1 00:00:00,120 --> 00:00:03,360 Speaker 1: It is as expected. If our office has anything to 2 00:00:03,400 --> 00:00:05,800 Speaker 1: go by. Auckland is a miserable town today because the 3 00:00:05,800 --> 00:00:08,760 Speaker 1: house valuations are out and they are bad. Just about 4 00:00:08,800 --> 00:00:10,719 Speaker 1: everyone has jumped on the computer to have a look 5 00:00:10,720 --> 00:00:12,720 Speaker 1: by now, i'd say, and just about everyone's house has 6 00:00:12,760 --> 00:00:15,760 Speaker 1: gone backwards. So my house, our house, it's gone down 7 00:00:15,760 --> 00:00:18,680 Speaker 1: in value by eight percent. One of the bosses, not 8 00:00:18,760 --> 00:00:21,279 Speaker 1: too bad, only gone back by four percent. I don't 9 00:00:21,280 --> 00:00:24,320 Speaker 1: think anyone's house has gone up. In the office, someone's 10 00:00:24,360 --> 00:00:27,680 Speaker 1: house has dropped by two hundred and fifty thousand dollars. 11 00:00:27,720 --> 00:00:30,120 Speaker 1: One colleague, and this is this colleague is suffering more 12 00:00:30,120 --> 00:00:33,280 Speaker 1: than anybody else. Her house has gone down by twenty 13 00:00:33,320 --> 00:00:37,280 Speaker 1: one percent. That's one point one five million down to 14 00:00:37,360 --> 00:00:39,600 Speaker 1: nine hundred thousand dollars. Has another two hundred and fifty 15 00:00:39,600 --> 00:00:43,320 Speaker 1: thousand dollars shaved right off right there. Someone someone's feeling agitated. 16 00:00:43,840 --> 00:00:45,919 Speaker 1: I called a realistad agent today to see if it's 17 00:00:45,920 --> 00:00:49,519 Speaker 1: wider than just our office. They told me yep, and quote, 18 00:00:49,640 --> 00:00:52,920 Speaker 1: people are not happy. Another realistad agent and this is 19 00:00:53,000 --> 00:00:54,440 Speaker 1: Raud and Christy, who were gonna have a chat too 20 00:00:54,480 --> 00:00:57,360 Speaker 1: later reckons. He's already fielding calls from buyers who are 21 00:00:57,360 --> 00:00:59,520 Speaker 1: mid negotiation, who are now saying they're not going to 22 00:00:59,560 --> 00:01:01,560 Speaker 1: lift their off for anymore. They are just going to 23 00:01:01,640 --> 00:01:02,880 Speaker 1: leave it right where it is, because look at the 24 00:01:02,920 --> 00:01:06,679 Speaker 1: valuation that's out today. Auckland Council says they normally have 25 00:01:06,760 --> 00:01:09,559 Speaker 1: about five hundred people on their website at any one time. 26 00:01:09,880 --> 00:01:13,120 Speaker 1: When we called, they said they were watching twelve thousand 27 00:01:13,160 --> 00:01:16,760 Speaker 1: people on their website at any one time. As I 28 00:01:16,800 --> 00:01:20,160 Speaker 1: said yesterday, spare thought for Auckland. If you have an 29 00:01:20,200 --> 00:01:22,920 Speaker 1: Aucklander in your life, spira thought for them. Beginn It's 30 00:01:22,959 --> 00:01:25,319 Speaker 1: a tough day for Auckland today because I mean, we 31 00:01:25,360 --> 00:01:27,560 Speaker 1: take the mickey out of Auckland. But there is good 32 00:01:27,600 --> 00:01:30,560 Speaker 1: reason why Auckland feels like this. Houses in Auckland mean 33 00:01:30,600 --> 00:01:33,280 Speaker 1: a lot, don't they. I feel like, probably more than 34 00:01:33,280 --> 00:01:35,759 Speaker 1: anywhere else in the country, apart from maybe I suppose 35 00:01:36,200 --> 00:01:39,720 Speaker 1: Queenstown and the surrounding area. Because houses are expensive in Auckland. 36 00:01:40,120 --> 00:01:43,679 Speaker 1: Young Aucklanders obsess about it. They scrimp and they save, 37 00:01:43,840 --> 00:01:45,800 Speaker 1: and they try so bloody heart to get into their 38 00:01:45,800 --> 00:01:49,080 Speaker 1: first house. It's totally understandable that absolutely no one in 39 00:01:49,080 --> 00:01:51,240 Speaker 1: this town wants to watch the house then go down 40 00:01:51,280 --> 00:01:53,320 Speaker 1: in value, But of course bear in mind it is 41 00:01:53,320 --> 00:01:56,400 Speaker 1: slightly irrational. If you are one of these Aucklanders doing this, 42 00:01:56,520 --> 00:01:59,120 Speaker 1: you are being irrational. You realize that because you're not 43 00:01:59,160 --> 00:02:01,840 Speaker 1: suddenly poor today than you were yesterday, are you? I mean, 44 00:02:01,880 --> 00:02:04,240 Speaker 1: the value of the thing has not changed overnight. It's 45 00:02:04,280 --> 00:02:06,760 Speaker 1: simply just been written down. In fact, it was written 46 00:02:06,800 --> 00:02:08,280 Speaker 1: down a year ago. It's just taken them a year 47 00:02:08,280 --> 00:02:10,200 Speaker 1: to put it out there. And if you're buying and 48 00:02:10,240 --> 00:02:12,440 Speaker 1: selling in the same market, it really doesn't matter at all. 49 00:02:12,680 --> 00:02:14,520 Speaker 1: It's only if you're cashing up to move out of 50 00:02:14,520 --> 00:02:16,679 Speaker 1: town or to get rid of an investment property or 51 00:02:16,720 --> 00:02:19,919 Speaker 1: something like that, that this actually matters. Now, I say 52 00:02:19,960 --> 00:02:22,359 Speaker 1: that knowing that none of that is going to sink, 53 00:02:22,400 --> 00:02:24,400 Speaker 1: and we're going to continue to be irrational because it 54 00:02:24,440 --> 00:02:26,639 Speaker 1: is all in our heads, isn't it. We feel wealthier 55 00:02:26,639 --> 00:02:28,640 Speaker 1: when the house is worth more, and that ain't what 56 00:02:28,760 --> 00:02:33,000 Speaker 1: happened today. For more from Heather Duplessy Allen Drive, listen 57 00:02:33,120 --> 00:02:36,079 Speaker 1: live to news Talk sai'd Be from four pm weekdays, 58 00:02:36,240 --> 00:02:38,440 Speaker 1: or follow the podcast on iHeartRadio.