speaker 4: at five seven. And if the intrust rate go down,
Speaker 4: you think it will increase my equity or I have
Speaker 4: a chance to buy a second property.
Speaker 7: Both. So let's take two of those things. Firstly, if
Speaker 7: interest rates go down, So one of the things we
Speaker 7: do now know, and you know it's a merge. It's
Speaker 7: something I've talked a lot about over the last three
Speaker 7: or four years, is that there is a direct relationship
Speaker 7: between increased house prices and lower interest rates, both in
Speaker 7: terms of confidence and in terms of affordability. So if
Speaker 7: interest rates continue to come down, which they will be recorded,
Speaker 7: I don't know what that was. Yeah, if interest rates
Speaker 7: continue to go down, as they will, then you would
Speaker 7: expect house prices to increase on the back of that,
Speaker 7: not necessarily at exactly the same rate, but if you
Speaker 7: look at that trend line over the longer periods, you'll
Speaker 7: see that that relationship's there. In respect of buying another property,
Speaker 7: that really relates to some other factors as well, that
Speaker 7: also comes down to what your financial position is, whether
Speaker 7: you're in a position to be able to afford to
Speaker 7: pay a second mortgage, whether the banks, whether you've got
Speaker 7: enough equity in your existing property to maintain the bank's
Speaker 7: minimum as well as have enough for a deposit on
Speaker 7: a new property, and whether the bank would accept that.
Speaker 7: So that's a more fraught and complicated equation. But if
Speaker 7: you talk to a mortgage broker or to your local bank,
Speaker 7: they'll be able to help you with that.
Speaker 4: Oh, yeah, thanks for helping Matt.
Speaker 6: One for Thanks for your call, Harpal, appreciate it. Oh
Speaker 6: eight hundred and eighty ten eighty is the number to
Speaker 6: call if you've got some questions for Ashley, you'd be
Speaker 6: happy to chat with you. Ashley, We've got a text
Speaker 6: here from Alex and I'm not sure if you're familiar
Speaker 6: with the carpety mark it, but he's asking are you
Speaker 6: familiar with the company market and what it's doing and
Speaker 6: is there a different market to Wellington City?
Speaker 7: Yeah, it is and and so and I'm glad he
Speaker 7: asked that because that's a good point. Actually, So when
Speaker 7: I talk Wellington, I tend to talk the Wellington region
Speaker 7: as fast North as as pro ruit and maybe a
Speaker 7: little bit further so, so in that sort of I
Speaker 7: when I talk with that sort of Greater Wellington area,
Speaker 7: for me, that's that Greater Wellington actually does take in
Speaker 7: capity though in fact Greater well Engine actually takes in
Speaker 7: why a wrapper, I think and the company markets clearly different.
Speaker 7: And it's different because obviously it is a lifestyle destination.
Speaker 7: It is some it is some where people go because
Speaker 7: of the lifestyle. It's a retirement destination. There's a lot
Speaker 7: of people by there because they choose to retire there.
Speaker 7: It's a lot newer, it's got a lot of newer housing.
Speaker 7: It's got a sort of a dynamic to it that
Speaker 7: doesn't exist to the same de grand Wellington. So if
Speaker 7: Alex is in CARPETI yeah, that's that that would definitely
Speaker 7: have a different complexion to it than what's going on
Speaker 7: in Wellington.
Speaker 6: Okay, thank you, Ashley, and we'll head back to the
Speaker 6: phones now, Hi Ben.
Speaker 3: Ben there, Ashley, you've spoken a bit about Wellington for
Speaker 3: first time buyers an Orkland. How much longer do you
Speaker 3: think this opportunity might last?
Speaker 7: It's a really good question. So it's definitely there right
Speaker 7: now and it's been there for some time. Probably the
Speaker 7: best way to answer that is to say, once it changes,
Speaker 7: it will change quickly. So I can't tell you when
Speaker 7: when the market will change. What I can tell you
Speaker 7: is when it does change. You know what FOEMO has
Speaker 7: been the fear of missing out. So Phoe is essentially
Speaker 7: the personification of the change that takes place in people's confidence.
Speaker 7: So they go from this point where they're not sure
Speaker 7: whether it's a good time to buy, to suddenly something
Speaker 7: changes in the water, The mood changes, the confidence changes,
Speaker 7: and then suddenly it moves into this thing of hey,
Speaker 7: house prices are going up. I better buy quickly or
Speaker 7: I'm going to I'm not going to be able to
Speaker 7: afford to do so when that kicks in, and it will.
Speaker 7: When that kicks in, it has a tendency to take
Speaker 7: hold quite quickly. And when I say quite quickly, by
Speaker 7: meaning house prices, good could go up by as much
Speaker 7: as ten percent and twelve months. So I can't tell
Speaker 7: you when that will happen, but when it does happen,
Speaker 7: it will happen fast.
Speaker 3: Awesome thinks I should not worries at all.
Speaker 7: Have That's helpful, mate, chess mate.
Speaker 6: Thanks Ben, appreciate your call, I wait one hundred and
Speaker 6: eighty ten eighty your opportunity to pick the brains of
Speaker 6: a property expert if you're in the market to buy
Speaker 6: or sell, actually would be happy to take your calls.
Speaker 6: Just before we take a break, Ashley, I've got a
Speaker 6: text your saying, not only the Reserve Bank to blame
Speaker 6: investors brought up large and cut out poor first home buyers.
Speaker 6: We've never had the capital gain, so it was better
Speaker 6: playing with houses rather than business or shares. Would you
Speaker 6: agree with that?
Speaker 7: No, not at all. Two reasons. One is that investors
Speaker 7: are absolutely no different to anybody else who operates in
Speaker 7: any form of business, which as they respond to market signals,
Speaker 7: and the market signals were lower cost money buy, so
Speaker 7: they did more. Importantly, that text plays up this whole
Speaker 7: idea that there's a confrontation between property investors in first
Speaker 7: home buyers that simply doesn't exist. It's non since it
Speaker 7: always has been the biggest group of buyers in the
Speaker 7: market at any given point in New Zealand's history, with
Speaker 7: the exception. I think so if you go back to
Speaker 7: twenty fourteen and you look at each year as having
Speaker 7: four quarters since twenty and fourteen, there was only three
Speaker 7: or four quarters, where first time buyers weren't the biggest
Speaker 7: buyers in the market. They represent. Yeah, so this idea
Speaker 7: that investors came in and took all the first time
Speaker 7: buyers our houses is simply not true. And investors serve
Speaker 7: a completely different purpose in the market. If you didn't
Speaker 7: have investors buying rental property for people to rent, the
Speaker 7: government would have to provide those rentals. So it's this
Speaker 7: idea that first time buyers were missing out and not
Speaker 7: buying houses is simply nonsense. They continue to be the
Speaker 7: significant part of the market, will continue to be so,
Speaker 7: so if you didn't have investors in the country would
Speaker 7: be in dire shape because you and I, as a taxpayer,
Speaker 7: would have to pick up the bill for those houses
Speaker 7: that people rented.
Speaker 6: Yeah, and a lot of that does come from political
Speaker 6: spin too, doesn't.
Speaker 7: It totally totally And it comes out of people's political ideology,
Speaker 7: and I get that, but it isn't true.
Speaker 6: Yeah, fair enough, I thank you. Actually, we're going to
Speaker 6: take a break now, oh eight hundred and eighty ten
Speaker 6: eighty if you'd like to get on the line to
Speaker 6: ask your questions. And the one roof property out here,
Speaker 6: the week in Collective News Talks e'd b twenty four
Speaker 6: minutes past four and I'm Juce Davidson with you today,
Speaker 6: Tim having a well enned break in. We are very
Speaker 6: honored to be joined by Ashley Church, property commentator today.
Speaker 6: He's taking your questions on the property market. We've been
Speaker 6: discussing that their significant drops in Wellington in Auckland and
Speaker 6: answering your calls as well. Oh one hundred and eighty
Speaker 6: teen eighty good afternoon, Mary, Oh.
Speaker 5: Good Asking y Ashley, I wanted to ask why it's
Speaker 5: so difficult to get mortgages for company share places. I
Speaker 5: know they're wanted people to get, you know, get into
Speaker 5: housing and everything and very good, it's very good accommodation
Speaker 5: and that. But people seem to be able to very
Speaker 5: lot of difficulty getting the mortgage.
Speaker 7: So what do you mean when you say company share places.
Speaker 7: I'm not sure I understand.
Speaker 5: So we're like you got five or six flats units
Speaker 5: all in a row, and you buy certain number of
Speaker 5: shares for the building.
Speaker 7: Oh. I wouldn't profess to be an expert on that
Speaker 7: particular form of purchasing, but I would say, just based
Speaker 7: on what you've told me, I suspect it's probably because
Speaker 7: the security for the banker is more problematic. So when
Speaker 7: banks lend money on a mortgage, they do it based
Speaker 7: on the security that you provide to them, and they
Speaker 7: want to make sure that if anything happens to the market,
Speaker 7: that they're covered and they can sell the property and
Speaker 7: get their money back. I suspect, and I don't know this.
Speaker 7: I suspect there's probably something about the securitization of those
Speaker 7: assets which is more problematic for them and makes it
Speaker 7: more difficult. But I don't know, and I'm sorry. I
Speaker 7: can't help you in a way that would probably are
Speaker 7: probably going to be helpful to you to the question
Speaker 7: that you're asking.
Speaker 5: Well, that's okay, I just thinking about it. I listened
Speaker 5: to the program each week, and I just sort of thought,
Speaker 5: we'll give it a go.
Speaker 7: You know, trigging next there might be a smarter mind
Speaker 7: than mine and that won't be difficult.
Speaker 6: Thanks anyway, no worries, Thank you, Mary. Thanks to you.
Speaker 6: Cal If we get any text correspondence with answers, will
Speaker 6: bring it your way. Mary, But thank you very much
Speaker 6: for your call. And I guess in the terms of
Speaker 6: general deposits, actually has it got easier for people to
Speaker 6: get those together.
Speaker 7: Now, well, the deposits only as difficult it has ever been.
Speaker 7: I think what has changed and which got harder two
Speaker 7: things have happened. Actually in twenty and seventeen. Twenty and eighteen,
Speaker 7: the Reserve Bank, there's that Reserve Bank again introduced something
Speaker 7: called alone to value ratio restrictions, which basically said that
Speaker 7: you had to have in most circumstances of twenty percent
Speaker 7: deposit if you were buying a home. There were some
Speaker 7: exceptions to that, and the rationale for that was pretty
Speaker 7: shunky in my view. It was based on the Reserve
Speaker 7: Bank's view that they were somehow stabilizing the market by
Speaker 7: forcing people to have bigger deposits. There's actually no evidence
Speaker 7: to back up that assertion going back forty odd years.
Speaker 7: But there you are now having put that, and the
Speaker 7: people who suffer most from that first home buyers. Because
Speaker 7: for somebody buying another house, you know you've got your
Speaker 7: deposit because it's built into the equity of the property
Speaker 7: that you're selling. Even if you're buying a more expensive property,
Speaker 7: you've got sufficient equity and at the home that you're
Speaker 7: selling to cover the portion of the loan that the
Speaker 7: bank needs. If you're a first home buyer, that's not
Speaker 7: the case, so you've got to actually save it up.
Speaker 7: And so instead of back in the old days where
Speaker 7: you could buy a house on as little as five
Speaker 7: percent deposit, So just to put that in some context,
Speaker 7: if you were buying a home with five hundred thousand,
Speaker 7: then you could get a house for a deposit as
Speaker 7: little twenty five grand, You've now got to have one
Speaker 7: hundred thousand dollars deposit for that same house. So big
Speaker 7: in position, big change. Anyway, the market's responded to that
Speaker 7: and managed okay. The Reserve banks now indicated that it's
Speaker 7: introducing yet another in position, something called DTIs debt to
Speaker 7: income ratios or get to income restrictions, and so not
Speaker 7: happy to have upset the market with the loan to
Speaker 7: value ratios, that have now said that banks will only
Speaker 7: be able to loan on a multiple of your income.
Speaker 7: And so what they're saying is just to make it
Speaker 7: really easy, if you've got one hundred thousand dollars income
Speaker 7: household income, then the maximum you'd be able to borrow.
Speaker 7: And I'm putting aside just to make this simple, I'm
Speaker 7: putting aside deposits and things, and just doing the straight numbers,
Speaker 7: you'd only be able to borrow seven hundred thousand dollars,
Speaker 7: which in some parts of the country is fine. If
Speaker 7: you're in Auckland, good luck with that. And the problem
Speaker 7: with that is that, firstly, there's no reason for the
Speaker 7: Reserve Bank to do that. We've just been through the
Speaker 7: most difficult market we've probably been in forty or fifty years,
Speaker 7: and we've come through relatively unscathed, and now they're talking
Speaker 7: about putting yet another restriction in place. And secondly, it's
Speaker 7: not the Reserve Bank's role. The Reserve Bank's role and
Speaker 7: remisss around the control of inflation, not trying to control
Speaker 7: how the property market works, and so all they're likely
Speaker 7: to do. All this is likely to do, in my view,
Speaker 7: is make it harder for first time buyers to buy
Speaker 7: a property, to the point wherein I've predicted this on
Speaker 7: the show a couple of times, the government will have
Speaker 7: to for them to revisit this in three or four
Speaker 7: years time, because it will prove to basically reduce first
Speaker 7: time ownership over and above the other impositions at the
Speaker 7: Reserve Bank's already put in place.
Speaker 6: Yeah, such a daunting process for first time buyers and
Speaker 6: as you say, another obstacle. Back to the phones' oh
Speaker 6: one hundred and eighty ten eighty, or you can text
Speaker 6: through nine two nine two if you'd like to check
Speaker 6: with scle Church.
Speaker 7: Paul.
Speaker 8: Hi there, Paul, afternoon, nice technical, Thank you. I've got
Speaker 8: a bet a four or five year old villa style
Speaker 8: house in Walkworth that I'm going to meet with a
Speaker 8: real estate agent this week to list. And when I
Speaker 8: popped into their office just to set up an appointment
Speaker 8: for this coming week, the mains they said was that, oh,
Speaker 8: you've got to put it up for action. They haven't
Speaker 8: actually seen their house she had or anything like that.
Speaker 8: We haven't talked about a marketing plan or anything at all.
Speaker 8: I'm not saying that I've got a problem with going
Speaker 8: to auction. I'm just wondering, is there always the default position?
Speaker 8: Is that always the best thing to do to go
Speaker 8: to action? Or do you think?
Speaker 7: I know, and I think you'll find that that's the
Speaker 7: the I think you'll find that's a preferred position of
Speaker 7: the agent you're dealing with. So every agent, and sometimes
Speaker 7: every firm's got its own views on the best way
Speaker 7: to sell property. So I should start by saying that
Speaker 7: if they're saying that to you, I would there on
Speaker 7: the side of thinking that they believe that's in your
Speaker 7: best interests. It doesn't necessarily mean it is. There are
Speaker 7: different agencies are good at different things. But for every
Speaker 7: agent that talks about options being a good way of selling,
Speaker 7: there will be another agent will say sell by tender
Speaker 7: or or price over or Also there's about ten or
Speaker 7: fifteen different mechanisms that you can use. My personal view
Speaker 7: for what it's worth octions options are a very bad
Speaker 7: way of selling in a flat market. The whole purpose
Speaker 7: of an option, and the whole reason that an auction
Speaker 7: works is in a hot market, you get four or
Speaker 7: five people in the room who all want to buy
Speaker 7: the property, and they compete with each other, so that
Speaker 7: competition basically causes them to pay the maxim and price possible,
Speaker 7: and you maximize the value of the property in a
Speaker 7: flat market, and this, you know, I'm probably going to
Speaker 7: get agents ring up and complaining when I say this,
Speaker 7: but it's my view. In a flat market, it's basically
Speaker 7: just a mechanism for real estate agents to basically say
Speaker 7: to you, well, the market's spoken, you have to reduce
Speaker 7: your price. So I would certainly not be directed by them.
Speaker 7: There's no reason to sell byoction, and that they may
Speaker 7: think that's the best way, but there are certainly other
Speaker 7: ways to do it, and that's not the only one.
Speaker 8: Any recommendation on which one.
Speaker 7: Look. It really comes down to the agent, because because
Speaker 7: if you're got an agent who sells bioction all the
Speaker 7: time and it is really good at it, it may
Speaker 7: well with that agent it may well be the best
Speaker 7: thing possible. There'll be another one. It comes down the
Speaker 7: most important thing you can do when you're putting your
Speaker 7: property on the market is find the right agent, and
Speaker 7: that is to ask them what they've sold in the past,
Speaker 7: what they've got for those properties, and then be led
Speaker 7: by them in terms of the mechanism that they use,
Speaker 7: because it's more about their ability to sell than it
Speaker 7: is the mechanism, and so I I would be looking
Speaker 7: to make sure you're getting the right person and then
Speaker 7: being lead by them on their advice, because if it's
Speaker 7: worked for other people, that will work for you too.
Speaker 8: Okay, So I'm looking for an agent that's selling a
Speaker 8: lot of property in my area and try and understand
Speaker 8: how he's selling those machines.
Speaker 7: Yeah, you probably want one. Probably want selling a lot
Speaker 7: right now, because nobody is selling a lot, but you're
Speaker 7: But look for somebody maybe going over twelve or eighteen
Speaker 7: months or two years, and see what they've done, and
Speaker 7: see what prices they've achieved, and then be led by
Speaker 7: them in terms of their recommendation and what they think
Speaker 7: is the best way of selling your property. Because if
Speaker 7: they're a good agent, then they obviously know what they're
Speaker 7: doing in the way that they do it.
Speaker 8: Great, wonderful, appreciate your help.
Speaker 6: I love you, Thank you, Paul, thank you. And that's
Speaker 6: another aspect of selling, isn't it, Ashley, where you've really
Speaker 6: got to do your research as to who you're dealing
Speaker 6: with in terms of an agent.
Speaker 7: Yees, so and so when you go around town and
Speaker 7: you know you're going to movie theaters and you see
Speaker 7: these ads from real estatements and the big billboards and everything,
Speaker 7: the reason that agents do that is because they're wanting
Speaker 7: to create a name familiarity. There's nothing wrong with that,
Speaker 7: by the way, that's how the free market works. But
Speaker 7: it's not necessarily just because you know somebody's name is
Speaker 7: not necessarily the measure of whether or not they're a
Speaker 7: good agent, and that's you know, the number of people
Speaker 7: that go and pack an agent simply because they like them, well,
Speaker 7: they said the right thing when they first met them,
Speaker 7: or they're a friend of a friend, doesn't necessarily mean
Speaker 7: it's the best person to buy your house. And you
Speaker 7: should be saying, you know, maybe interviewing a couple of them,
Speaker 7: maybe three of them, and saying, can you give me
Speaker 7: an indication of what you've sold over the last couple
Speaker 7: of years and what sort of prices you've achieved, And
Speaker 7: anybody who's any good will be able to send you
Speaker 7: a portfolio of those I'll be able to email you know,
Speaker 7: an indication of what they are and that should be
Speaker 7: your guide. So the way they do it, you should
Speaker 7: be led by them, because if they're good at what
Speaker 7: they do, then obviously the way they do it works
Speaker 7: and that's what you want for your property.
Speaker 6: Sure thing, Thank you, Eshley. We're going to take another
Speaker 6: quick break, but you can take part of the conversation.
Speaker 6: If you've got a question you'd like answered, you can
Speaker 6: take through nine two nine two, or give us a call. Oh,
Speaker 6: eight hundred and eighty ten eighty. In the meantime, though
Speaker 6: we're twenty three minutes away from five. It is the
Speaker 6: one roof property show on the week n Collective News Talks.
Speaker 6: He'd be and we had property commentator Ashley Church with
Speaker 6: us this afternoon. If you want to get your call in, oh,
Speaker 6: eight hundred and eighty ten eighty or text through nine
Speaker 6: two nine two. Back to the phones now and we've
Speaker 6: got Ray with us. Hi, Ray, good Ray By.
Speaker 2: I know she's about to get her hat State advances
Speaker 2: loan for trail three and a half four percent and
Speaker 2: it stayed for the duration of the whole loan. Boy,
Speaker 2: is it changed the rank can make more money. Yes.
Speaker 7: So for the listeners who don't know what Ray's talking about,
Speaker 7: State Advances loan was, you're going back to the sixties
Speaker 7: and the seventies when what used to be the Housing
Speaker 7: Corporation and has now Klangora used to issue loans directly. Ray.
Speaker 7: It actually didn't start three and a half percent for
Speaker 7: the life of the loan. They they in more in
Speaker 7: recent years from the eighties onward they reverted back to
Speaker 7: market interest rates because the government sold those off to
Speaker 7: the banks. But I understand the point you're making. The
Speaker 7: main reason is because back in those days when that
Speaker 7: was happening, the way they were able to maintain those
Speaker 7: low interest rates was basically the taxpayer was subsidizing it.
Speaker 7: And I think the government is the labor government in
Speaker 7: the eighties decided that wasn't fair. I tend to agree
Speaker 7: with them, and that the market should dictate what you
Speaker 7: pay an interest, and that should go up and down
Speaker 7: relative to what everybody else is paying. And that's that's
Speaker 7: essentially the answer to your question.
Speaker 2: Yeah, fair enough.
Speaker 6: Thanks Ray, thank you, thank you for your call. And
Speaker 6: we've just got a text here through from Wayne Ashley.
Speaker 6: He says, Hi, I'm a co owner of a lifestyle
Speaker 6: block just out of Gisbon. It's been on the market
Speaker 6: since October with very little interest. The real estate agent
Speaker 6: advised to try selling on a deadline sale, so we
Speaker 6: went that way. Do you have any advice if this
Speaker 6: doesn't work about what to do next? And as Gisbone
Speaker 6: a seller's market at the moment, thanks from Wayne.
Speaker 7: I don't know whether the gisms of sales market, so
Speaker 7: I can't answer that. I know very little about what's
Speaker 7: happening within the Gisbin market itself. I can talk to
Speaker 7: deadline sales of all the various sales techniques, that's one
Speaker 7: I quite like. So a deadline sale For those don't understand,
Speaker 7: there's a couple of variations on it, but a deadline
Speaker 7: sale is basically a sale that says, hey, look, it's
Speaker 7: on the market and we want offers by this date,
Speaker 7: and if you don't put offers in by them, basically,
Speaker 7: whoever has the best offer and is the best streats
Speaker 7: is going to get it. It's a bit more complicated
Speaker 7: than that, but that's essentially it. And what that does
Speaker 7: in a market like we're in at the moment is
Speaker 7: it kind of has the same effect that an option
Speaker 7: does in a hot market. It forces people to have
Speaker 7: to make a decision in a way that they wouldn't
Speaker 7: if they were stuffing around. What should I said that
Speaker 7: mucking around is probably a better way to putting it, so,
Speaker 7: and there's a couple of alternatives to that. There's another
Speaker 7: one called deadline tender. The only difference between deadline sale
Speaker 7: and a deadline tender. With the tender process, it's a
Speaker 7: sealed process. You're putting an offer and it gets opened
Speaker 7: and basically the vendor and the agent go through those
Speaker 7: on the day of these those clothes and make a
Speaker 7: decision as to whether or not they want to accept
Speaker 7: one of them. I quite like it. I certainly like
Speaker 7: it for this market. It it'll be interesting to see
Speaker 7: whether that property in gisban cells. If it doesn't, Yeah,
Speaker 7: that's a tough one because I'd really need to know
Speaker 7: a lot more about the property and also i'd need
Speaker 7: to know, based on the answer I gave you before,
Speaker 7: a little bit more about the agent concerned and what
Speaker 7: other agents were out there and what techniques they used
Speaker 7: that were successful for them. So I hope that's helpful.
Speaker 6: Yeah, thank you Wayne for your text. Another thing I
Speaker 6: just wanted to mention with you actually before we ran
Speaker 6: out of time because this hours going extremely quickly.
Speaker 7: Definitely.
Speaker 6: Now you would have seen the story about the Lake
Speaker 6: Kaentucky village in North Otago. This is a story close
Speaker 6: to my heart because I grew up in Kerrau, just
Speaker 6: down the road from where this is being sold.
Speaker 7: Now.
Speaker 6: It's right next to the way Tuki damn. It's a
Speaker 6: little hydro village. What's where the workers used to live
Speaker 6: And someone's got through the process of see me doing
Speaker 6: it up. But it's on the market now for two
Speaker 6: point nine million dollars. So essentially, yeah, you get a
Speaker 6: little town to yourselves. Places like this attractive anymore.
Speaker 7: Look, so there's an idealistic aspect to this. I remember
Speaker 7: watching a cartoon as a cat. I think it was
Speaker 7: a cartoon, it might have been a movie, and it
Speaker 7: was about a company in the States that was wanting
Speaker 7: to do a competition for its clients, and everybody was
Speaker 7: giving away bigger and bigger criot prizes, and so they
Speaker 7: decided that they were going to give away an entire kingdom,
Speaker 7: so that if you won the thing, you know, you
Speaker 7: not only got a castle and all that, you've got
Speaker 7: the crown and you were the king or the queen
Speaker 7: and what have you, and you won the whole lot.
Speaker 7: And it kind of plays into that part of our psychology,
Speaker 7: this idea of you know, owning our own town and
Speaker 7: having our own fifetom. There's a TV show, a series
Speaker 7: on and not going to say that's first name, but
Speaker 7: if the other words Creek, which you might have seen,
Speaker 7: which is about a couple that own their own town
Speaker 7: and similar amounter to this one. But the problem with
Speaker 7: it is is that the reality bites pretty quickly. And
Speaker 7: I think if you read the story of the people
Speaker 7: who are selling its who bought it for about two
Speaker 7: hundred and fifty thousand in the early two thousands. They
Speaker 7: hadn't been able to make it work economically. They had
Speaker 7: great ideas of turning it into a tourists haunt and
Speaker 7: putting in a cafe, and you know, tourist accommodation. Great ideas,
Speaker 7: and look, somebody may be able to do that, and
Speaker 7: to be I think they split and that was the
Speaker 7: reason that they're getting out of it. So maybe they
Speaker 7: were able to make it. But look, it would be
Speaker 7: I think the romanticism of it would be great for
Speaker 7: the first ten minutes and then the reality would kick in.
Speaker 7: I've got all these houses sitting on this bit of land.
Speaker 7: What am I going to do to my Having said
Speaker 7: that at two point nine, I mean, you know you
Speaker 7: could you don't have to generate a lotivan come basically
Speaker 7: to service them mortgage on that. So for somebody who
Speaker 7: wants to move to the Kwa Techi next to the
Speaker 7: Kwaiteki and you know, have a completely different lifestyle and
Speaker 7: Otago fill your boats.
Speaker 6: Well, if you're looking for affordable lake resort, I mean
Speaker 6: one occurr in Queenstown completely sold out Cromwell has, so
Speaker 6: now people are starting to look up around that lake
Speaker 6: area and the thing is you've got the Ocean to
Speaker 6: Alp cycleway going right past it. The thing is I
Speaker 6: know where it is though, and personally I would not
Speaker 6: want to be sleeping right next to one of the
Speaker 6: oldest stamps in New Zealand.
Speaker 7: Just quietly no, no, because the other thing I was
Speaker 7: just going to say, it's interesting that probably tenp is
Speaker 7: what I was about to say. I'd be with the
Speaker 7: council to see whether or not there was subdivisional possibilities
Speaker 7: and other things, so you know whether or not in
Speaker 7: buying that land you could subdivide it and peep and
Speaker 7: have people sort of develop new houses. But based on
Speaker 7: what you've just said, I suspect it's not a particularly
Speaker 7: attractive destination for that, So maybe not.
Speaker 6: No, Maybe go to stay down and kurraw and when
Speaker 6: they eventually get that Richie mccare statue, that might be
Speaker 6: a more attractive option. Brilliant. Hey, thanks Ashley. We're going
Speaker 6: to take another break here news talk, said B and
Speaker 6: then we'll have our property of the week with thanks
Speaker 6: to one roof, We're thirteen minutes away from five here
Speaker 6: on the Weekend Collective the.
Speaker 1: One Roof Property of the Week on the Weekend Collective.
Speaker 6: And we're back with Ashley Church, our property commentator this week.
Speaker 6: But this week's Property of the Week with thanks to
Speaker 6: One Roof is two hundred and fifteen d a Wahroa
Speaker 6: Road on Wahiki Island, featuring three bedrooms, three bathrooms, a
Speaker 6: two car garage. The house is four hundred and twenty
Speaker 6: three meters square but it comes on eight point eight
Speaker 6: hectares and the estimate is around five point seventy five
Speaker 6: million and the RV four point nine. Now it's an
Speaker 6: artfully crafted three bedroom barn style home and the pictures
Speaker 6: are absolutely amazing. And on top of that you've got
Speaker 6: a swimming pool, a great outdoor area, you can see
Speaker 6: the skytower from where you are, and four self contained cabins. Ashley,
Speaker 6: So if you've got some family members coming to stay
Speaker 6: for Christmas, maybe you don't want to see them. Twenty
Speaker 6: four to seven. This looks like the ideal property for that.
Speaker 7: It's gorgeous, it looks like something out of Grand Designs.
Speaker 7: I don't know whether it doesn't it it's absolutely stunning
Speaker 7: for somebody who was in that market and looking at
Speaker 7: that point in their life, this is a gem. So
Speaker 7: it's it's certainly worth looking.
Speaker 6: At, and the popularity of Wahiki. I've only been there once.
Speaker 6: Unfortunately it poured with rain the whole time, so I
Speaker 6: didn't get to enjoy the full vistas of it. So
Speaker 6: have you spent a bit of time over there, Ashley.
Speaker 7: It's a lot of time, but I've certainly been there
Speaker 7: many times. I mean, I'm old enough, a bit longer
Speaker 7: in the tooth than ugs, and I'm old enough to
Speaker 7: remember when it was sort of haven for hippies. That's
Speaker 7: coming back a bit now, but it's very much. It
Speaker 7: became very much the destination for a long time and
Speaker 7: still is. I mean it's a you know, and it's
Speaker 7: now it's a sort of an unholy alliance of a
Speaker 7: mix between the two of well to do and hippies,
Speaker 7: but it's it's a great spot. I don't know whether
Speaker 7: i'd be all that keen on the commute on the boat,
Speaker 7: but if you don't need to do that on a
Speaker 7: daily basis, i'd be a great base to live.
Speaker 6: It's beautiful if you get a chance to have a
Speaker 6: look at two hundred and fifteen d road, Wahiki Island
Speaker 6: and you can sit at the on the deck, sit
Speaker 6: in the pool and see the sky tower. That's our
Speaker 6: property of the week. We'll just get a couple of
Speaker 6: techs through as well before we wrap things up here.
Speaker 6: Ashley Karl says, Hi, Ashley, just wondering how much of
Speaker 6: an impact climate change with river and sea flooding, you
Speaker 6: think we'll have an impact on the market going forward?
Speaker 7: A wrong person to us move on to the next one.
Speaker 6: Okay, fair enough, Currently on the currently on the Auckland market.
Speaker 6: How should we have decided on listing price in order
Speaker 6: to cover how much you think we think we will
Speaker 6: get knocked down? Is it a percentage?
Speaker 7: Take advice from the agent, and that again comes back
Speaker 7: to why it's so important to pick a good agent,
Speaker 7: because you will get some agents who buy listings. And
Speaker 7: what I mean by buy listings is I'll tell you
Speaker 7: whatever you want to hear to get the listing, and
Speaker 7: then basically once they've got the place, they'll start saying, hey,
Speaker 7: the offers a lie, we need to drop it. If
Speaker 7: you get a good agent, somebody who's successful and knows
Speaker 7: the market, they'll be honest with you and upfront about
Speaker 7: what the property's worth. So take take advice from that
Speaker 7: if you don't know yourself, and most people don't take
Speaker 7: advice from your agent.
Speaker 6: Wonderful and we've got time for one quick call before
Speaker 6: we wrap up.
Speaker 9: Hi Catherine, Hello, I'm just not a de seat to Ashley.
Speaker 9: In the Autan housing market. How relevant is the qvs
Speaker 9: if you're looking at selling a property.
Speaker 7: Almost irrelevant? And the reason for that, whether with all
Speaker 7: due respect to qv or whoever else does those, they're
Speaker 7: called rating evaluations. Whoever does them, they serve a particular purpose,
Speaker 7: and that purpose is to give the counsel like guideline
Speaker 7: as to what it should be charging new in rates
Speaker 7: for the next three years. So it's not meant to
Speaker 7: be an absolutely accurate barometer. And the other thing is
Speaker 7: that from the day they're done, because remember they only
Speaker 7: last they last for three years, from the day they're done,
Speaker 7: they're getting out of date. So out of date.
Speaker 9: Is an unre like. I know that Auckland qvs are
Speaker 9: hugely high at the moment, so it's a percentage decrease.
Speaker 9: What you know, would you say it's entirely fear for
Speaker 9: properties to sell under qv and Auckland at the moment.
Speaker 7: Yeah would, but I would say that if you're talking
Speaker 7: about an expense of property where you're talking about quite
Speaker 7: a bit of money, invest a thousand bucks and go
Speaker 7: and get a go and get a valu or to
Speaker 7: actually do a formal valuation for you to get a better.
Speaker 9: Idea, right, Okay, all right, And I know that's.
Speaker 7: Probably not what you wanted to hear, but you know,
Speaker 7: if you're talking a lot of money, that that that
Speaker 7: that will be money well spent.
Speaker 9: Yeah, what do you classes a lot of money?
Speaker 7: If you're talking anything over three million, anything under.
Speaker 9: That, if you're talking anything say from one point five down.
Speaker 7: Oh, I mean you can be guided in that case,
Speaker 7: be guided by that, take advice from your real estate agent,
Speaker 7: have a look to see what similar houses in your
Speaker 7: area are selling for as a guide, and then ultimately
Speaker 7: see what the market offers.
Speaker 6: Okay, thank you very much, Thank you Catherine, thanks to
Speaker 6: your Caul, and thank you to everyone who's called in
Speaker 6: this hour the one roof radio shows. It's been a whirlwind.
Speaker 6: It's been very very busy, So thank you for all
Speaker 6: of your texts and calls. And Ashley, thank you for
Speaker 6: your time today. It's been lovely chatting with you. You too, Thanks,
Speaker 6: Jess talk so well wonderful. Okay, So the one roof
Speaker 6: radio show done and dusted on the Weekend Collective for
Speaker 6: another week, and we'll have that again next Saturday when
Speaker 6: Tim raturns after the news, We're going to have our
Speaker 6: first ever chat with a midwife. And it's Gray Strange
Speaker 6: coming up after the news here at five o'clock.
Speaker 7: But I'm too messy and then I'm just too them
Speaker 7: please and told me to get a job, that you
Speaker 7: are food and I'm SuperFect. So I opened my big mouth.
Speaker 7: I wants to meet me.
Speaker 3: Is that not a loud?
Speaker 6: And I'm too clad and then I'm just seeing you
Speaker 6: hate it and I.
Speaker 1: Cry and I says that time money and I'm too perfect.
Speaker 7: So I show you that I'm not a thousand people.
Speaker 6: Like a beeing o them dolls?
Speaker 7: Yeah do hold them doors?
Speaker 9: Yeah you know.
Speaker 2: He loved them all.
Speaker 1: For more from the Weekend Collective, listen to News Talk
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