Latest / Early Edition with Ryan Bridge / Matt Ball: NZ Property Investors Federation PR & Advocacy Manager on the property resale profits hitting a decade low

Transcript

Matt Ball: NZ Property Investors Federation PR & Advocacy Manager on the property resale profits hitting a decade low · Early Edition with Ryan Bridge

• 0:00
  Speaker 1: Let's look at property. Property owned has seen the lowest
• 0:02
  Speaker 1: resale profits in over a decade. This is from catality's
• 0:05
  Speaker 1: latest Pain and Game report. Eighty nine point four percent
• 0:08
  Speaker 1: of homes sold above their purchase price last quarter. That
• 0:12
  Speaker 1: is the lowest since twenty fourteen, but still means the
• 0:14
  Speaker 1: hell of a lot of us are selling and getting
• 0:16
  Speaker 1: a profit. Well on paper, Matt Ball needs in in.
• 0:18
  Speaker 1: Property Investors Federation is with us this morning. Matt, Good morning,
• 0:23
  Speaker 1: morning Ryan. It's interesting when you look at the who's
• 0:25
  Speaker 1: you know which area is christ Church pretty resilient. Auckland
• 0:30
  Speaker 1: actually the highest proportion of loss makers.
• 0:33
  Speaker 2: Yeah, Auckland's doing it a bit tough at the moment.
• 0:36
  Speaker 2: And you know, this is really interesting data. This is
• 0:39
  Speaker 2: hard data based on real sales and real purchases. It's, yeah,
• 0:45
  Speaker 2: very tough for Auckland. I think a lot of people
• 0:47
  Speaker 2: here bought at the peak and there may maybe some
• 0:49
  Speaker 2: people who are being forced to sell when they don't
• 0:53
  Speaker 2: really want to and they have to take a loss.
• 0:55
  Speaker 1: For a property investor, what do you do in a
• 0:57
  Speaker 1: situation like that? Do you sit on your property for
• 0:59
  Speaker 1: long longer and hold out and wait?
• 1:02
  Speaker 2: Yeah, for a property investor, it doesn't mean a lot,
• 1:05
  Speaker 2: to be honest, unless you brought it the peak and
• 1:07
  Speaker 2: you have to sell for some reason, then this is
• 1:09
  Speaker 2: just another cycle and you ride it out. If you
• 1:11
  Speaker 2: bought it ten years ago, well it was the COVID
• 1:14
  Speaker 2: blip that sort of shot the market up, and it
• 1:16
  Speaker 2: doesn't really matter. Prices went up too far now they're correcting.
• 1:20
  Speaker 2: You just keep holding your property. It's if you're forced
• 1:22
  Speaker 2: to sell then that's when it becomes a problem.
• 1:25
  Speaker 1: Where are Auckland investors buying right now? Are they buying
• 1:28
  Speaker 1: in Auckland because prices aren't relatively more know either falling
• 1:33
  Speaker 1: or stable, or are they looking elsewhere?
• 1:38
  Speaker 2: Investors are buying in lots of different locations. So I
• 1:40
  Speaker 2: was at one of our associations, the Auckland Associations meeting
• 1:43
  Speaker 2: the other night and people were saying, I've got a
• 1:45
  Speaker 2: great property in christ Church being a great return. You
• 1:49
  Speaker 2: guys should head down there and have a look, And
• 1:51
  Speaker 2: other people were saying different parts of the country. So
• 1:53
  Speaker 2: in Auckland absolutely, but also right around the country.
• 1:58
  Speaker 1: Matt, appreciate your time this morning at Ball New Zealand
• 2:01
  Speaker 1: Property Visitors Federation. For more from early edition with Ryan Bridge,
• 2:05
  Speaker 1: listen live to news talks it be from five am weekdays,
• 2:09
  Speaker 1: or follow the podcast on iHeartRadio