Monday, August 11, 2008

House vendor takes loss of $93,000

The extent to which New Zealand property values have fallen was revealed by today's news a Christchurch vendor has accepted a loss of $93,000 on a house he bought a year ago for $685,000.

The case is cited in new data from Quotable Value (QV).

The figures show the value of property sales fell 2.2 percent in the city in the three months to July, compared with the same period of last year.

"There are a significant number of vendors who have mounting pressure on them to meet the market, as mortgage repayments on top of increased costs of living start to bite," QV Christchurch manager Mark Dow said.

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