Empowering Property Ownership - Mountain Vista Estate: A Case Study

In the world of real estate, the idea of owning a property can often seem like an elusive dream for many. However, at DUVAL Property Group, we believe that with determination, strategic planning, and the right support, almost anyone can find a way to step into the property market. Let's explore a real-life case study that exemplifies this belief through our property development at Mountain Vista Estate in Mangere, Auckland.


Case Study: Mountain Vista Estate Property


At Mountain Vista Estate, a newly built two-bedroom, one-bathroom furnished townhouse priced at $660,000 became the gateway to homeownership for a single male in his late 30s with an annual salary of $110,000. Let's delve deeper into the details of this success story:

  • Purchase Information:
    • Deposit: 10% ($50,000 from KiwiSaver + $16,000 from savings)
    • Bank Lending: 90% with ASB Bank at 6.6% interest
    • Settlement Date: 5 June 2024
    • Weekly interest payment $753.92 (or $39,000 per annum)
  • Projected Costs Over the Next 24 Months:
    • Body Corp Fees: $3,000 per year
    • Rates: $1,200 per year
    • Insurance: Included in Body Corp Fees
  • Rental Income Projection:
    • Potential Rental Income: $630-$650 per week
  • Projected Capital Gains:
    • The Mangere area has been experiencing steady growth in property prices over the years. With the potential for continued development and infrastructure improvements in the region, capital gains for properties in Mangere are anticipated to increase in the coming years.

Analysis of the Investment Opportunity:

By choosing to live in the property or rent it out, the owner stands to benefit from potential capital gains as the property value appreciates. Additionally, with a projected gross annual rental income between $32,760 and $33,800, the property at Mountain Vista Estate presents a promising investment opportunity with a solid gross rental yield.


The case of the single male buyer at Mountain Vista Estate underscores the notion that property ownership is within reach for those willing to explore opportunities and make informed financial decisions. With the added benefit of potential capital gains in the thriving Mangere area, investing in properties like Mountain Vista Estate can provide long-term financial growth and stability.

At DUVAL, we are committed to supporting individuals on their journey towards property ownership and wealth building. Let us help you navigate the path to property investment and capitalise on the promising opportunities that await in the dynamic real estate market.

Disclaimer: Property investment involves risks and individuals are advised to seek professional financial advice tailored to their unique circumstances before making investment decisions. At DUVAL, we can assist with putting you in touch with qualified and experienced, independent professionals.

Shifting Focus: Why Capital Growth Should Trump Yield When Investing in Property

As a prominent property development company based in Auckland, DUVAL Property Group has established itself as a leader in the industry with its integrated approach to real estate services. With a sales and marketing arm dedicated to connecting buyers and sellers, as well as a property, building, and facility management arm focused on maintaining and maximising property assets, DUVAL understands the intricacies of the property market and the factors that drive success in property investment.


In the competitive landscape of property investment, the debate between yield and capital growth has long been a topic of discussion. While yield is often considered a key metric for assessing the income potential of an investment property, DUVAL believes that when it comes to building wealth and securing long-term financial success, prioritising capital growth over yield is paramount.

For investors and property developers in Auckland, a city renowned for its vibrant real estate market and strong capital appreciation trends, the argument for focusing on capital growth holds particular relevance. By shifting the focus from short-term rental returns to long-term wealth accumulation through capital appreciation, investors can position themselves to benefit from the dynamic growth potential of the Auckland property market.

One of the key advantages of prioritising capital growth is the potential for greater overall returns over the long term. While high rental yields may offer immediate income streams, they may not necessarily translate into significant wealth creation over time. In contrast, properties that experience robust capital growth have the potential to deliver substantial gains upon sale, allowing investors to capitalise on the appreciation of their assets and build wealth through property investment.

In Auckland, where property values have historically shown strong growth patterns driven by factors such as population growth, limited land availability, and a thriving economy, the case for prioritising capital growth becomes even more compelling. By investing in properties with strong growth potential, investors can benefit from the city's buoyant real estate market and position themselves for sustained wealth accumulation over the long term.


Focusing on capital growth can provide investors with the opportunity to leverage equity for future investments. As property values increase, investors can unlock equity in their existing properties to fund new acquisitions, developments, or strategic ventures, thereby expanding their portfolio and enhancing their overall financial position.

By prioritising capital growth over yield, investors can also build a resilient and diversified property portfolio that is less susceptible to fluctuations in the rental market. While high yields may be attractive in the short term, they can be vulnerable to changes in rental demand, vacancy rates, and economic conditions. In contrast, properties with strong capital growth potential are more likely to retain their value and continue to appreciate over time, providing investors with a solid foundation for long-term wealth creation.

In conclusion, as a leading property development company in Auckland, DUVAL advocates for the importance of prioritising capital growth over yield when investing in property. By focusing on properties with strong growth potential, investors can harness the power of capital appreciation, leverage equity for future investments, and build a resilient and successful property portfolio that stands the test of time. In a market as dynamic and promising as Auckland, embracing the philosophy of "forget yield, it's all about capital" could be the key to unlocking enduring success and prosperity in property investment.

Rising from the Bottom: Navigating Auckland's Property Market Cycle with DUVAL Property Group

In the bustling real estate landscape of Auckland, where opportunities abound and investments thrive, DUVAL Property Group stands as a beacon of excellence in property development. Specialising in crafting multiunit developments in strategic investment hubs, we bring forth a unique blend of market expertise and visionary design.


As the very foundation of property investment principles reinforces our approach, we are driven by a profound understanding of the industry's pulse. Today, standing at the cusp of growth, we find ourselves at the bottom of the market cycle. Historically, Auckland has experienced market cycles characterised by periods of growth, stability, decline, and recovery. By studying these patterns, investors can gain valuable insights into the market's behaviour and make informed decisions.

For those with a keen eye on property investments, the current market dynamics present a golden opportunity. With the market poised to ascend from its current low, now is the time to seize the moment and capitalise on the inevitable uptrend. By drawing on reputable sources and industry reports, investors can enhance their understanding of market cycles, anticipate upcoming trends, and position themselves strategically in the evolving real estate landscape.

Investing in property today with DUVAL means not just engaging in a transaction but embarking on a journey towards future prosperity. The past trends in Auckland's property market cycles have shown a tendency towards resilience, with recovery phases often heralding new opportunities for growth. Armed with knowledge gleaned from authoritative references, investors can navigate market cycles with confidence, leveraging opportunities and mitigating risks along the way.

In a realm where foresight and timing are paramount, our commitment to selling houses off the plan underscores our unwavering belief in the potential of tomorrow's developments. By investing in a property today, you are not just securing a physical asset but also a piece of the future that holds the promise of appreciation and growth.


As the wheels of the real estate market begin to turn towards an upward trajectory, those who act swiftly and decisively stand to reap the greatest rewards. With DUVAL as your trusted partner in property development, the road to success in investments shines brighter than ever. Now is the time to step into the realm of property investment, and with us by your side, the journey promises to be as rewarding as the destination itself.


You can find information on property market trends in Auckland by visiting reputable websites such as:

Real Estate Institute of New Zealand (REINZ): The official website of REINZ provides comprehensive data and insights into the New Zealand property market, including specific information on Auckland.
CoreLogic New Zealand: CoreLogic offers detailed reports and analysis on property market trends across New Zealand, with a focus on key regions like Auckland.
Property Institute of New Zealand: The Property Institute of New Zealand's website may also have valuable resources and reports related to property market trends in Auckland.
By visiting these websites and exploring their resources on Auckland's property market trends, you can access up-to-date data, analysis, and insights to inform your investment decisions.

Seize the Moment: Why Now is the Best Time to Invest in Auckland Property Despite Economic Uncertainty

Investing in property, particularly in Auckland, has long been considered a sound financial decision, and there's compelling evidence to suggest that now is always a good time to buy. This concept is encapsulated by the adage, "The best time to buy a property was yesterday; the next best time is today." This timeless wisdom holds true in today's dynamic real estate market, even amidst economic uncertainties, for several key reasons.


Historically, property values have demonstrated a steady upward trend. Over the past decade, Auckland's property market has seen significant growth. Data from the Real Estate Institute of New Zealand (REINZ) shows that the median house price in Auckland has risen by approximately 90% from 2013 to 2023. This trend indicates that early investments often yield substantial returns over time. While market corrections and fluctuations do occur, the long-term trajectory tends to favour appreciation, making real estate a reliable hedge against inflation.

Current economic conditions may seem daunting, with recessionary pressures influencing market sentiment. However, this environment actually creates a buyers' market. Sellers are more motivated, often resulting in better pricing and more favourable negotiation terms for buyers. Interest rates, although variable, remain relatively low by historical standards, reducing the cost of borrowing and increasing the affordability of financing a property purchase. Banks and lending institutions are often more willing to offer favourable terms to investors, recognising the inherent stability and long-term potential of real estate assets.

Auckland's robust population growth is another factor underpinning the desirability of property investment. The city's population is projected to reach 2 million by 2033, according to Statistics New Zealand. This increase in population drives demand for housing, thereby pushing up property values and rental incomes. Investing in a property now positions you to capitalise on this ongoing demand, ensuring steady rental returns and potential capital gains.

Urban development and infrastructure projects further enhance the appeal of property investment in Auckland. Significant government and private sector investments in transportation, education, and commercial facilities boost the livability and attractiveness of various neighbourhoods. Properties in well-connected areas with access to amenities tend to appreciate faster, providing a lucrative opportunity for investors.


The rental market in Auckland remains strong, bolstered by a growing population of young professionals, students, and expatriates. High demand for rental properties ensures a steady stream of income for property owners. The 2022 rental survey by the Ministry of Business, Innovation and Employment (MBIE) reported a consistent year-on-year increase in rental prices, reflecting the persistent demand and limited supply.

Technological advancements and the rise of remote work have also reshaped the property landscape. Suburban and peri-urban areas around Auckland have seen increased interest as more people seek spacious living environments while retaining proximity to the city. Investing in these emerging hotspots can be particularly advantageous as they offer lower entry prices with substantial growth potential.

Despite the current economic uncertainties, the Auckland property market offers numerous compelling reasons to invest now. Historical data, favourable economic conditions, population growth, infrastructure development, and a strong rental market all converge to create an environment where property investment remains a wise decision. By acting today, investors can secure their financial future, taking advantage of both current opportunities and the inevitable appreciation of real estate values over time. Whether you're a seasoned investor or new to the market, the principles of property investment remain unchanged: the best time to buy was yesterday; the next best time is today.



REINZ Housing Market Reports: https://www.reinz.co.nz/residential-property-data-gallery
Statistics NZ Population Projections: https://www.stats.govt.nz/topics/population-projections
MBIE Rental Survey: https://www.mbie.govt.nz/building-and-energy/tenancy-and-housing/rental-bond-data
Auckland Council Development Projects: https://www.aucklandcouncil.govt.nz/plans-projects-policies-reports-bylaws/our-projects/pages/default.aspx

Principles of Property Investment: Insights from Du Val Property Group

Investing in property remains one of the most effective strategies for building long-term wealth. However, to truly succeed, investors must understand the critical factors that drive property values and demand. At DUVAL, we emphasise the importance of capital gains, infrastructure, and accommodation drivers in areas with significant population growth.


Population growth is a key indicator of rising property demand, both for rentals and capital appreciation. As more people move into an area, the need for housing increases, which in turn drives up property values. This trend is particularly evident in regions that continue to create employment opportunities. Areas near major infrastructure like hospitals, commercial centres, and business districts often experience robust job growth. Proximity to such amenities not only attracts residents but also ensures sustained demand for both rentals and properties for sale.

Infrastructure plays a pivotal role in property investment. Being located close to transport links such as motorways or public transportation hubs significantly enhances a property's appeal. Properties within commuter belts—those areas that offer convenient access to larger cities—tend to attract professionals who prefer to live in more affordable suburban areas while working in urban centres. Easy access to transportation networks ensures that residents can commute efficiently, adding to the desirability of the location.

Accommodation drivers are equally crucial in determining the attractiveness of a property. Work opportunities are a primary consideration for many potential buyers and renters. Areas that continually create employment, especially those near commercial hubs or healthcare facilities, tend to have a steady influx of residents. Additionally, educational institutions are a significant draw for families. Proximity to reputable schools and universities can greatly enhance the value of a property.


Investors should also consider historically cheaper suburbs that are experiencing a rise in demand. These areas often start from a lower price and rental base, making them attractive to first-time home buyers and renters. As demand increases, property values in these suburbs can appreciate significantly, offering substantial capital gains over time. These suburbs also often see improvements in local amenities and infrastructure, further driving up property values.

In Auckland, these principles are particularly relevant. The city's ongoing population growth, driven by both local and international migration, creates a constant demand for housing. Employment opportunities continue to expand, especially in areas close to major infrastructure projects and business hubs. This makes Auckland a prime location for property investment, with its well-developed transport networks and commuter-friendly suburbs.

Understanding the fundamentals of property investment—capital gains, infrastructure, and accommodation drivers—is essential for making informed decisions. Population growth in areas with robust employment opportunities, proximity to major infrastructure, and strong transport links can drive both rental demand and capital appreciation. Historically cheaper suburbs that are gaining popularity among first-time buyers and renters present lucrative opportunities for investors. At DUVAL, we are committed to helping our clients navigate these factors to achieve their investment goals and build a successful property portfolio in Auckland.

Investing in Your First Home: A Strategic Move Towards Future Wealth

As the CEO of Du Val Property Group, an Auckland-based property development firm, I've seen firsthand the transformative power of strategic property investment. One crucial piece of advice for first-time homebuyers is this: your first home won't be your last. Approaching your first property purchase as a future investment rather than an emotional milestone can set you on a path to long-term financial success.


Think With Your Brain, Not Your Heart


It's easy to get swept away by the idea of a dream home – a place where you envision building memories and settling down. However, the reality is that your first home is more likely to be a stepping stone in your broader financial journey. When purchasing your first property, it's vital to think with your brain, not your heart. This mindset will help you make decisions based on potential returns and investment value rather than purely emotional considerations.


Key Areas for Investment Properties


One of the most critical factors in property investment is location. When scouting for your first home, look for areas with significant potential for future growth. In Auckland, several suburbs are poised for considerable appreciation due to ongoing development, infrastructure projects, and demographic trends. Key areas such as Mount Wellington, Mangere, and Te Atatu Peninsula offer promising opportunities for new investors. These locations are seeing increased interest due to their affordability relative to central Auckland, coupled with excellent transport links and planned urban improvements.


Future Growth and Development


When selecting your first property, consider the area's future growth potential. Is there new infrastructure planned? Are there upcoming commercial developments? Properties located near new transport links, schools, and business districts are likely to appreciate over time. For instance, the upgrade to Middlemore Hospital is set to enhance healthcare services and infrastructure in the area, making nearby suburbs attractive investment opportunities.


It's Okay if It's Not Your Dream Home


It's essential to manage expectations – your first home might not be your dream home, and that's perfectly okay. What matters more is the property's potential to grow in value and eventually generate rental income. By focusing on these aspects, you can turn your first home into a lucrative asset that will help you climb the property ladder and achieve your dream home in the future.


The Financial Upside


Using your first home as an investment property can have significant financial benefits. As you build equity in your first property, you can leverage it to purchase subsequent homes, creating a robust property portfolio. Additionally, the rental income generated can contribute to mortgage repayments, easing financial pressures and accelerating wealth accumulation.




At Du Val Property Group, we believe that a strategic approach to your first home purchase can lay the foundation for long-term financial stability and growth. By buying with your brain rather than your heart, focusing on key investment areas, and understanding that your first home is a stepping stone rather than a final destination, you can turn your initial property purchase into a powerful investment tool.

Invest wisely, think long-term, and watch as your first home becomes the cornerstone of your property investment success.


Charlotte Clarke – CEO, Du Val Property Group

DVPG Delivers First Stage of Mountain Vista Estate Project in South Auckland - New Homes and Townhouses

Despite a challenging property market, Du Val Property Group (DVPG) has successfully settled the first stage of their Mountain Vista Estate project, comprising 65 homes. This milestone marks significant progress in the development of the 181-home community, which offers a mix of one, two, and three-bedroom townhouses and apartments.

A CGI Image of DUVAL Mountain Vista Estate

Mountain Vista Estate is designed to foster a sense of community, featuring amenities such as a gym, community hall with kitchen facilities, personal carparks, and a landscaped ring road for easy access. Enhanced security measures include CCTV cameras, and an on-site Building Manager ensures the maintenance and care of communal facilities.


DVPG’s CEO, Charlotte Clarke, expressed her satisfaction with the project’s progress, stating, “I’m really pleased for our new homeowners. Approximately 70% of those who have purchased homes in the development are owner-occupiers, and we couldn’t be prouder to partner with them in realising their home-ownership aspirations.” Clarke highlighted that many of these homeowners are first-time buyers, and while these homes cater to owner-occupiers, they also represent a solid investment opportunity.


South Auckland’s need for new developments is critical, driven by a population increase of over 180,000 in the past two years, according to Statistics New Zealand. The area’s growth is fuelled by factors such as tertiary education, employment opportunities, and proximity to Auckland International Airport. Clarke emphasised DVPG’s commitment to addressing the accommodation crisis in New Zealand, stating, “We cannot expect to leave the solutions for this issue to the government – we all have a role to play in the private sector. Mountain Vista Estate is one way we are demonstrating our ability and commitment to deliver.”


DVPG has a robust track record, having built over 800 homes in Auckland over the past decade, with another 500 in the pipeline. The next stage of Mountain Vista Estate, comprising of 24 homes is set to be completed and settled in July 2024, with the remaining properties expected to be finished by the end of the year. Clarke remarked, “This is a significant project, and we have the very best in the business developing and building this community. The development is essentially a whole city block, and it’s come together masterfully. The 181-home development is almost sold out, with fewer than 22 townhouses left for sale. DVPG delivers, and we will deliver for you!”


Check out our YouTube page to see some great content of our sites completed and under construction here.

Current Development at DUVAL Mountain Vista Estate

Discover the Unmatched Benefits of Investing in a New Build Home in Auckland

In the bustling real estate market of Auckland, New Zealand, buyers and investors are continuously scouting for lucrative opportunities and sound investments. Amongst various options, new build homes stand out, offering a blend of modern amenities, advanced construction standards, and significant investment potential. Here’s why purchasing a new build in Auckland with DUVAL is an intelligent choice in today's real estate landscape.


Top Reasons to Invest in New Build Homes in Auckland


  1. Cutting-Edge Construction and Design: New build homes in Auckland offer the latest architectural designs paired with state-of-the-art construction technologies. These homes feature energy-efficient materials, modern appliances, and high-tech systems that provide homeowners with comfort, safety, and sustainability. Buying a new build means embracing innovation and future-proof living.
  2. Low Maintenance and Warranty Protection: New builds come with minimal maintenance requirements. Everything from the foundation to the roof is brand new, which means less worry about costly repairs associated with older homes. Additionally, these properties typically include builder warranties, offering peace of mind about potential unforeseen issues.
  3. Energy Efficiency and Sustainability: Today’s new builds are constructed with energy efficiency at their core. From superior insulation to double-glazing windows and energy-efficient HVAC systems, these homes are designed to reduce your carbon footprint and save you money on utilities—both highly attractive features in Auckland’s property market.
  1. Investment in Thriving Locations: Du Val Property Group strategically locates its new build developments in Auckland’s growth zones. These areas are earmarked for infrastructure expansion and community facilities, ensuring that properties enjoy long-term appreciation. As Auckland continues to grow, these new build homes are poised to increase in value, making them an excellent investment decision.
  2. Attractive Financing Options: New builds in Auckland often come with appealing financing packages. Developers and their partnered financial institutions sometimes offer tailored loans with competitive terms, designed to make buying a new build more accessible to first-time buyers and seasoned investors alike.
  3. Strengthened Regulatory Standards: New builds must comply with the latest New Zealand Building Code standards, ensuring high quality of construction. These regulations are rigorous and include checks at various stages of the build, which guarantees that you are purchasing a safe and well-constructed home. As an investor this also means that the property already meets Healthy Homes Standards when it’s built.
  4. Interest Deductibility: A new-build will generally be exempt from the interest deductibility changes. This means an owner can claim interest related to the new build as an expense against their income from residential property.

Du Val Property Group: Leading the Way in Auckland's New Build Market


With a portfolio that showcases diverse new build projects across Auckland, Du Val Property Group stands as a beacon of quality and innovation in the real estate sector. Our commitment to excellence ensures that each new build home not only meets but exceeds the expectations of modern homeowners and investors.


Whether you’re a first-time home buyer or a seasoned investor, considering a new build home in Auckland offers a host of benefits—from financial to functional. Visit our website or contact our expert real estate agents to explore how you can secure your future with a stunning new build home in one of Auckland’s vibrant communities. Investing in new builds is not just about acquiring property; it's about embracing a lifestyle of comfort, convenience, and sustainability.

Check out our YouTube page to see some great content of our sites completed and under construction here.

Announcement: Government Have Scrapped the New Zealand Home Owners Grant

Today, the government announced the scrapping of the New Zealand Home Owner Grant. This news is understandably disappointing for many aspiring homeowners who were counting on this support to make their dream of owning a home a reality.

As someone who is passionate about helping people achieve homeownership, I want to acknowledge the frustration and concern this decision might cause. However, it's important to remember that while this grant was a valuable tool, it was just one of many paths to homeownership.


All is not lost! There are many alternative ways for people to achieve their goal of getting into their first home! See just a few below:


KiwiSaver First-Home Withdrawal:Leverage your KiwiSaver savings to make a significant dent in your deposit. Many have successfully used this to purchase their first home.

First Home Loan: Provided by select lenders and underwritten by Kāinga Ora, this option requires a lower deposit than traditional loans, making homeownership more accessible. 

Family Assistance: Consider a family gifting arrangement or shared ownership to help boost your deposit and secure a mortgage.

Budgeting and Savings Plans:Implementing a strict savings plan and seeking financial advice can significantly speed up your journey to saving for a deposit. 

Research Government and Community Programs: There are various local and national programs aimed at assisting first-time buyers. Keep an eye out for new initiatives and subsidies.

Come and chat with one of our team:  At Du Val we have a dedicated team ready to chat things through with you and connect you with the right professionals to get the job done.

While the removal of the Home Owner Grant is a setback, it's important to stay informed and explore all available options. Homeownership is still within reach with the right planning and resources.

Chat with us to navigate these changes together and continue working towards your homeownership goals.

For further details, please visit the full article on MSN here.

A Guide to Townhouse Investment in South Auckland

As property developers in Auckland, DUVAL constantly monitors the housing market trends and opportunities. Today, we're sharing valuable insights on why investing in townhouse properties in South Auckland is a smart move for both seasoned and novice investors.


Why South Auckland?


South Auckland has emerged as a goldmine for property developers and investors due to a combination of key factors:

  • Government Infrastructure Investment: The government's ongoing commitment to infrastructure development in South Auckland is fostering rapid growth and creating a conducive environment for property appreciation.
  • Immigration to New Zealand: With New Zealand being an attractive destination for migrants seeking a high quality of life, South Auckland has witnessed a sharp increase in population influx. This growing demographic translates to a high demand for quality, affordable housing options like townhouses.
  • Employment Opportunities: South Auckland is not only a residential hub but also a thriving economic centre with a range of employment opportunities. Proximity to job centres makes townhouses in this area even more desirable for potential tenants or homeowners.

Benefits of Investing in Townhouses


  • High Rental Yields: Townhouses in South Auckland typically offer strong rental yields, making them a lucrative option for investors seeking passive income streams.
  • Capital Growth: The combination of increasing demand and limited supply makes townhouses in South Auckland an attractive option for capital growth potential.
  • Diversification: Townhouse investments can provide a diversification opportunity to your property portfolio, spreading risk across different types of assets.
  • Low Maintenance: Townhouses often require less maintenance compared to standalone houses, which can be appealing for both investors and tenants.

Strategic Tips for Successful Investment


  • Location, Location, Location: Choose townhouse developments in strategic locations with access to amenities, transport links, schools, and employment hubs.
  • Quality Construction: Ensure the townhouses are built to high standards to attract quality tenants or buyers, thus safeguarding your investment.
  • Market Research: Stay informed about market trends, rental rates, and property values in South Auckland to make informed investment decisions.
  • Professional Advice: Seek guidance from real estate experts, financial advisors, and legal professionals to navigate the property investment landscape effectively.

Investing in townhouse properties in South Auckland presents a compelling opportunity driven by government infrastructure investment, immigration trends, and employment opportunities. With careful research, strategic decision-making, and a long-term vision, you can capitalise on the dynamic property market in South Auckland for profitable returns.

For more information on townhouse investment opportunities in South Auckland, contact Du Val Property Group today. Make the right move and secure your financial future with strategic property investments in one of Auckland's most promising regions.

Check out one of DUVAL’s latest townhouse developments here:  https://www.waterfordpress.co.nz/du-val-group-mountain-vista-estate-mangere/