Nick Goodall

for that you know that range of the market too and that's the thing here i think that we do see different tiers of the market operate differently um through the last few years and that's one other thing that's also included in the chart pack you know we do a retro at the home value index values fell one percent over the last year uh well over 2025 but we did see that very performance across the country whether you split it by location you know in the cargo seeing growth

Wellington, Auckland not doing so well.

So I think we do split that with our home value index, but we also report on the tiers of the market.

And there's a nice chart in there which looks at value over time by the upper, median, and lower quartiles.

And I think the figures that are published quite clearly there are the change since peak, because they're probably quite stark as well, so it's quite a clear difference.

But that upper part of the market is still 15% below the peak.

the lower part of the market, that lower quartile of properties, is only 8% down.

So pretty big difference in terms of how those different parts of the markets have performed.

And the median, almost literally, sits in the middle as well at 11% down.

So we have definitely seen a tearing of the system in terms of value change over time, depending on the value.

And I think that reflects those buyers that are active.

First-time buyers, we know they don't buy right at the

but they are going to tend to be in that middle to lower and that's the part of the market that's done better because there's been more demand there's probably a bit more competition and that's certainly true when you bring in some of those mortgage investors who probably operate in a similar market you know those properties are the ones that they might see greater growth in they get better rental yield from it too if they can

you know, get a relatively cheap property, they can get decent yield for it because it's got a lot of bathrooms and bedrooms, then that's the market they're going to play into.

They're not necessarily buying these massive houses worth two mil to try and rent those ones out because the yield is often not as great there.

So I think it does reflect those two things are combined, right?

Buyer activity and the different tiers of the market, as well as different locations of the market too, which reflects stronger or weaker economies

like the fact that Invercargill's gone quite well.

And I'm really looking forward this week.

We've got a report coming out looking at the real estate industry and kind of the vibe, you know, the sentiment of that industry.