Wellington's feeling the property slump, with new figures showing a dramatic dip in house values. 

The council's QV rating valuations show the average house has dropped in value of nearly 25% since 2021. 

Pipitea was the worst hit neighbourhood with a 29% average drop. 

Labour’s Ginny Andersen told Mike Hosking that the feeling in the central city is that it’s had the guts kicked out of it. 

She says that when the public services were culled, the local economy went down with it, which has had a real impact on confidence in the local economy.  

LISTEN ABOVE 

Wellington's feeling the property slump, with new figures showing a dramatic dip in house values.&nbsp;
The council's QV rating valuations show the average house has dropped in value of nearly 25% since 2021.&nbsp;
Pipitea was the worst hit neighbourhood with a 29% average drop.&nbsp;
Labour’s Ginny Andersen told Mike Hosking that the feeling in the central city is that it’s had the guts kicked out of it.&nbsp;
She says that when the public services were culled, the local economy went down with it, which has had a real impact on confidence in the local economy. &nbsp;
LISTEN ABOVE&nbsp;

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The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show. Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda. The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more. The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show.Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.The sharpest voice and mind in the business, Mike drives strong opinion,...

The Mike Hosking Breakfast

Pollies: National's Mark Mitchell and Labour's Ginny Andersen talk Waitangi Day, Public Services

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/d4d132d9-02b9-4717-985a-b27a0151ab19/transcript

A couple of interesting property developments for you.

1. Half finished town houses in Christchurch.
 
2. Lack of demand for off the plan deals from developers.

That last one came from a select committee hearing last week. The head of Kiwibank was suggesting there is a stark lack of appetite for off the plan stuff because of the risk you take on what the value will be when its done i.e are you underwater?

And also the risk you take that the thing will never be finished.

Which dovetails into the first observation which comes out of Christchurch, a city in which you would quite rightly ask; how is it possible things aren't booming in that part of the world?

As always, the answer is in the detail.

The Christchurch problem is around small townhouse-type builds close to the city, often with no garage. In other words, building for a world view that isn't that of the average New Zealander.

Once again we are supposed to be like Amsterdam or New York. Except we aren't and will never be.

Cars are important.

You have seen it in Auckland as well with apartments with no parks. 'It's so cool, we're all on e-bikes".

Except we aren't, so the cars are stacked on the streets outside, blocking trucks and generally proving theory isn't reality.

Plans? Who would take the risk?

Tell me what the market is going to be in two years - no one can! That's a real problem and does remind us a consent is not a house.

But the key is our need and desire for housing hasn’t really changed. Cheap builds will never thrive and builds with no garages will never have a demand.

Rightly or wrongly the dream that has never really faded is a house. A detached house, maybe with a bit of lawn and most certainly a place for a car.

The stats show it. First home buyers are in the market right now and standalone homes are what they want. They will borrow and bleed to do it.

What the trendies want and what the real world is prepared to pay for it are, to some degree, at odds.

And that is why the areas of the market that have trouble, have trouble, because theory and ideology doesn’t have a deposit.

The buyer does.    

LISTEN ABOVE

A couple of interesting property developments for you.
1. Half finished town houses in Christchurch. &nbsp; 2. Lack of demand for off the plan deals from developers.
That last one came from a select committee hearing last week. The head of Kiwibank was suggesting there is a stark lack of appetite for off the plan stuff because of the risk you take on what the value will be when its done i.e are you underwater?
And also the risk you take that the thing will never be finished.
Which dovetails into the first observation which comes out of Christchurch, a city in which you would quite rightly ask; how is it possible things aren't booming in that part of the world?
As always, the answer is in the detail.
The Christchurch problem is around small townhouse-type builds close to the city, often with no garage. In other words, building for a world view that isn't that of the average New Zealander.
Once again we are supposed to be like Amsterdam or New York. Except we aren't and will never be.
Cars are important.
You have seen it in Auckland as well with apartments with no parks. 'It's so cool, we're all on e-bikes".
Except we aren't, so the cars are stacked on the streets outside, blocking trucks and generally proving theory isn't reality.
Plans? Who would take the risk?
Tell me what the market is going to be in two years - no one can! That's a real problem and does remind us a consent is not a house.
But the key is our need and desire for housing hasn’t really changed. Cheap builds will never thrive and builds with no garages will never have a demand.
Rightly or wrongly the dream that has never really faded is a house. A detached house, maybe with a bit of lawn and most certainly a place for a car.
The stats show it. First home buyers are in the market right now and standalone homes are what they want. They will borrow and bleed to do it.
What the trendies want and what the real world is prepared to pay for it are, to some degree, at odds.
And that is why the areas of the market that have trouble, have trouble, because theory and ideology doesn’t have a deposit.
The buyer does. &nbsp; &nbsp;
LISTEN ABOVE

Mike's Minute: We're reliant on cars and we need to stop pretending we aren't

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/1697a557-ecfd-4d68-a216-b4540150c3ed/transcript

All Waikato junior league rugby games have been cancelled after fights and abuse from adults on the sidelines. 

The Waikato Junior League Rugby Board said it would continue working with clubs to address the issues and ensure appropriate standards are upheld.

Sport Waikato CEO Matthew Cooper joined Mike Hosking to chat about the issues, calling the behaviour 'disgraceful'. 

LISTEN ABOVE

All Waikato junior league rugby games have been cancelled after fights and abuse from adults on the sidelines.&nbsp;
The Waikato Junior League Rugby Board said it would continue working with clubs to address the issues and ensure appropriate standards are upheld.
Sport Waikato CEO Matthew Cooper joined Mike Hosking to chat about the issues, calling the behaviour 'disgraceful'.&nbsp;
LISTEN ABOVE

Matthew Cooper: Sport Waikato CEO slams parents after sideline abuse leads to games cancelled

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/994553ea-9462-4bfa-bc6f-b45401482773/transcript

Is the Nicola Willis public service announcement to be admired or condemned? 

I think the former, on balance. 

They should have done it properly two years ago and they didn’t, hence they probably should not be back here now, unless this was their Machiavellian plan all along. 

Two public service haircuts a term. But assuming that wasn’t it, we go back to a lost opportunity that could be in the rear vision mirror by now. 

What they talked was a big game. What they delivered was a surgical whimper. 

Yes, it is always sad to lose jobs and restructure and cut. But few outside the Wellington bubble would argue with the fact that the growth engine of public service work was absurd and 65,000 is a city, not a workforce. 

To make it worse, they got the same headlines and noise and pushback over a couple of thousand cuts as they would have ten times that. 

So we are back for another crack, driven by necessity. 

That’s the bit to be admired. 

Laying lots of people off in election year is not really a vote-getter 

Mind you it's safe, I think, to say most of the public service aren't conservatives so the vote loss, you'd guess, will be minimal. 

It’s a horrible thing working in an environment where your future is part of the political wind. I faced it at TVNZ and Radio NZ. Whoever woke up on what side of the bed had some effect on what you were paid and whether you were hanging around for a while. 

It's no way to have a job. 

And in that sense, you can blame the Labour Government for stacking the place with well-paid work. And yet as you applied, if you thought about it, surely it couldn’t last, and it hasn’t. 

As the unions bleat, this is not about the public service and its value. They do a lot of good things and a lot of vital things. 

There are a lot of very capable, if not talented, people in the mix. But it’s the extra, the excess and the fat that needs the trimming. 

This is fiscally desperate to a degree – an operating allowance of $2.1 billion and savings from anywhere and everywhere. 

You can't accuse the Government of priming the pumps. The pumps don’t work because "the vandals took the handles", if you know your Bob Dylan. 

The point is slashing spending and killing jobs is not your traditional electioneering. That's to be admired.   

Is the Nicola Willis public service announcement to be admired or condemned?&nbsp;
I think the former, on balance.&nbsp;
They should have done it properly two years ago and they didn’t, hence they probably should not be back here now, unless this was their Machiavellian plan all along.&nbsp;
Two public service haircuts a term. But assuming that wasn’t it, we go back to a lost opportunity that could be in the rear vision mirror by now.&nbsp;
What they talked was a big game. What they delivered was a surgical whimper.&nbsp;
Yes, it is always sad to lose jobs and restructure and cut. But few outside the Wellington bubble would argue with the fact that the growth engine of public service work was absurd and 65,000 is a city, not a workforce.&nbsp;
To make it worse, they got the same headlines and noise and pushback over a couple of thousand cuts as they would have ten times that.&nbsp;
So we are back for another crack, driven by necessity.&nbsp;
That’s the bit to be admired.&nbsp;
Laying lots of people off in election year is not really a vote-getter&nbsp;
Mind you it's safe, I think, to say most of the public service aren't conservatives so the vote loss, you'd guess, will be minimal.&nbsp;
It’s a horrible thing working in an environment where your future is part of the political wind. I faced it at TVNZ and Radio NZ. Whoever woke up on what side of the bed had some effect on what you were paid and whether you were hanging around for a while.&nbsp;
It's no way to have a job.&nbsp;
And in that sense, you can blame the Labour Government for stacking the place with well-paid work. And yet as you applied, if you thought about it, surely it couldn’t last, and it hasn’t.&nbsp;
As the unions bleat, this is not about the public service and its value. They do a lot of good things and a lot of vital things.&nbsp;
There are a lot of very capable, if not talented, people in the mix. But it’s the extra, the excess and the fat that needs the trimming.&nbsp;
This is fiscally desperate to a degree – an operating allowance of $2.1 billion and savings from anywhere and everywhere.&nbsp;
You can't accuse the Government of priming the pumps. The pumps don’t work because "the vandals took the handles", if you know your Bob Dylan.&nbsp;
The point is slashing spending and killing jobs is not your traditional electioneering. That's to be admired. &nbsp;&nbsp;

Mike's Minute: The public service cut is to be admired

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/52d5ff3a-4bd3-4024-af2c-b4520163a495/transcript

Pollies: National's Mark Mitchell and Labour's Ginny Andersen talk Waitangi Day, Public Services

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