Nick Goodall

I'm still in that sort of position where it looks like investors have sort of changed their tech more recently.

We've been talking about it for a long time now that we don't expect the same capital growth in the future.

So you need to be buying more based on that rental yield than you are based on, I need this to grow over the next five, 10 years to make this investment stack up.

So I think that hopefully that mindset is changing slightly anyway.

If we do talk a bit about investors,

Jason, I'll be touched on it briefly before you talked about first time buyers, pretty common part of your market.

What's happening from an investor's perspective down there?

Do you hear, do you see those guys coming through your open homes?

Are they, you know, do they get decent yield down there?

What's sort of what's happening in that part of the world?

Yeah, that sounds about right.

And any feel for the mum and dad investors that have seen equity grow over 10, 20 years that are now going, well, what does my retirement look like?

Or is it larger, let's not say professional investors, but people that have a larger portfolio?

Can you distinguish between those two groups?

Yeah, really interesting.

And what about in Auckland then, Diego?

I think that one of the things, you know, we've seen strong first home buyer activity in Auckland and people go, oh, but it's such a high average price or medium value.

How does that occur?

And I think what we've seen is that because there's a broad range of property types, there's been a large increase, of course, of townhouses, there's decent entry points for those first home buyers.

Has that run true?