1 00:00:00,080 --> 00:00:01,720 Speaker 1: Got a new rental down to this morning, good news 2 00:00:01,760 --> 00:00:04,200 Speaker 1: for the renter drop across the board the national average 3 00:00:04,240 --> 00:00:07,040 Speaker 1: down to six twenty eight, lowest since September of twenty three, 4 00:00:07,120 --> 00:00:10,040 Speaker 1: Wellington down almost twelve percent, Aukland down two point three. 5 00:00:10,440 --> 00:00:15,640 Speaker 1: Listings are up sixteen percent year on year. Mike Atkinson 6 00:00:15,760 --> 00:00:17,880 Speaker 1: is managing director of the Spire Property as well as 7 00:00:17,920 --> 00:00:18,440 Speaker 1: Mike Morning. 8 00:00:19,200 --> 00:00:19,720 Speaker 2: Good morning. 9 00:00:19,800 --> 00:00:22,640 Speaker 1: These monthly numbers, especially in a place like Wellington, are 10 00:00:22,640 --> 00:00:25,480 Speaker 1: they noise or we actually got some sort of trend 11 00:00:25,520 --> 00:00:27,520 Speaker 1: going on here on a monthly basis. 12 00:00:28,160 --> 00:00:29,640 Speaker 2: I think we do actually have a bit of a 13 00:00:29,680 --> 00:00:33,280 Speaker 2: trend happening, in particular in Wellington. You know, they're facing 14 00:00:33,320 --> 00:00:36,159 Speaker 2: all the same economic headwinds that the whole country is facing, 15 00:00:37,400 --> 00:00:40,159 Speaker 2: but some more specific ones as well, with all the 16 00:00:40,240 --> 00:00:43,360 Speaker 2: public service jobs that have gone nine five hundred jobs 17 00:00:43,360 --> 00:00:46,919 Speaker 2: have gone there in the last two years and Nationals 18 00:00:46,920 --> 00:00:50,000 Speaker 2: cutting back on all the consultants and contractors of slashed 19 00:00:50,000 --> 00:00:53,080 Speaker 2: spending thereby one hundred and seventy five million, So that's 20 00:00:53,120 --> 00:00:54,720 Speaker 2: a lot of people that sort of don't need to 21 00:00:54,800 --> 00:00:56,920 Speaker 2: be living in the Wellington City area anymore. 22 00:00:57,120 --> 00:00:59,080 Speaker 1: So if there's a fall is the robottom. 23 00:01:00,880 --> 00:01:03,520 Speaker 2: I think in the Auckland market. We've seen the listenings 24 00:01:03,560 --> 00:01:05,440 Speaker 2: starting to come back down, so I think we may 25 00:01:05,480 --> 00:01:08,640 Speaker 2: be getting close to the bottom at the moment. Everything 26 00:01:08,680 --> 00:01:10,440 Speaker 2: always picks up a bit in the summer months, so 27 00:01:10,520 --> 00:01:12,160 Speaker 2: there'll be some temporary release there. 28 00:01:12,520 --> 00:01:15,440 Speaker 1: Okay, the sixty seven hundred listings for the month of August, 29 00:01:15,480 --> 00:01:16,399 Speaker 1: where do they all come from? 30 00:01:17,840 --> 00:01:19,960 Speaker 2: Oh, that's just people that aren't able to find a 31 00:01:20,040 --> 00:01:23,080 Speaker 2: tenant basically. So when the properties stay online, that number 32 00:01:23,160 --> 00:01:23,520 Speaker 2: goes up. 33 00:01:23,680 --> 00:01:26,680 Speaker 1: So it's really more listings, it's not suddenly there's a 34 00:01:26,680 --> 00:01:28,800 Speaker 1: whole bunch of houses suddenly coming to the market. 35 00:01:29,880 --> 00:01:32,080 Speaker 2: Well, I do think there is an increase in actual 36 00:01:32,160 --> 00:01:35,399 Speaker 2: overall supply. You know, you see all this townhouse developments 37 00:01:35,440 --> 00:01:37,640 Speaker 2: happening right across the country over the last two or 38 00:01:37,680 --> 00:01:39,760 Speaker 2: three years, and they are coming onto the market. So 39 00:01:39,800 --> 00:01:41,039 Speaker 2: it's a combination of both. 40 00:01:41,400 --> 00:01:45,040 Speaker 1: Okay, they're better deals out there. I mean, what's your 41 00:01:45,080 --> 00:01:46,800 Speaker 1: advice to rent is? I mean, good for rent is 42 00:01:46,840 --> 00:01:47,920 Speaker 1: not so good for landlords? 43 00:01:49,000 --> 00:01:51,400 Speaker 2: Yeah, I mean my advice to tenants is that rents 44 00:01:51,440 --> 00:01:54,120 Speaker 2: are definitely negotiable at the moment, and my advice to 45 00:01:54,280 --> 00:01:56,480 Speaker 2: landlords is to work with the tenants that you do 46 00:01:56,680 --> 00:01:59,800 Speaker 2: have and really value them. Similar to a commercial tenant. 47 00:01:59,840 --> 00:02:01,800 Speaker 2: You don't just replace a tenant if you have a 48 00:02:01,880 --> 00:02:02,720 Speaker 2: mind dis agreement. 49 00:02:03,040 --> 00:02:05,360 Speaker 1: Yeah, exactly, all right, Mike good and so I appreciate it. 50 00:02:05,440 --> 00:02:07,520 Speaker 1: Mike out Cans, Inspire Property Managing director. 51 00:02:08,000 --> 00:02:10,880 Speaker 2: For more from the Mic Asking Breakfast, listen live to 52 00:02:11,000 --> 00:02:14,040 Speaker 2: news talks. It'd be from six am weekdays, or follow 53 00:02:14,120 --> 00:02:15,640 Speaker 2: the podcast on iHeartRadio.