Real estate agencies Bayleys and Eves both had fairly typical winter weeks at their latest auctions, with a lower number of properties on offer and sales on just over a third.
Bayleys took just 20 residential properties to auction in Auckland, Waikato and Bay of Plenty over the last week and achieved sales on seven of them, giving an overall clearance rate of 35%.
Most of the sales were at the upper end of the market with prices ranging from $855,000 for a four bedroom house at Leamington near Cambridge, to $2.925 million for a five bedroom house at Parnell in central Auckland.
In Tauranga Eves Real Estate marketed 14 properties for sale by auction, one of which was withdrawn prior to the commencement of the auction, while sales were achieved on five and the remaining eight were passed in for sale by negotiation.
Details of the individual properties and the prices achieved on most of those that sold are available on our Residential Auction Results page.
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109 Comments
Extremely simplistic. As a share holder (as the name suggests) you have a share of the ownership of the company. As such, you have a claim on all assets owned by the company. The net tangible assets of the company gives you an idea of the market value of this physical stuff (property, equipment, inventory etc) and on top of that are the intangible assets (Goodwill, brand value, intellectual property etc). Owning shares is not a game, you are buying part of a company which owns assets and employs people.
An example, I have shares in cdl investments on the nzx. They develop land mostly for residential use. Their land was valued at around 270 million at the start of the year, the company is currently valued at around 250 million. When I buy a share in the company, I get a share in the land bank worth more than I spent on the shares.
I quite agree. Far more simple to buy shares in real estate investment trust (there are half a dozen or so to choose from just in New Zealand) than to deal with an individual property. Also far more robust to changing conditions due to the easier achieved diversity.
What a shame that even on a website like this commenters are willfully ignorant about how investing in companies works. I believe this is one of the things holding back New Zealand businesses and the economy in general - who will provide the money to expand and increase productivity if even the wealthy don't care about anything other than buying more houses?
MFD ?
I’m sure kiwis know here how the sharemarket works
Try 1987 a spectacular year to lose your shirt in the sharemarket or Dec 2007- 2008 a world GFC caused by
housing loans collapse in USA
Either way you can lose value in all markets
I would not hope the Auckland property market deflates but the roof you live under can prove a burden
The NZ foreign buyers law has made the news around the globe & as such has already achieved a result
The huge 1987 share market crash rolled back the NZX50 about 1.5 years in terms of value. Maybe the 350% gain in a half dozen years may have been a bit of a bubble... Hmmm, where have we seen outsized capital gains recently?
Some of the capital gains leading up to that well overdue crash in 1987 were clearly suggestive of a rather silly and outsized bubble. C'mon, more than 100% gain in a single year??? Since then, the share market has behaved in a far more sedate and consistent manner. I suspect that housing may get a similar negative reputation as the share market at some point in the future. The fun part is in nailing the timing on that one!
If person B (the sister of person A) has the house in their name, how is the Overseas Investment Office to suspect wrongdoing or take enforcement action?
The OIO needn’t bother though, overseas buyers are such a small component that their impact is negligible (outside of a select few central Auckland suburbs and Queenstown). The Australians, exempt from the ban, are not that far behind the Chinese in terms of units bought.
The OIO would need to suspect wrongdoing in the first place to do an audit. There would be very little on the face of it to indicate a breach of the OIA, and then initiate such an audit. The OIO doesn’t have the resources to audit the prior 5 years of income for every home sale in NZ, and then make a call as to whether the purchase is suspicious. It’s not just a matter of a computer program telling you the answer.
Also quite resource intensive to ascertain the source and intention behind overseas money transferred to NZ, even if an audit were done on the income of every buyer. And even then, it isn’t illegal for a brother to gift his NZ sister money from overseas, nore is it illegal for her to buy “herself” a house with it. OIO would need to allocate lots of resources to find out the truth.
Can you refer me to where there has been indication that “data matching” will be done? The only official statements I’ve seen about enforcement have said that the onus will be on RE agents and the conveyance lawyers to pick up non-compliance.
Anyways, the number of overseas buyers that would be looking to buy through a friend or family member would be negligible.
1. Where have you read or been told that the OIO is going to be using IRD data on taxable income to audit the previous 5 years of income of people who buy houses from now on? Is this just an idea that you’ve imagined up or is it actually a thing? Are they going to do this for every sale (all approx. 10,000 of them per month) or just some?
2. It isn’t illegal for a foreigner to gift a NZ family member money, nor is it illegal for that family member to use that money to buy “themselves” a house in NZ. How would “data matching” address this?
3. Lots of people purchase houses with overseas funds that weren’t taxed and won’t be on IRD’s records. E.g an immigrant selling their UK house to buy in NZ. All of these would presumably fail this “data matching” test. The OIO is a small sub-department of LINZ. As recently as 2016 it only had 19 staff. Is an OIO official going to investigate all of these cases to find out if they are in fact purchasing on behalf of a foreigner?
You raise valid points, there's very little that can be done to deal with proxy buyers. The property would still be owned by the New Zealand relative though, so there's a much bigger element of trust involved in this arrangement. Foreign investors might find it easier to invest in new builds than deal with the risk of tip toeing around the law for existing houses.
For sure. As I mentioned somewhere above, the number of foreigners trying to purchase by proxy would be negligible, so I think the OIO need not bother.
The OIO will also think they need not bother, and they won’t bother. Even if they wanted to identify proxy foreign buyers, IRD tax data wouldn’t enable them to do so.
Ok, so we’ve clarified it’s not something they are going to do. But in terms of whether it is possible or feasible, what about points 2 & 3? I think the reason you can’t provide an answer is the same reason that the OIO won’t be using “data matching”. This, and the fact that foreign buyers by proxy is a non issue.
No, they haven't (and who they is exactly isn't clear.. OIO, IRD, MBIE ???) made any statements at all at what enforcement efforts will be put into the OIA amendment.
And no, i CBF trying to review the law for you, but it'd be a pretty shit bit of law if their aren't penalties for circumventing it.
And we won't know if foreign buying by proxy is a problem.. until they need to buy by proxy in 3 months or so.
Ok.
By “they” I mean the OIO, being the agency responsible for administering the Act.
David Parker has made statements about how to ensure compliance - he said they will just rely on the conveyancing lawyer and real estate agent to make sure that the sale is legal.
We will never know for sure if foreign buying by proxy is a problem because no agencies can be stuffed looking into it because hardly any would-be foreign buyer is likely to do it and it is very, very difficult to monitor and enforce.
Hi BLSH,
Yes, there are a number of holes in the new legislation.
People from abroad will soon find cunning/mischievous ways of clambering through them.
Expect an amendment Act before too long.......
And then it will all be repealed if/when National gets back in 2020.
Meanwhile, I'm told NZers are feeling more confident about purchasing property - now that there are fewer foreign buyers to compete against......
So stronger demand by NZers is a distinct possibility - and it might be enough to push up prices.......
Oh dear!
TTP
Yeah I'm sure you'll be there to help them with their "cunning/mischievous ways" to launder profits in to NZ's property market.
Sorry TTP but the jig is up and I don't think Western Governments will be able to get away with saying that they didn't know what was going on and why their cities property prices are out of control.
At least Canada is cracking down on money laundering and the rest of the world will have to follow their example, since we know this is happening here.
How Chinese gangs are laundering drug money through Vancouver real estate
https://globalnews.ca/video/4157916/how-chinese-gangs-are-laundering-dr…
New Zealand Police Financial Intelligence Unit (FIU).
"the FIU collects and collates information provided by external parties and reporting entities, banks and other financial institutions. After analysis, intelligence products are sent to other investigative and intelligence units within the New Zealand Police, other government agencies, sector supervisors, domestic partner agencies and to relevant international agencies".
It's all there, stored and available when the time comes.......
Pragmatist
I agree with you 100%. Some people in the forum seem nervous about the OIA.Trying to delude themselves that OIA would not have the appetite to ferret out breaches.
Rather presumptous in underestimating the government agencies. If so cocksure,give it a shot & see what happens.
Thinking of seeking easy loopholes in OIA? Fat hopes.Dream on.
OIA need not do audit. Information-sharing kicks in and other agencies like IRD,Police,AML join in.Search expands to others in the network.
https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12107622
We all have to wait and see and measure the real effect of banning foreign buyers on house prices in the market in the next few months.
Auction numbers are irrelevant anymore they bounce all over the place week in week out .... some reporters still find it good material for seeking attention and clicks !!
If house prices rise, which it most probably will in this season, then Labour spin doctors will have to water blast the egg off their boss's bleak faces.
If prices were about the same (highly unlikely) , then they still haven't achieved anything and the egg will still be there . In fact that will prove them wrong !!
If Prices in AKL went down a bit ( in specific areas of $1M+) then the correction there should be more than 3-5% ( more in the leafy suburbs ) to possibly be attributed to FB ban. But all in all it won't affect rising average prices especially in the regions.
To me , it is all part of the political game of attention diversion from the failures of this CoLs in almost every area of change and reform they promised to tackle - especially in Immigration, Construction and Infrastructure ...and Spending money like drunken sailor on pay day.
This is a typical old strategy of failed politicians and noobs. Parties and people who do this know very well that they are on their back foot and their days are numbered so will try everything and anything to keep people busy with stupid and silly things, the more emotional the better ... they can only fool Some people for so long, once the lie is uncovered they will lose the trust and confidence of the voters. But they know they are here for a good time not a long time! ( spoils and booties as per Mr. Jones)
My take is that Strikes and Wage Rises fall exactly in the same category - the Unions are doing a great job in creating the dramatic diversion needed in the name of a good cause - the media has also found a fat feast to feed on - they could have always achieve what they wanted from their MATES behind closed doors without the propaganda, Drama, street demonstrations and fueling up emotions ... they are and would have achieved what they asked for anyway!! -- In my view, all this is purposely choreographed and just cannot be coincidental at all !!
it is not the first we enjoyed useless Drama since this CoL came about -- we witnessed the Homeless people sleeping rough etc, the poor FHB ( who are now hanging out to dry for another 3 - 5 years waiting for KB) , the Infrastructure fiasco which we don't know the size of, The salvation army and others' appeal for sick children dying in moldy houses, and the HNZ residents who have been thrown out on the streets as their rotten houses were sold out or replaced...etc , etc, etc... NOT ONE single new solution was introduced and the numbers are on the rise while the Media is muzzled about it.
Expect more similar crap coming up in the next two years - and wait for the mother of all craps - the Tax Group recommendations !!
I think you'll find that prices will be dropping considerably more than just 'a bit' in the million dollar areas Birdy. At least you've now acknowledged that prices will continue to fall and they need to, hard earning salary people can't afford million dollar homes.
Perhaps you should look in to where all that dodgy money was coming from in the first place that so massively pushed up Auckland property prices, you need to look at the bigger picture.
Not that I care what your next excuse will be, but I wonder what are you going to come up with if prices remained stable or started rising as predicted in the range of 2 - 5% pa?
OH, BTW, the $1M+ houses are being bought by hard earning Salary people, they earn a bit above average wage .. lol - A couple with good savings ( or equity) and combined income of 180K+ can do that ... and that is not considered exceptional in AKL today...in fact >50% of buyers fall in that category.
I did NOT acknowledge that prices will continue to fall - you are putting words in my mouth - I said before that prices will rise between now and Nov. - usual annual trend.
You need to come back to earth and stop comparing NZ with your noob mates in Canada, That crash you are hoping for ain't gonna happen!
You sold your investments too soon, get over it.
Be patient, Watch, Learn , and See what happens..... you never know, it could only takes another blunder ot two by your mates in the CoLs to make a dent in house prices before they are kicked out in 2020.
You're hilarious Birdy, how on earth can we take you seriously?! So are you still sticking with your claim where you said that Auckland's property market bottomed out in July 2017?
How's that working out for you?
Oh and your statement about the majority of Auckland's $1M+ houses being bought by salary people doesn't pan out either. Especially when the average household yearly income is around $100k and Auckland won't be much above that since most of our real economy has been pushed out due to the high cost of living. Hence why the Government have had to bring in the foreign buyers ban.
Here's some evidence for you: https://www.stats.govt.nz/information-releases/household-income-and-hou…
And by the way it's not just Canada which has also been effected by recent market declines but also our neighbors Australia or haven't you noticed in your little over priced world.
More evidence for you: http://www.abc.net.au/news/2018-08-01/corelogic-housing-price-downturn-…
Are you actually predicting that prices are about to rise? Do you seriously expect us all to believe that whopper lie of yours??
So basically you want National to be voted back in so we can you can rake in the ill gotten gains of money laundering is that what your saying?? SHAME ON YOU!
Nzdan I think you'll find that most of the Auckland people that were lucky enough to buy before the mass foreign buying and money laundering took hold (2007 - 2016), have now downsized moving to the provinces rather than move to another part of Auckland therefore cashing up.
But I agree with you that Aucklanders have pushed up prices in the provinces mostly thanks to National who imposed mortgage restrictions on Kiwis buying in AKL in 2015.
Also they're (Akl Boomers) trying to free up equity for their children to buy in NZ, though I was very surprised to hear that the well off Parents of Kiwi friends of mine, even with a new baby, were being told that they'll just have to rent if they want to remain in Auckland.
Can you see how this is just ever decreasing circles. I'm an outsider so I can see just how plain daft and short term the whole situation is. But remember how well it worked out for Mr Key.
I am not sure what rock are you living under CJ but surely it is a very dark place and you are surely becoming a very disturbed person with equality disturbed friends ....
" Lucky enough to buy before the mass foreign buy "??? or clever enough to BUY ?/ period....
You so are sick and obsessed with money laundering and RE agents , you really need to seek some pro help on this !!
So now National imposing LVR in AKL in 2015 was bad for the regions ..eh ?? how silly can someone get I wonder?
See a psychologists man you are getting worse by the minute.
You're just a sad RE Birdy with no evidence to backup your claims. Come on provided a rational counter argument supported by media evidence like I have. Where are your links? Where is your evidence? Are you saying that main stream NZ media is sick?
Stop squawking Birdy provide evidence rather than casting aspersions.
Sorry CJ but Toronto rents were rising 11% recently due to lack of condos !
Strange because a year ago they were building scores of new condo buildings.
Demand in Toronto is still extreme for all housing
I must go there some day they say it’s a cleaner version of NYC
Where the money is comming from..... Known to all. NZ heaven for money laundering.......
https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12107622
Hopefully things change.....
LOL, so paying tax and bleaching the money will make it Ok then?
Silly frugal Asian noobs , don't know how to wash money properly lol ...
it's all about Our Cut (tax) , not really where and how the money was obtained or made !!
However, every example caught pleases the desperate crowd and make them feel better about themselves assuming all the money going around is foreign dirty laundry :)
This not attitude , it is how the state deals with things - I have no skin in the game - if TAX was paid then it would have been Ok to transfer millions into NZ accounts no questions asked !! ... BLEACH it and should be OK.
.... isn't that the reality ?
Come on ... It is all about what's in it for me ( NZ).... not how you made the money !!!!!!! get real..... as long as everyone can settle it down with a juicy amount to please the authorities, then it will be sorted \!!!!!!!!!!!!... prove me wrong , I dare you.
Still no answer Bridy just you squawking. Plus according to you I sold too soon, by everyone else calculation apart from your own it was about right time to have sold. The market hasn't bottomed out yet a fact that we'll keep remind you of, no matter how much you squawk that it bottomed out last year.
The coalition is between a rock and a hard place, it seems. If house prices rise, they will have failed to solve the housing crisis. If house prices fall, they have stuffed up the economy. I guess it is theoretically possible that the economy improves and house prices stay the same, thus becoming more affordable as wages rise. Seems unlikely though.
Many commentators blame the CoL for their incompetence - for what they are supposed to do, for what they have promised to do !!
They have over promised and under supplied / achieved with No clear plans or visible road maps -
It's a chaos, every day they prove that they are just Noobs sitting where they do not belong and discovering the obvious, and of course blaming the previous lot for their failure.
Commentators are just pointing out to this CoL's obscene failures and deception - that's all ... the noobs are supplying all the ammo for it ..
they had 9 years to prepare for this, and 1 year in power YET they failed miserably !!
National were an utter embarrassment, so much so David Seymour has for once said something that actually makes sense. I suspect people are so vocal about Labour because if they make enough noise it'll distract from the real failures from their own "team". Will take a lot to convince me to vote for National again, particularly with this chump Soimon Bridges running the show.
https://www.newshub.co.nz/home/politics/2018/08/promise-win-fail-apolog…
Was speaking to a young fellah today early 20’s who who has a partner and a young child and left his parents home recently and gone renting.
He is a builder and I asked him why he is renting rather than buying and doing up a house and moving up the property ladder.
He said don’t have a deposit, and I know the parents who have owned a home for many years.
Asked whether he had asked the parents to use the equity in their home for the deposit for them.
He said yes he had and hadn’t gone down that well and no they wouldn’t.
I can not understand why some parents won’t do this for their kids, the logic to me is hard to understand.
There is absolutely no logic to not be using the equity in someone’s own home to buy positively geared rental property or helping to get your kids on the property ladder.
The Man often advises people that ask for advice and they are forever greatful.
No one will get ahead by sitting on their chuffs and listening to people that don’t do anything themselves!
A bit of a logical fallacy in your comment... The basic definition of doing something oneself assumes that one doesn't request material assistance from another. The next level would be to just ask the 'rents to just buy your house in entirety... why be saddled with a mortgage?
The amusing aspect of this to me, is that my first home purchase used a $10k loan from parents to complete the down payment. This was "officially" labeled as a gift in order to make the rules for the down payment. The reality was that the $10k "gift" was repaid within a year of the loan, with 7% interest paid on the loan. This was a significant feat more than 30 years ago, and required a rather spartan existence (definitely no smashed avocados or similar ilk!).
I would consider purchasing property at this time to be chaining oneself to a property anchor instead of climbing a property ladder for most locations in NZ. I state this even though I have purchased property about 2.5 years ago, and cheerfully admit that the purchase was not done for financial gain, even though the timing was quite appropriate in that regard (Hawkes Bay).
Yankiwi are you American ?
I have to agree that self reliance is not taught to our children by risking parents home equity
Of course some will say there’s no risk but I’ve seen otherwise
The children receiving the “Help” can have events transpire in their lives that make them unable to meet their
commitments
All my children are self reliant global citizens thankfully they knew not to beg
Hi All, so I've been reading the comments on these articles over the past 6 months and I would be the first to admit that I don't understand half of what is being said. Here is my story... We live in Napier and have managed to save a decent deposit, but were caught completely off guard by the sudden increase in house prices since mid 2016. What caused the demand is open for debate. Mostly we saw older couples or families starting a new business in Hawkes Bay cashing up in Auckland, moving down to Napier and buying decent homes of $400,000 upwards cash. And then everybody jumped on the band wagon. Suddenly ALL houses were selling for $150,000 to $200,000 over the 2014 GVs. We could not get into the market, as a $250,000 house suddenly sold for $350,000 to $400,000. So we kept on falling behind on the amount we needed to have for a deposit. The goal posts kept moving.
Throughout 2016 and 2017 house prices kept increasing at an alarming rate. September 2017 GVs were adjusted based on sales between 2014 and 2017 and homes across the board in Hawkes Bay saw their GVs jump by $200,000. Now we're stuck in a situation where home owners were "given" $200,000 capital growth and people don't even finish renovations before sticking their homes on the market, as the increase in GV will guarantee them more profit than completing the renovations can, so why bother with the hard work? We are looking at complete hovels which would have sold for far, far less had the GVs not been adjusted to reflect what was happening in the market, since vendors are still expecting to get $100-$150k over the 2017 GVs for their homes. When you challenge an estate agent and ask them whether they are seriously marketing a dump at such an over-inflated price, they shrug their shoulders and say, "it is what the market demands". And human nature is such that we are getting more and more filled with angst, as we simply can't get a foot on the ladder. A $250,000 house was just within our grasp, but now that same house - without a single bit of improvement carried out - is considered to sell $100k over the 2017 GVs, which were adjusted by $200k. So that same $250,000 hovel can't be bought for anything less than $550k. And we've seen this happen over and over and over again. And the biggest tool of destruction out there - next to real estate agents - is the homes.co.nz website tool. If homes.co.nz says a house will sell for $100k over the current GV, then that is what buyers believe they need to offer, as vendors feel they have every right to get such an amount for their property.
Worst of all is the fact that our rent has gone up to reflect that home owners took equity from their existing homes and bought a second or third rental property, and what we are paying in rent now could have gone toward paying for our own home, had we been able to actually get into the market.
Please, in English a simple, middle income full-time working mother and wife can understand: what would you do? We have cut our expenses to the absolute bone. We are getting poorer by the day and we can clearly see that the "value" of our money (salaries which had not seen an increase in many years) is about half of what it was about 10 years ago. I can do roughly half of what I was able to do with the same amount of money 10 years ago, if that makes sense.
So please, all the clever people out there: what would you do? Would you buy an overpriced house now and hope the value will increase over the next 10 years, or would you sit back and hope for... for what? It's not like house prices will ever go down to pre-2014 levels. And it's not like GVs will ever be adjusted down to what it was in 2014. And the biggest joke of all is "new houses" to be built to meet demand. How must I afford a new house? Or is the idea that the person living in the overvalued hovel will sell at a crazy price and go buy a new house? But in the meantime I can't even afford that overvalued house he's flogging. I am a middle class Kiwi getting poorer, while I see older NEW ZEALANDERS getting richer. None of them Chinese, as far as I've been able to determine.
So, okay, go for it. Give me your best advice. Thanks in advance.
Sit back, relax, keep saving your money and enjoy watching the crash unfold. It'll be carnage on the over-leveraged and not a place that you want to be yourself. The money that has allowed the exodus from Auckland is about to stop and many of them will now be stuck in Auckland for 20 years waiting for the lofty prices of 2016 to return again. You'll only be competing with stupid people for the next wee while who are prepared to accept the big multiples of income that the banks are still lending. If you have read this site for 6 months you'll be able to identify who those people are. However a bank crunch on lending and credit availability will quickly reduce the number of 'stupid' who can borrow.
Where will it go back to ? Who knows, but it will be dramatic and could wipe out a decade of gains over the next 2 or three years
This is a very challenging issue. One item to note is that the prices in the Hawkes Bay area was essentially constant from 2008 to late 2015. The recent price gains were a bit of "catch-up" where the house prices had lagged behind inflation for much of a decade. The run-up of the last 2.5 years is pretty much over, although prices are likely to be flat at best (the "at best" is in reference to buyer rather than seller) in the area for a while due to the local population increase. As you have lived here for quite a while, you know how much the traffic has increased in the last few years, which is a symptom of the increased population. It is a tough situation.
An aside, I bought my first house towards the end of a rather strong house price run-up, back in 1987 in the US. As I was buying to live instead of buying to make money, the timing was low on our priority list. We ended up buying about 2 years prior to the end of the run-up, and for a while we had about 30-40% gains. The heady excess evaporated, and for almost a decade we had nearly zero capital gains. As we had bought to live rather than for investment, the temporary ups and downs was not really pertinent. It was annoying in that during the time that we saved to have our down payment, house prices had gained almost 20%. It was annoying, but we got over it. Buy to live, don't buy to invest. We had rented for a decade after selling our US house, but returned to home ownership a bit less than 3 years ago here in Hawkes Bay. I'd suggest buying if you are looking for a place to live. If you are looking to invest, well, the investment returns are rather low. Buying a house shouldn't be about investment but instead a choice about having a home of your own.
I absolutely share your concerns. We faced exactually the same issue- priced out by greedy bozos... So much so, that we packed our bags and turned our back on NZ. No one can get ahead in NZ... I tell all Kiwis that want to do right by their family to get themselves over to Aussie. Double the wages ...half the costs.
I absolutely share your concerns. We faced exactually the same issue- priced out by greedy bozos... So much so, that we packed our bags and turned our back on NZ. No one can get ahead in NZ... I tell all Kiwis that want to do right by their family to get themselves over to Aussie. Double the wages ...half the costs.
What a load of twaddle
Anyone can get ahead in NZ it is all about making wise decisions.
Perth house prices are no cheaper than NZ and they have an archaic capital gains tax.
If you can’t afford to buy a house where you are now, unless your circumstances change then unfortunately you probably won’t.
I wouldn’t be taking the advices of the Doom and Gloom merchants and property bears seriously as that is why they are still not property owners on the whole.
There are still very affordable houses available in NZ and it is just a matter of adapting to your circumstances.
Interest rates are historically low and will be for a very long time somitmis a good time to buy providing the numbers stack up.
The Tenancy Tribunal found The Rent Centre Limited failed to lodge tenancy bonds...
Houseworks, that's not you is it?
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