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Speaker 1: Homeowners holding on to their properties for the longest period

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Speaker 1: on record. Properties resold for a gain had been held

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Speaker 1: on to for a median of ten point one years,

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Speaker 1: while those resold at a loss had been owned for

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Speaker 1: just under four years. Calvin Davidson, Catality, chief Property economists

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Speaker 1: with us this morning. Hey, Calvin, good morning. So how

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Speaker 1: does that compare?

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Speaker 2: Well, yeah, it's the highest I've got on records, So

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Speaker 2: I think just consistent with the pretty flat housing market.

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Speaker 2: If people are looking to get some kind of game,

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Speaker 2: I guess they've just got to hang on for longer

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Speaker 2: than the past. And it really is quite a stark trend.

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Speaker 2: And I think the contrast there between the whole periods

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Speaker 2: for gains and the whole period for losses is a

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Speaker 2: really interesting thing, because if you hang on to ten years,

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Speaker 2: for seeing twenty years, very likely you make a profit.

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Speaker 2: But of course if you've only held on three or

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Speaker 2: four years and face changed circumstances or something like that,

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Speaker 2: much higher chance of making a loss, particularly in this

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Speaker 2: current market over the last three or four years, still down.

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Speaker 2: So quite a stark difference there between whole periods for

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Speaker 2: losses and games.

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Speaker 1: Basically, if you don't have to well, you don't want

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Speaker 1: to have to sell, do you. And maybe where people

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Speaker 1: are staying together in relationships, they otherwise wouldn't just just

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Speaker 1: to hold on to their properties and keep their values.

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Speaker 2: Well possibly, yeah, well our data doesn't tell us about

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Speaker 2: our relational issues. But yeah, we can certainly see that

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Speaker 2: difference there between between whole periods, and I mean, in

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Speaker 2: any market, there's always a greater chance of making a loss.

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Speaker 2: If your whole period's pretty short. You probably didn't intend

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Speaker 2: to hold for a short period of time, but things change.

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Speaker 2: But it's just emphasized in this current market because the

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Speaker 2: house prices are still down eight eight percent in the peak,

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Speaker 2: so that last three or four years has been a

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Speaker 2: really tough time to hold for a short period.

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Speaker 1: Is it an understandable but ultimately dumb psychological move that

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Speaker 1: we do that, because then we when we sell, presumably

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Speaker 1: we're selling into a higher market and buying more for

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Speaker 1: the next one.

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Speaker 2: Anyway, Yeah, there is always that old cliche of it

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Speaker 2: doesn't really matter if you buy and sell in the

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Speaker 2: same market, but it doesn't necessarily hold true at the moment,

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Speaker 2: because yes, if you say you're a first home buyer

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Speaker 2: in twenty twenty one, at at the top of the market,

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Speaker 2: you've had top dollar. You're now sitting on a property

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Speaker 2: potentially depending on where you are in the country. Not

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Speaker 2: every were, but if I'm sitting on a property in Auckland,

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Speaker 2: you might still be down twenty five percent. So it

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Speaker 2: does vary across the country, and there is that cliche

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Speaker 2: of the safe, but it certainly a tough time at

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Speaker 2: the moment to be buying and selling in a short

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Speaker 2: period of time.

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Speaker 1: It sounds like it too, Calvin, appreciate your update this morning.

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Speaker 1: Calvin Davidson, Catality Chief Property Economists. For more from early

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Speaker 1: edition with Ryan Bridge.

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Speaker 2: Listen live to News Talks it be from five am weekdays,

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