Nick Goodall

And Macargo is a great example of that.

And I wonder, just coming to me now, is that that's probably another reason why that market has been more reactive to falling interest rates.

because it does allow those buyers to be able to extend into a slightly higher price bracket, whereas changed jobs and interest rates in some of the more expensive cities doesn't necessarily change the market you're playing in.

And so there's big parts of Wellington region, for example, and that one and a half to two million, which haven't gone anywhere because there's just fewer people that can stretch to that level, which is that kind of upgrade is that movers market.

So it's a great point and something I haven't really talked about or thought about for the more affordable markets.

But Imekagel sounds like it's a perfect example of that.

Yeah, exactly.

Especially if you're in a job that pays, if you're a teacher or a police person or whatever, these jobs will pay the same no matter where you live.

bang for buck is going to be so much better in an Invercargill where it's more affordable.

bring up the family, hang out at Queen's Park plenty, I'm sure.

Correct.

There's the local knowledge coming through.

All good.

Well, Diego, then, what about up in Auckland?

I sort of talked there about the fact that, you know, that sort of market, which is more expensive, but does have some different entry points.

How have you seen the impact of those interest rate expectations change, particularly in the last couple of weeks, once you've come back from your beautiful summer holiday, no doubt?

Yeah, no, I think it's another great point, right?

Especially when you talk about that mortgage affordability or that the length of time, the delay, the lags that monetary policy easing takes to actually hit the market.

As you said, there's still plenty of people out there that are feeling the cost of living crisis, mortgage payments still high, waiting for that refix.

I suppose the good news from that perspective is we are still expecting a lot of people to refix and they will be refixing on lower rates, more money in their wallet.