Emile Donovan

These are more space economical.

But maybe that's not.

Maybe that's a cultural change that doesn't necessarily get accepted or embraced overnight.

I asked in the intro to the program, somewhat tongue-in-cheek, is this a sign of the model shifting to a sort of buy land, not houses kind of calculus, I guess.

And I do wonder about your thoughts on this.

Even at the peak of the property explosion in New Zealand...

So when you're buying a house for lots and lots of money, are you really buying the house or are you perhaps sort of buying the potential of what you could do with that area of land that you're buying?

Are you paying that much money for the 150 square meters of house that you're actually living in or the 600 square meters of property that maybe someone will come along in 10 or 20 years and buy off you for loads and loads of cash so that they can develop it?

Is this a market opportunity if you're a first-time buyer, do you think?

So, I mean, that's for the first home buyers.

If there's someone listening to this, Francis, who bought a townhouse three years ago and are staring down the barrel of negative equity, I mean, what would your advice be to them?

Obviously, everyone's situation is going to be different, but is it kind of the, you know, this is a long-term thing that you're doing, buying a house and, you know, don't do anything rash?

All right.

Interesting stuff.

Frances Coates, thanks very much as always.

Jay Teaganson.