Diego Traglia

So AI search, something that needs to be invested more into it.

Thanks, Nick.

Hi, Tom.

Nick, yeah, well, look, if you put it into perspective, Auckland has lost over 20% of values since the peak in 2021.

That's not an opinion.

That's a fact, right?

I call it a bubble burst because, you know, when you lose 20, 25% of values over the short amount of time, that is what many people call a bubble burst.

So we are basically starting from this point.

One thing that I want to be a little bit prudent is that over the last three years, there have been two or three false starts where there has been for a prolonged number of weeks, maybe a couple of months, there have been increases in prices.

Now I'm talking about 2023, 2024, and again in 2025.

where there has been increases in prices over a few months, there has been a measurable increase in activity from buyers, and myself, including many other professionals, started saying that's the start of the cycle.

Now, I want to be prudent this time because I've been proven wrong four years in a row now with my optimism, and at the end of last year, most certainly, I was seeing an increase of buyer demand, an increase of new buyers coming to the market,

There was a few factors that were limiting buys be able to get a pre-approval fast, but I could sense the fact that there was something happening.

Now, of course, because of the few false starts have been quite measured in my optimism.

But coming back now into January, I can definitely see there was what was happening in December is now translating in even more activity into January.

So I agree with that, Nick.

I feel maybe fourth time, right.

But this time it could very well be the start of the cycle.

Look, let me start with the reason why, one of the main reasons why Auckland has been suffering over the last three or four years, but really, if you look in the last 18 to 24 months, has been the fact that interest rate went, like everywhere else, from 2% to 7%.

There was a big hangover.