Recent property purchasers in New Zealand are more likely now to sell at a loss, according to property data company CoreLogic’s latest Pain and Gain Report.
The report found 7.4% of the residential properties sold across the entire country in the September quarter were sold for less than their owners paid for them. But in Auckland, where 11.3% of sales fetched prices below what owners had paid for them. Those least likely to make a loss were in Christchurch where the loss making rate was just 4.7% of total sales.
The proportion of loss making sales has increased rapidly since the beginning of 2021 and is now at its highest point since 2015.
The median size of the loss on properties sold for less than their purchase price was $45,000. However that would likely balloon out to $70,000 or more once selling expenses such as agent’s fees and legal expenses are added.
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