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Speaker 1: We've got new numbers back home though. On our housing market,

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Speaker 1: there's a one rue Velocity house value index between the

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Speaker 1: start of the year and the average and now the

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Speaker 1: average price hasn't moved nine hundred and sixty six thousand.

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Speaker 1: Is your value dropped? Who's dropped? Auckland, Hamilton, Duned and

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Speaker 1: Wellington West Coast Nelson by a plenty gisbon Mona with two?

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Speaker 1: Anyone left that went up?

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Speaker 2: Yes?

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Speaker 1: Southland, Canterbury, Marlborough. Taranaki, a Northland CEO of real estate

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Speaker 1: at Velocity. Helen O'Sullivan is with us Helen morning, Good morning, right,

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Speaker 1: so we're seeing more sales here, that's right.

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Speaker 2: I mean, I think people do focus on the headline

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Speaker 2: obviously of prices, but when it comes to the overall

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Speaker 2: house of the real estate market, volumes are a really

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Speaker 2: key indicator and we are starting to see these pick

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Speaker 2: up roughly roughly ten percent up on last year, and

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Speaker 2: we've seen mortgage registrations are twenty two percent up on

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Speaker 2: the same time last year, which is a significant list.

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Speaker 1: Yeah, I was reading over the weekend that some of

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Speaker 1: the banks are having trouble processing the number of people

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Speaker 1: who were wanting money, so at least there are people

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Speaker 1: out there, and from what we previously known, there are

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Speaker 1: plenty of houses to choose from.

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Speaker 2: That's right, there is plenty of stock on the market.

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Speaker 2: We are seeing the days to sell, which is another

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Speaker 2: key kind of measure, if you like, of the velocity

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Speaker 2: of the market. Boom boom is roughly forty seven days,

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Speaker 2: which is three days longer than this time last year,

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Speaker 2: which indicates that buyers are feeling no pressure to conclude

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Speaker 2: those transactions, which will be feeding true ultimately into the

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Speaker 2: lack of price increases.

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Speaker 1: What can you tell us about the money getting cheaper

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Speaker 1: therefore people getting more bullish, or are we going to

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Speaker 1: have to wait a while while they get into the

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Speaker 1: market and the supply drops therefore the prices start to rise.

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Speaker 2: Look, I think even though we have seen those significant

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Speaker 2: decreases in the cash rate, it is still a confidence game.

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Speaker 2: And so we do you know, migration figures have reached

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Speaker 2: a post COVID lot, the rental market has got plenty

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Speaker 2: of supply in it, and as a result, confidence is

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Speaker 2: still somewhat soft, and you're keeping your hands in your

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Speaker 2: pocket as far as bending on food and clothing. You're

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Speaker 2: be weary about committing to our house purchase.

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Speaker 1: You alluded to it, but immigration must have played a

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Speaker 1: role because it's tailed off dramatically. Therefore the demand, I mean,

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Speaker 1: the new people coming into the country will want a

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Speaker 1: house where the being rent a little buyer. But if

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Speaker 1: they're not here, they're not buying, are they.

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Speaker 2: That's absolutely correct, and we can see that in the

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Speaker 2: rental market at the moment. Landlords are reporting that is

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Speaker 2: considerably more difficult to find good tenants than it usually

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Speaker 2: than it is normally around this time of year, and

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Speaker 2: so that is unquestionably a factor in that softness.

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Speaker 1: What's your sense of the rest of the year.

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Speaker 2: I think a lot will determine what happens in the

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Speaker 2: international state if things settle down into Just as people

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Speaker 2: were starting to get a bit of confidence, we saw

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Speaker 2: the teriff wars and actual wars break out, and that

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Speaker 2: generally has a hit on confidence. People tend to pause

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Speaker 2: and wait and see what happens. And I get a

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Speaker 2: distinct sense that you know, the wag and see is

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Speaker 2: the key factor in general overall economic conditions. We start

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Speaker 2: to see that check up, the housing market will follow.

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Speaker 1: Helen Good have you on the program, appreciate it? Helen?

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Speaker 1: I Suliman, CEO of Velocity, with us this morning. For

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Speaker 1: more from the Mic Asking Breakfast, listen live to news

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