Archive: November 2024

“I think a successful life is one in which you make a difference. Why are we here? I would say it’s not only for us to live a happy and successful life, an honourable life but also for us to change the lives of the people around us. To leave the people we encounter better somehow for having met us.”

This is an opening quote in one of the chapters of the recently launched book of Auckland-based global real estate leader Don Ha whose life story is a fascinating and classic rags-to-riches odyssey.

Don Ha only knows hard work and this is encapsulated in his book as he imparts much of his secrets around mindset and actions for finding success in both career and life.

The book published by Forbes tells the awe-inspiring journey of a real estate titan who rose from humble beginnings to a billion-dollar empire.

Don Ha, a true authority in real estate sales and investment, emerged from war-torn Vietnam, traversed refugee camps in Hong Kong, and finally made a home—and a name—for himself in New Zealand, overcoming cultural and language barriers each step of the way. His ascent from adversity to prominence in New Zealand’s real estate realm is a saga of unwavering determination.

Don’s story isn’t solely about his achievements; it’s a testament to fostering a culture of triumph. In The Art of Exponential Success, he imparts his core values that underpin his accomplishments through his journey from refugee to CEO. Values like respect, loyalty, trust, and hard work, backed by discipline and empathy, have been Don’s guiding lights.

Delve into the pages of his transformative book to discover the blueprint for exponential success. Through chronicling his life, Don articulates the essence of his company’s culture while offering insights into transcending barriers and embracing opportunities. The Art of Exponential Success serves as a beacon illuminating the path to realizing one’s loftiest dreams—both personally and professionally.

Witness Don Ha’s metamorphosis from a refugee to a real estate magnate. Gain invaluable wisdom on not just conquering the real estate domain, but also on nurturing a mindset that fosters boundless success. The Art of Exponential Success isn’t just a good story; it’s a guide to transforming your life into a canvas of remarkable accomplishments.

I have personally known Don Ha for more than 20 years and when reading the book it often felt like he was in the room beside me as he practices what he preaches. I know for a fact that the messages he gives in his principles for life and the principles of real estate sales and investing are exactly what he adheres to in practice.

Respect is something that is vitally important to Don Ha.

He says: “Respect is something that is as essential to my life as breathing. I insist on it in my company from the receptionist to my franchise owners to our individual brokers. If you are not respectful, you will not be comfortable working for me.”

Reviewed by Phillip Quay, an award-winning journalist, Media PA and NZ Business Connect CEO.

Contact Media PA

027 458 7724

phillip@mediapa.co.nz

www.mediapa.co.nz

As we step into November, the New Zealand property market is seeing a whirlwind of change. NZ Business Connect member and mortgage broker expert Michael Ross outlines the latest updates, exploring the shifting dynamics that are influencing everything from home loan rates to first home buyer activity. Let’s dive into the key trends you need to know about.

RBNZ’s Rate Cuts Means Cheaper Loans but Be Cautious

The Reserve Bank of New Zealand (RBNZ) has slashed the official cash rate (OCR) by 0.75 percentage points in recent months, with further cuts potentially on the horizon. This has created ripples across the lending landscape, particularly in the home loans market.

As Michael Ross points out, “Banks have been quick to reduce mortgage rates, and more cuts may follow, but it’s crucial to keep a realistic outlook.”

Squirrel’s Head of Mortgages, John Bolton, echoed this sentiment, warning borrowers not to compare current rates to the historically low levels seen during the COVID-19 pandemic. “Those were highly unusual times,” Bolton stressed.

Even as rates drop, borrowers should consider the RBNZ’s indication that a ‘neutral’ OCR sits around 3%, signalling that rates will eventually settle higher than those ultra-low levels. Rates around 5%, or even yet with a 4 in front, is a good deal.

Lower interest rates are also increasing consumers’ borrowing capacity, making it easier for people to service larger mortgages. As a result, more buyers may enter the market, potentially putting upward pressure on property prices.

“This is a double-edged sword,” Ross notes. “While lower rates make borrowing more accessible, they also drive demand, which could push prices higher.”

The improved affordability may encourage greater property activity in the coming months, but prospective buyers should plan carefully.

Ross emphasises the importance of financial discipline, “Understand how your borrowing capacity has changed and consider the long-term implications, especially if interest rates fluctuate in the future.”

Falling interest rates have sparked a wave of refinancing, with homeowners eager to take advantage of better deals. Ross points out that major movements in rates often lead to shake-ups in the mortgage market.

“Some lenders have made larger cuts than others, making it an ideal time to review your current home loan,” he says.

Working with a mortgage broker can be crucial in these situations. “As a mortgage broker, I can help you compare options and decide if refinancing is right for you,” Ross advises. “I can provide tailored advice, potentially saving you significant money over the life of your loan.”

First Home Buyers at Record-High Market Share

One bright spot in the property landscape is the strength of the first home buyer (FHB) market. CoreLogic Chief Property Economist Kelvin Davidson highlighted this, stating, “The percentage share of property purchases by FHBs has reached record levels, now sitting at 27%.”

Factors driving this trend include the accessibility of KiwiSaver funds and a strategic willingness to compromise on property types and locations.

Davidson adds, “FHBs are also benefitting from low-deposit lending allowances at the banks, with a notable 80% of these allowances being directed towards them in August.” For aspiring homeowners, the message is clear, make the most of these conditions while they last.

Home Ownership and Healthier Housing Trends

The 2023 Census data revealed a modest uptick in home ownership rates, rising to 66% from 64.5% in 2018. While still below the peak of 73.8% in 1991, this increase marks a positive shift.

Additionally, housing quality is improving, with declines in dampness and mould prevalence across most regions. “Improving housing quality is crucial,” says Michael Ross, “because better living conditions directly impact health and well-being.”

A Buyer’s Market with Flatlining Prices

Entering the warmer months, buyers are finding themselves in a favourable position. Property listings have surged, reaching the highest September total since 2014, while the national median asking price has remained steady for 20 months.

Vanessa Williams of realestate.co.nz observes, “Buyers have plenty of options right now, and with price predictability, both sides of the market are seeing benefits.”

Ross encourages those considering a purchase to act strategically, “This window of opportunity won’t stay open forever. The stability we’re experiencing now offers buyers a chance to enter the market with confidence.”

In summary, the landscape is evolving, and there are opportunities to be seized. Whether you’re looking to refinance, invest, or buy your first home, these trends highlight the importance of staying informed and consulting with industry experts.

As Michael Ross puts it, “Understanding the shifting market conditions can give you the edge needed to make informed property decisions.”

Book an appointment with Michael Ross, your local mortgage broker expert, and discuss how you can take advantage of the current market for your situation today!

Contact Michael Ross

Phone: 027 633 3782

Email: michael.ross@loanmarket.co.nz

Website: adviser.loanmarket.co.nz/michael-ross/about-us/our-team/

Contact Phillip Quay

Phone: 027 458 7724

Email: phillip@mediapa.co.nz

Website: mediapa.co.nz