The NZ Property Market Podcast
Brought to you by cotality, formerly CoreLogic. Each week co-hosts Nick Goodall and Kelvin Davidson will bring you all the latest news, stats and insight to keep you up to date with everything to do with the NZ residential property market. Including sales volumes, house price indices, buyer activity, interest rates, loan-to-value ratio restrictions and all of the macro economic factors that influence our largest asset class. Contact us on twitter @NickGoodall_CL or @KDavidson_CL
The NZ Property Market Podcast
How is the spring market, amid an election, shaping up?
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In what was a quieter data week for the housing market Nick and Kelvin again cover off coverage of the tax policies announced by the National Party, following Kelvin's article assessing the potential impact of the changes.
From a data perspective, Kelvin reviews the latest mortgage term origination data from the RBNZ - with borrowers slowly swinging back to shorter terms. A quick look at listings volumes shows the spring increase has begun but it's off a low base and with sales also picking up, overall stock levels remain relatively weak.
Lastly this week, a look ahead sees a number of releases which will be of interest, including the CoreLogic Buyer Classification series, net migration data, rental prices and the REINZ monthly report for August.
Sign up for news and insights or contact on LinkedIn, Twitter @NickGoodall_CL or @KDavidson_CL and email nick.goodall@cotality.co.nz or kelvin.davidson@cotality.co.nz
Welcome to the New Zealand Property Market Podcast brought to you by CoreLogic, produced by Agents TV, for the 11th of September 2023. I'm Head of Research, nick Goodall, and I'm joined by our Chief Economist, calvin Davidson. Calvin, a bit of a weekend away with some friends for you, eh? How was it? And did you catch any of a myriad of sport that was on, although maybe the results we don't want to talk about too much?
Speaker 2:Yeah, we did. We did see the sport but, like you say, we were all eyes away in Dunedin with a bunch of university and school friends, so there was a bigger focus to the weekend other than just the rugby and league which, as it turned out, was pretty good, gave us a different focus.
Speaker 2:But you know the great weekend, sunny in Dunedin, I know it was amazing and yeah, just that you know beers and banter with people we've known for a long time is pretty cool, so yeah, but, like I say, gave us a focus away from the rugby and the league, which was pretty appreciated. And yeah, I suppose some, some, some, some time with friends as well is always good.
Speaker 1:So yeah, no, go good. How about you? Yeah, all good. But yeah, I mean, as you can see, I'm recording from home today, so we've essentially moved into the whole of the house in the last week or so. So, yeah, weekends that are starting to fill it out with, you know, furniture and all those little things that we have to. So the kids have got their own rooms now and they're starting to try to fill those things out and put things up on walls. So it sort of seems that's the, that's the main focus for us.
Speaker 1:But yeah, otherwise watched plenty of sports, a-b's, of course. I mean, I'm still feel like I'm a little bit at a loss as to why we can't seem to get any control of a game, any sort of tight game. We can't seem to dictate terms or dictate plays. So that's the big question for me is why that seems to happen. We're not accurate enough. Is it the strategy or whatever? I'm not quite sure. But yeah, we certainly have to improve that accuracy across the board for us to be truly challenging this World Cup. And you know it's hard not to be sceptical about where that's going to come from. But yeah, don't want to be too down, of course, on it all, but yeah, it was tough. There was that Simpson's meme with Homer Simpson sort of drifting back into the hedge and coming back out with different shirts on. Not sure if you saw that over the weekend, but yeah, very much was that with the all blacks and then the Warriors and for me the Tonephire also lost. So yeah, it's been a tough sporting weekend. There's no doubt about that, mate.
Speaker 2:Yeah, sure, here's Camberatus lost too. So I mean all the teams that I was interested in. I think we had a good cricket result, maybe on Thursdays, no Friday, but one out of two yeah, but yeah no. I like to say I had a slightly different focus. Get to say I'm slightly tired this morning. We began to catch up on a bit of sleep. But yeah, we'll move on on this morning front, I guess.
Speaker 1:Yeah, I think so. But yeah, from a work perspective as well as in Auckland last week, so good to catch up with a few of our clients and friends up there as well Was really good couple of days and kind of a couple of presentations to, particularly in that broker space. So again, just hearing and seeing what's going on there, that's part of the markets really interesting. So yeah, it's all going back up to Tonephire tomorrow actually to go and talk to some advisors up there. So again, be interested to hear what's going on in that area.
Speaker 1:I haven't been to Tonephire for a while so that'll be a useful one to get a feel for what's going on in the ground. But let's move on, mate. Let's get into things and in terms of releases and things from last week and we touched on it last week, of course, and it's been a pretty key focus the last few weeks, but you didn't finalise that blog or article looking at the potential impact of nationals property investment changes, essentially, Is there anything of interest to add in terms of questions you got or things that have changed or help was received?
Speaker 2:No, really. I mean, in some ways in the back of my mind. I wrote that article obviously for people to read, but also for me to have a reference document to come back to it when these things happen. So sometimes these policy changes you two years later and you're like what's the actual rule, and so so you're having ideas, good, but hopefully some people have read it and got some value out of it In terms of adding things. I suppose one thing I did I think I posted on social media somewhere just this idea that you know it's $2 million, is that?
Speaker 2:what foreign buyers even want I mean, you know, I know some will be operating in that sphere, but you do wonder whether you see some stories online about the real trophy properties you know down more in the $10 million bracket. So you know, just that idea as well, that you know we will. We will this demand come in? If it comes in, is it on the $2 million, or actually will that just do its thing and people come in at those higher brackets? So which?
Speaker 2:would have different implications for the tax take, which is still sort of rumbling around as a hot topic. So you know not a lot. To add, the admin terms, the rules, we know what they can be, if, if, if, national One. So that's probably the thing, and you just have to see what happens with the election.
Speaker 1:Yeah, exactly yeah, there's been a bit more of that conversation, particularly around the foreign buy tax, flooding around with a few other economists that I've been in touch with and I've, you know, requested some of our data to try and validate the model or otherwise.
Speaker 1:So I think there'll be a bit more of that to come later this week in terms of our participation in that, but in general it's still, you know, pointing out the fact that it's it's hard to, you know, essentially set up all the settings that the National seem to have to propose, that tax take and, and that's, I suppose, the thing that I struggle with is when I can put data to something to try and make things stack up. It's not quite lining up and and that's the frustrating thing, I suppose, and I think that's where it's important that we use that information to help educate others as well to understand the potential likelihood of these things. So, as I say, there's probably it's going to linger for a little bit longer, there'll be more on this, but that's nice to have your take or thoughts written down, referenced online for yourself, but also for others to go and refer to as well, to get some, you know, just to just to hone the thinking on this is an important part. So yeah, it's still a worthwhile exercise, that's for sure.
Speaker 2:Yep, yep, hopefully and hopefully some people will read it too, not just for our own benefit.
Speaker 1:No doubt mate, no doubt Cool man. Well, there's actually only one major release of data last week and that was the Reserve Bank July lending data and it was the it's more on the terms of at origination. You know they've got so much lending data they put out now and it sort of all comes at a different times, but this is the stuff at different, the term that people are taking when they originate their mortgage or when they have that credit decision come up and you noted that there was a slow drift back towards the shorter terms in that data. Calvin, do you want to take us through that detail and any implications?
Speaker 2:Yeah, I mean these. So these figures, are still pretty new. This is, you know, like, say these, where they look at line originations and what terms people are taking floating, fixed, whatever. There's that other new data set that's coming out, which is looking at the breakdown and lending into. Was it loan purpose I think they call it so whether it's for a new house, a top up or being switched, that sort of thing.
Speaker 2:So so yeah, a couple of new data sets we've had lately pretty useful. This one, like say, relates to those terms that people are taking out when they when they take out their loan in June. A couple of numbers, but in June there was 46% of loans were originated in that up to two year fix.
Speaker 2:So 46%, and then there was 16% fixed up to or between that two and three year horizon. So you know, 16% at slightly longer terms. By the time you get to July, 50% of loans were fixed up to two years. So that went from 46% 50%. And then the share fixed for longer than two years, or basically that two to three year bracket, came down from 16%, 12%. So yeah, a shift in that, in that mix of lending, away from those slightly longer terms, more towards the shorter end of the curve and in July.
Speaker 2:So, and I think really what we've seen with mortgage rate, like what rates lately is that they have been spin creases at that slightly longer end of the curve. So you know, maybe people still certainty, you know if you take a three year mortgage, well, you've got certainty, but the rate on that certainty has gone up a little bit. So maybe people starting to think well, you know, maybe I'll just take a bit more flexibility and, and, and obviously with those shorter horizons, you also reduce their risk of overpaying if interest rates fall over a two or three year horizon too.
Speaker 2:So you know it's never an easy decision, as people always talk about how the best lending strategy is is you only know it once, once it's passed. So you know, very, very difficult and it's tricky when rat this kind of peak and you know we're not quite sure how long we might be there for it makes the decision pretty difficult. But certainly just what we saw in July people fixing for slightly shorter periods than what they were doing in June I think it's probably, you know, it's that mix of people weighing it up for themselves.
Speaker 2:The risk of overpaying later, versus that certainty, versus what's actually just the cheapest rate now. All those things are pretty important. So so yeah, and what I've seen with mortgage rates since July as well, into August, is that probably, if anything, those slightly longer rates have kept going up. But so you know we might might anticipate the same thing happening in August as well, when we get those numbers and sort of three weeks time or something.
Speaker 1:So yeah, interesting We'll return One of those things in terms of what insight do we get from it? Do we follow the wisdom of the crowd? And that we know many more people have started to drift towards the shorter terms Again. Is that simply because they're chasing the lowest interest rate or with that balance between the certainty of locking in a rate now that is for longer, so you get that ability to plan better you don't know what your expenses and outgoings are going to be for a longer period of time or are they simply chasing that lowest level? And also they're probably following part of the market commentary.
Speaker 1:There's plenty of commentary out there about expectations on the OCR. Since the last monetary policy statement from the Reserve Bank they certainly said interest rates would be higher for longer Still that chance of them going up, although I still think that's reducing every day. But also I remember talking at the time that there's less likelihood of interest rates coming down as soon. And of course we continue to see the tweaks upwards of interest rates despite the OCR holding flat and no expectation of that increasing anytime soon. And with that comes some criticism of the banks as well. And I think there was some pretty strong commentary out there from the crew at Squirrel talking about why these rates continue to be squeezed up. I know there's off-shore wholesale pressure, but it doesn't co-measure it.
Speaker 1:So it's certainly an interesting space in terms of what's happening with interest rates and then, of course, what people decide to do off the back of that, and that's why we focus on these things. But it can often be reflective of what's going on in the commentary space anyway. So, yeah, it's a hard one to read too much from, but certainly of interest either way, just to see what people are ending up to decide and could always give us a feel for where people are putting the focus. Is it on literally the lowest interest rate, or is it about that certainty and locking something in for longer and what their expectation might be of things changing in the future? So, yeah, still a really cool data series to follow, but I'm probably always a bit weary about reading too much into it too, just for those reasons I mentioned. Anyway, Yep sure.
Speaker 2:And it has been jumping around from month to month to some extent, and keep in mind that these are originations. It's obviously a big sum of money we're talking about, but it's not the existing stock, which is far, far, far, far, far bigger, and that's the one that would be really interesting to see what those people are doing when they're repricing their loans. So I suspect it's probably similar, but yeah, just keep in mind what the figures are and what they are.
Speaker 1:I guess. Yep, yep, great distinction. Yeah, good point, cool mate. Well, there's actually no major data releases that came out in the last week, but it's usually this time of the month when we get an opportunity to take a bigger, deeper look at what's happening from a listings perspective. And, of course, now that we've hit well, official, unofficial spring I'm not sure which is actual spring, but everyone seems to take it as the first of September have you sort of seen certainly sign of spring arriving? We know that listings tend to increase as we move through the spring months. Whether it gets better, people want to get some time on the market before we hit the summer period as well. So, yeah, have you taken a look at those listings lately and what sort of trends we're seeing occur?
Speaker 2:Yeah, I think really certainly spring and canopy. I'll tell you that it's been nice and warm. But yeah, in terms of listings numbers, I think you can't quite nail it down to an exact week or anything. But spring for listings seems to start about that sort of second, third week of August. So we're probably, in terms of weekly flows of new listings coming onto the market, it's around about that second and third week of August. So we're kind of three or four weeks in now to the spring lift and certainly if you look at a chart of the new flows of listings each week, you can see that that's past its winter trough and is on the way up, pretty consistent with the timing and other years as well. So certainly that upwards trend is there.
Speaker 2:But the key point is not so much that it's going up but how fast it's going on compared to other years because that's stripping out the seasonality and I just summed it up before over the past four weeks, that new flow of listings coming onto the market is still about 25% below previous years. I took 2021 out of that because I think it must have been about the second Auckland lockdown, or do we all have a lockdown or something in 2021? I can't quite recall, but we all did, but all kind of really long one.
Speaker 1:Yeah.
Speaker 2:Yeah, so I took that out. But yeah, so we're sort of 20, 25% below previous years, previous normal years. So still, yeah, people really aren't listed. Some are, of course, there, always are, but we're still holding below previous levels.
Speaker 2:So there isn't much coming onto the market. Also, sales they have shown signs of picking up and there's some anecdotes that the August sales numbers could be quite strong. So we're seeing not much coming on. We're seeing sales pick up. So what's happening to stock on the market? Well, it's still falling. So, yeah, you still have to say it's kind of out there, not much coming on reducing choice for buyers amongst the existing stock of listings. So, yeah, just aegisense to the sense that there's going to be a bit more price pressure. Those buyers who've got their finance are going to be scrapping it out for a fewer and fewer properties just right now. So it must be feeling a little bit tighter out there. Of course, if prices did start to tick out, that might bring some more listings out of the woodwork. At the same time, there might be more buyers out there looking to snap them up.
Speaker 2:So it's yeah, who knows what will happen next, but certainly just for now there's not much being listed and that total stock is tightening up too.
Speaker 1:Yeah, I mean it's intriguing, right, like yeah, we do expect things to improve, but they're going to be coming off a relatively low base because things fell away so significantly and I think that's an important thing to know when we do talk about what's to come next. But it could take some time, I think, for that stock to replenish significantly. If we are held quite tight, we do see sales still tick over. It's going to take some time to sort of get back to what I call a normal level of stock levels. That doesn't say that just because we've got low supply and expected an upturn in demand, that upturn in demand is still likely to be capped to some degree by overall affordability pressures, and I think that's something I keep trying to push home. You could say that the settings are there for strong growth to return in the market, but it simply does still cost a significant proportion of your income to both buy the property and then to service that mortgage, and that's going to continue to be a constraint on the market despite low supply levels. So, yeah, it's going to still remain tough out there, I think, for those buyers in terms of what they've got to buy and, of course, for anyone that's involved in the real estate industry from an agent's perspective, in terms of the number of listings they've got out there, and the conversations really are going to be around negotiation between buyer and seller. So, yeah, interesting to see how that plays out through these months. And, of course, we do have the election to muddy the water somewhat as well and the uncertainty that that brings, although it does look more and more like we're going to see a change in government and that would be more favorable for the property market too. So, yeah, certainly some things to continue to watch for in that space. But, yeah, I wouldn't expect a significant upturn unless things even if we do see a bit of pressure, I think we're going to pent up demand come to market, that people list their property because they haven't wanted to or been able to in the last year or so, and that'll be the one thing to watch, I think, from that perspective. Yep, sure, cool mate.
Speaker 1:Well, that's pretty much it in terms of looking at last week or looking back at like recent data Coming up this week. We are expecting to get our biophysification data for August. I think we should have had that last week, but we didn't receive all the data in the last week, so we'll have that to talk about next week. This week, from an economic perspective, net migration figures for July likely to remain high, but they were easing recently. And then, before I pass to you, I think the rental figures for August as well is coming out on Wednesday. I think that could garner some interest, given all the property invested chat lately off the back of Nationals proposed changes. So, yeah, any detail that you want to talk about in terms of migration or the rental figures, kelvin.
Speaker 2:Yeah, I suppose. Just reiteration of where we kind of are. The net migration figures for July will be out Tuesday and June's number was about 5,000 in net terms. So people have been talking about how it's slowing and it is, but it's still pretty high.
Speaker 2:The long run average per month is about 2,500, so even though June was lower than previous months, still quite a bit higher than normal the average. If there is an average for migration, it goes up and down so strongly, but to the extent there is an average, well, it's about that 2,500.
Speaker 2:And then so yeah, even if we see 5,000 from June, slow down to 4,000 in July. Actually the next month we will see the July numbers. So yeah, even if it slows from 5,000 to 4,000, it's still going to be above average. So I think, just keep in mind that it's slowing, but it was coming from a high level and that's still going to be supporting property demand. And yeah, the rental figures for August will be out on Wednesday, like I say could be of interest, because there's been a bit of focus on investors lately.
Speaker 2:July's number was a 4.1% rise from last the same month a year ago. This is when we look at New Bonds launched. So it's that sort of flow measure that stats New Zealand reports on. The 4.1%, for the previous figure was the highest for 12 or 13 months. So just some signs that there's some strong rental growth coming through.
Speaker 2:We may well see that accelerated a bit further again in August numbers that we get this week. So yeah, there's, there's those. These two releases are kind of tied up. You know the migration is going to be feeding in some rental pressure and we start to see it in terms of the actual rental numbers. Now rents are already high in relation to incomes so that's potentially a restraint on things in terms of how fast they can grow. Now we had that had that research paper recently saying that you know it's all about supply and demand and about 10 in incomes, which kind of fitted with what we've said. So that could be a restraint, given rents are already high in relation to incomes or they absorb, you know, a pretty high share of household budgets. But it still does look like there's some supply and demand conditions there which suggests some some rental growth. So yeah, net migration for July could be a bit slower but still pretty high and rents for August probably accelerating bit as well. So yeah, couple of interesting sets to watch.
Speaker 1:Yeah, and I think that that paper you mentioned in terms of you know the impact or what drives rental prices, is important, particularly again the last couple of weeks with these changes from the res, from National Party, talking about their potential changes for property investment and just ductibility being reinstated over a period of time, in particular that one. And and I had a question at the time from a journalist saying that you know National is talking about this potentially, you know providing downward pressure on rents. And I think I find it hard to believe that and that's for that main reason you talk about that rents aren't necessarily tied to landlord costs. It's more about supply and demand how many properties are available for rent, how many people want those properties and then how much can those tenants afford to pay for. So you know we've seen in the past when costs change for landlords there's no real you know relationship with what happens with rents on the other side of things.
Speaker 1:So I think it's fair to pass, you know, put some considerable doubt on the fact that you know reinstating these things are going to put some downward pressure on rents.
Speaker 1:Certainly one might not have as much upward pressure though the landlord's feeling less of a need to try and increase, but they typically are tied to you know what their tenant earns in terms of their income rather than how much cost it is to hold that property.
Speaker 1:So I think that's that is something that's worthwhile acknowledging, and I did see it was on social media. So just clips of a Q&A interview with Christopher Lux in yesterday, or from yesterday anyway, where you know he was asked about that downward pressure on rents and Jack Tane did quite rightly ask him does that mean you're going to put your rents down on your properties? To which of course he didn't want to answer and wouldn't acknowledge, which I thought was quite funny that you put it into a personal situation and you know landlords and sellers are going to pass those costs, or those imperative costs to themselves back downwards, suddenly, suddenly anyway. So you know a bit of a real-life example there that I thought was was illustrated the point quite well that you're not going to pass those costs through to your tenant. So, yeah, worthwhile putting some doubt on that anyway.
Speaker 2:Yeah, yeah, I don't make these next data releases, but interesting.
Speaker 1:Exactly right. So it's going to go out of that interest and you know that perfect little social media clips too, which is, as I say, when I saw, so of course it pops up Cool. And the other thing watching for this week will be the Ryan's release on August. Certainly, I think what month it would have been for. But yeah, august sales for from Ryan's for real estate agents and we again we focus on the sales volumes, the house price index. Of course we probably expect that on Thursday and I think in general, from both perspective, volumes and for the HPI, expecting further increases, as you said, anecdotal evidence that August was a pretty strong sales month. So to expect that to flow through to that data for Ryan's and through the house price index they released to. So keep an eye for that one, anything on there you're looking for or anything you've heard in terms of what else is going on across the board.
Speaker 2:No, not too much in terms of those data releases. And the thing I was going to add is our own mapping market release, however you want to phrase it, that we're going to put out the latest set of data on suburb level median property values, which is there every month, but just at the moment we're only sort of providing a more detailed commentary every three months. So the data is there on the mapping tool all the time, but just every three months we have a bit more of commentary and a bit more of a formal release and sort of, you know, bring it to the surface a bit more. So that's going to be out this week, that'll come with figures up to September and you probably look out for that towards the end of the week.
Speaker 2:So yeah, this is interesting. I've seen I've done the data this is interesting patterns in the air and probably no surprises that we're starting to see more suburbs or a higher share of suburbs bottom out and then start to even show a little bit of growth, particularly parts of Auckland, parts of Wellington. So yeah, I think it's began just kind of adding to the story.
Speaker 1:I think they're very interesting that and you know, we've been talking a lot about how we're going to see differences across the country in terms of what this you know rebound or otherwise looked like, and I think we'll see that within the cities too, and that's where that suburb level information is going to be of real interest to many people, you know, not just those with a personal stake in how's my suburb doing, but just in general too. Are there clusters of suburbs that are doing better than others, and what could that be? Cause it's because of types of buyers that are active in those areas, or was it because of the value band that the properties are in? So yeah, I'm sure we'll extract plenty of insight out of that and, as you see, that'll go to media this week and then you'll get some commentary on that and we can chat about the detail next week and anything that comes up of that one. So yeah, good, call out on that.
Speaker 1:The other thing which we probably don't give too much focus on is the Treasury. They published their pre-election economic and fiscal update, or the pre-foo that's actually coming out tomorrow, which is Tuesday, the 12th of September. I'm not sure how much you focus on this, I suppose the one thing for me that's always exciting is to see what Treasury forecasts. You know it'll be from GDP, I'm sure house prices as well. You know we'll do some comparisons to Reserve Bank. But, as an economist made, is there anything in particular you look out for in this release or anything you think we might be of interest, or any detail people should be aware of?
Speaker 2:Yeah, I think probably there'll be forecasts for inflation, house prices, that sort of thing, and it does. It'll no doubt media recover it. There'll be headlines about it, for sure.
Speaker 2:Probably the bank economists get a bit more excited about some of the technical details, how much, how many bonds the government might issue and what that might mean for bond yields, and technicalities around how the government's funding itself, which has strong implications for sort of financial markets. So therefore, everybody really. But it's a bit detailed, a bit technical, so that stuff will go on behind the scenes. Maybe read some of the bank economists summaries if you want to. But yeah, I think from a, at least from a sort of media headline perspective.
Speaker 2:it'll probably be around some forecast they might have for house prices, inflation, gdp that sort of thing and I guess, even then probably only to the extent that it differs from what people are already thinking. You know, if they said, oh gee, inflation will be 2% in six months time, that would be a headline grammar.
Speaker 2:But I suspect that the numbers themselves would probably be pretty mainstream. So yeah, I mean it's worth looking at, but keep in mind that it can be pretty technical and also, if they keep the forecast the same as everyone else, then it'll be probably coming to go pretty quick as well.
Speaker 1:Yeah, ok, interesting, I suppose. Being literally the pre-election update, it's going to get political as well, so that'll give it some extra legs. There'll be criticism one way or the other, so I'm sure there'll be plenty of insight, plenty of coverage of it anyway. All good man. The only thing I thought we could just have a brief chat about was just some of the other media that's gone on.
Speaker 1:The last week I did do the One Roof Radio Show on Saturday, which is an hour long sort of chat with the host there, tim Beveridge, and what was really cool is it's obviously pretty casual. You know, often we just get snippets of what we do in the media, so it's quite nice to have a lengthy discussion. We took some calls as well. It's on the News Talk ZB there and not just talk about the broader market, which was often focused on what's happening with the foreign buyer proposal, tax proposal from National, but also got to talk more about CoreLogic and what we do and who we support, and a bit more of the CoreLogic story too. So that was really good fun. That's on. You can actually it's actually downloadable as a podcast as well. So if anyone's interested you can just go and search that up from the News Talk ZB series of podcasts, but that was on Saturday recorded and out yesterday, sunday, so yeah, good to change it up anyway in terms of what I'm talking about the market. And the other one that was a bit of a follow up on one that's done previously was on stuffco, where they look at mega landlords and included some referencing to our data. Of course, in terms of who's been buying property, the main focus is on broader ownership of property in New Zealand, but our stuff looks no-transcript classification data and I think there's still some questions on some of the conclusions. They noted that there's fewer small investors that own today than they did 18 months ago and more medium, but they kind of underplayed the likelihood of people shifting from the small to a medium investor. They just written into some of the successful regions there. But, yeah, interesting, interesting piece nonetheless and, again, good to see our stuff feeding in.
Speaker 1:I did have a look at our bioclassification data, the real detailed stuff in terms of you know who's active or what size investors have been active or less active recently and, to be honest, you know, in the 18 month period there hasn't been a dramatic change. It's not like we've seen, you know mum and dad investors, trying to call them that someone with one property investment on top of their own house. We've seen that proportion of sales go to that group, chop off a cliff. It's maybe dropped marginally, but not significantly and, you know, maybe a bit of a lift in the bigger guys in the market, but it's not huge either. So, yeah, it's an interesting one to pay attention to, I think, in terms of what changes are there and how these tax changes do affect different size of property owners, as that could influence you know what happens in the future.
Speaker 1:But yeah, just, I'd give that one an acknowledgement as well. But I suspect, given you're a whale weekend mate, hopefully you were purely switched off work and maybe haven't had a chance to look at any of that other stuff anyway and make, make it a chance to catch up on this week. But yeah, I mean certainly back to you if there's anything else on your mind on those or anything else otherwise, mate, I'll probably wrap us up and we can get on with our day, and I've got a couple of sick children to go and tend to.
Speaker 2:Yeah no, I didn't say too much over the weekend, to be honest. But yeah, certainly looking forward to listening to that one roof radio show and.
Speaker 2:I guess, you know, from what we've talked about, what you said and I'll find out when I listen to it just that our great opportunity to talk more broadly about what's what's a pretty broad business, you know it's not quality, is not just. You know you and I are rapping on a podcast and you know so much, providing maybe ends it's, you know, the geospatial, addressing an whole bunch of things. So, yeah, I suppose you know sometimes they might fly under the radar, under the radar. So a good chance to, you know, get that out there if people want to find out more about detail business. Or, yeah, there's a pretty, you know, good place to start. So, yeah, I look forward to listening to that myself.
Speaker 1:Yeah, it was unexpected to. I think the producer said right just before we're about to go to air, you don't mind if we talk a bit more about what CoreLogic does to you? And I was like, no, that's fine, thinking it'll be. You know, the opening one minute and it sort of took up the first third of the pot of the radio show. So yeah, it was a bit unexpected but luckily enough it comes, you know, relatively natural to me to talk about the broader business. So it was okay, that was good fun. So hopefully we'll be back on that one anyway. And yeah, it was good to get that chance to talk at a greater length and in a more informal style anyway. So that's all good mate. Well, thanks for that. And yeah, great, great to chat and talk about what's going on the market, as per usual. Yeah, good luck in getting a bit of a bit of sleep tonight and catching up on that one.
Speaker 2:But um, now appreciate self-inflicted, self-inflicted, yeah sure you can't feel too sorry for someone.
Speaker 1:Yeah, you've probably also got some rugby to catch up on too, mate, catch some more highlights of the the World Cup and see what the rest of these, uh, these big teams are doing. I saw, um Wales survived a big scare against Fiji this morning. If only Sumi Raut Raja had a caught the ball, I think he was probably in for a try and it would have been a conversion to win the game. So that would have been the sort of big first upset of the tournament. But Wales managed to hold on. So, um, yeah, there's lots to lots to catch up on. Um, all good, mate. Well, thanks so much for listening. Anyway, please make sure you subscribe to the show and feel free to get in touch as well, always keen to hear your thoughts about what's going on in your area. Just letting you say thanks again. My name is Nick Hayes. Calvin, you've been listening to Zealand Property Market podcast. Ma te o wa.
