Houses selling at a loss hit a 12 year high

Cotality’s latest Pain and Gain Report shows across the country 12.2% of resales were at a loss, the highest level since mid-2013 as as a soft market, long hold periods, and firm buyer expectations continue to shape seller outcomes. 

The numbers were also up from just 0.7% of resale losses in the fourth quarter of 2021 – the height of the last property boom.

The median loss was $50,000 and in Wellington 15.8% of properties made a loss, in Hamilton it was 15.5%, Tauranga 10.8%, Dunedin 10% and Christchurch, just 5.5%.

While gains remain substantial for 87.8% of resales, at a median of $270,000, apartments and major centres, such as Auckland and Welington have the highest loss rates, with Queenstown