Diego Traglia

At the same time, I find that I am selling a lot of properties at the moment for investors that no longer want to be investors.

And I don't know if it's just because of how hard it's becoming to become an investor.

And, you know, investors got rights, but the tenants got many more rights.

And it's becoming a little bit of a pain in the backside for some of them.

And I'm dealing with a lot of them that, you know, they're classic mom and dads and they're just hired enough.

Now, I don't know if there's a component as well that obviously over the last three years, the assets depreciated a lot and perhaps they had to top it up.

You know, I've got a couple of rentals and I know at the peak it was, you know, a few grand a month you had to top it up.

So it's not pocket money, right?

So I don't know if it's a combination of that and just been hard to be a tenant, a landlord, but I'm seeing a lot of people offloading that.

And as well, people moving to Australia or people in Australia deciding not to come back to New Zealand.

I'll say that around 20 to 30% of my stock that I'm currently advertising is something like that.

The oversupply is something that we've experienced now since 2022 and probably will linger for a few more years, even if the market will be improving.

Look, it wasn't too long ago in 2021 that people were buying land for $2,500, $3,000 a square meter, and now it's worth just $1,100, $1,200, $1,300.

So those people at the time

Then obviously came to building a lot of very high density townhouses, especially in Auckland.

There was somehow the council allowed certain location to have townhouses without car parking as well, just creating not the most optimal community sort of, you know, the way that it's been designed.

So what do you find at the moment?

You still find a high oversupply of townhouses and it's, you don't want to,

you know, put them all under one bracket, but very much when you're looking at the blocks of like eight to 10, all next to each other with limited parking.

And there is a lot of them now for, there is hundreds and hundreds of them for sale in Oakland.