Property downturn sees more homeowners cashing out with losses
There has been a sharp increase in owners selling houses and apartments for less than they paid.
One in 10 apartments sold in the third quarter of 2017 went for less than their owners paid for them, according to CoreLogic’s Pain and Gain Report.
House owners fared better, with just 4 per cent of sales resulting in a loss.
SIMON MAUDE/FAIRFAX NZ
One in 10 apartment sales in the third quarter of 2017 was for less than the seller paid.
CoreLogic head of research Nick Goodall said Christchurch saw the highest level of loss-making resales of residential properties, .