Diego Traglia
👤 SpeakerAppearances Over Time
Podcast Appearances
And a lot of them, if you're looking at how long they've been on the market,
They seem to be lingering for quite a long time where average days on the market across the residential spaces is decreasing, is decreasing.
The townhouses are still taking months and months of time to sell.
And you can find some very sharp prices out there, you know, to the point that, yes, they started selling.
They started selling slowly.
but that was because the owner the developer who was selling it has to bring down their price essentially it's either that or there is more landlords unintended landlords right um to give an example you know in west auckland you can buy two bedroom one bathroom townhouse at five hundred thousand and that was a little bit of unheard of thing even 12 months ago um but it's either that or the properties don't sell and therefore then what you do right so
So I don't envy any developer that is on the market that has been working really hard on a project, getting resource consent, building consent, building their own thing, landscaping it, getting title, CCC, and then nobody wants to meet the market for them to be able to get a profit.
So I sympathize with that very well.
No, there are cycles as well.
And developers make a lot of money in a good market.
And unfortunately, now that's where the market is.
Hard to tell, but I would say that on average, Kiwis like to have a car and there is not many people traveling to the CBD, as Tom was saying before as well, with a restaurant closing in Wellington.
So whether the railway will bring that wave that we're expecting from it, I will very much welcome that.
But I suppose my pessimistic side might say, hey, I still want to have a little bit of a backyard and have my car parked.
so I can take the family at Costco on the weekend, right?
And so let's see if people adjust more and more, but there's still another supply and that's the reality, right?