Property downturn sees more homeowners cashing out with losses

PHOTO: SIMON MAUDE/FAIRFAX NZ – One in 10 apartment sales in the third quarter of 2017 was for less than the seller paid.

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.

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