Nick Goodall

But incredibly...

values have held up remarkably well from the post-COVID peak.

And looking at our report, you know, you can see that they're only 5% below that peak value compared to somewhere like here in Wellington, where I'm based, still 25% down that peak, you know, and I think Auckland's still, you know, 15 to 20% back as well.

So I wonder, Stuart, if you can take that viewpoint of the property market, can you summarise sort of more recent movements in the local market and

And especially, I think, focusing on some of the development that's been going on across Queenstown for the last few years, because I know there's been quite a lot, and how they continue to, I suppose, build entry-level property so that it is able to be lived in by, I don't know, I'm going to call them regular New Zealanders, but it's not too unachievable for people to move to and live in a place like Queenstown.

Yeah, interesting to see how that plays out.

As you said, going out a bit further, not like stretching too far out because obviously there is limited land there to be developed, but at least building a bit further out where they can build those units and actually support the number of people there.

So, yeah, certainly has been changing quite a lot.

Like I said, I've been to Queenstown a few times in the last year

couple of years and amazing just to see how much development's been going on there.

Both, like you said, large shops and shopping centres and things like that, but also closer to town where, you know, more hotels are still going in as well.

So trying to support that long term.

Yeah, incredible.

Yeah, absolutely.

I think as long as it's supported by the infrastructural spend and investment too, then it's all worthwhile, right?

So yeah, great to see and great to hear that's going on.

But let's move back to Mangawhai then.

And Mark, Mangawhai itself is quite small.

It'd be even smaller than Queenstown, of course.

But I think...