As I reflect on this past month, I’m reminded of how much we have to celebrate, including three remarkable sporting victories for New Zealand!
New Zealand achieved the unthinkable, stunning South Africa to win the Women’s T20 Cricket World Cup in Dubai. This historic win serves as a reminder of our resilience and determination on the world stage.
As always, I’m drawn to the lessons we can take from sport into both life and business. South Africa’s reliance on its top-order batsmen left their lower order untested, which exposed them in the final chase. Key player Rosemary Mair reflected: “Pretty unbelievable to be honest. Coming into the tournament, all the odds were against us, so for the group to bounce back like they have is unbelievable.”
The takeaway is clear: ensuring your entire team is trained, prepared, and empowered is critical. Relying solely on a few ‘superstars’ leaves you vulnerable when circumstances call for a whole-team effort. In business, as in sport, true success comes from trust in your entire team’s potential, not just a select few. For Kiwis, it’s part of our nature to persevere and rise to the challenge, no matter the odds.
In another triumph, the Silver Ferns clinched the Constellation Cup, beating the Diamonds for the first time in Australia since 2019 with a dominant 18-goal victory in Perth on Sunday.
Earlier, Captain Ameliaranne Ekenasio told Sky Sport: “I’m really proud of the group. We’ve had a tough couple of weeks, but what we’ve been putting out in training is paying off. We’ve had to become super vulnerable with each other, and getting real with each other has been the game-changer.”
This insight resonates with our approach at Goodwins: connection, openness, and teamwork are the keys to overcoming challenges and achieving success. When everyone on the team is committed and supported, it strengthens the entire operation — whether it’s on the field or in the office.
Finally, the absolute highlight was Emirates Team New Zealand concluding a historic chapter, winning the 37th America’s Cup after a dramatic final showdown in Barcelona. This marks the third consecutive victory for ETNZ, once again proving that New Zealand punches well above its weight on the global stage.
Looking forward, I hope those with the financial means will step up to help ETNZ defend the next America’s Cup in Auckland. Beyond the measurable economic benefits, hosting such a prestigious international event offers immense intangible advantages. These events put New Zealand on the global map, inspiring future generations and reinforcing that even from our remote corner of the world, we can compete and win on the world stage.
For those who have been with us since before 2021, you’ll remember Goodwins’ role in managing accommodation for multiple America’s Cup teams, including American Magic, INEOS Britannia, Luna Rossa Prada Pirelli, and the Challenger of Record’s Corporate Team. We are ready and able to do it again. #BringTheCupHome
Economic Updates:
The past month also saw notable economic developments. The OCR (Official Cash Rate) dropped by 50 basis points to 4.75%, leading to immediate reductions in mortgage rates. For many Kiwi families and businesses, this is welcome news after an extended period of high interest rates.
Another review of the OCR is set for 27 November 2024, and Brad Olsen, chief economist at Infometrics, has suggested there is potential for a further 75-basis-point cut, depending on the evolving economic landscape.
Inflation has fallen to 2.2%, marking the first time in over three years that it’s within the Reserve Bank’s target range. This significant drop provides relief to households and businesses alike, easing cost pressures and improving overall consumer confidence. As Finance Minister Nicola Willis put it: “The era of crushing price rises is now over. Kiwis can look forward to mortgage rate reductions, and businesses will find it easier to invest and innovate with a lower cost of borrowing.”
How does this impact the property market?
These developments are creating an improved environment for property buyers and investors. Lower interest rates make mortgages more accessible, which could trigger renewed activity in the housing market, particularly among first-home buyers and investors. We’re already seeing early signs of increased inquiries in Auckland’s City Fringe suburbs.
Final Thoughts:
At Goodwins, we aim to reflect the same resilience, teamwork, and adaptability that our Kiwi athletes demonstrate on the world stage. As we navigate these evolving market conditions, we are committed to ensuring that our clients are well-positioned to succeed, whether they are looking to buy, sell, or manage property.
With interest rates dropping and inflation stabilising, now is a great time to review your property portfolio or explore new opportunities. Whether it’s understanding how these changes impact you or planning your next move, we’re here to help.
