Thousands of first-home buyers suffer major losses as property values plummet – NZ Herald 13 June 2024

Summarised by Centrist

New data reveals that over 8500 first-home buyers in New Zealand who purchased during the market peak now face significant financial setbacks. Around 18% of these buyers, approximately 2000 individuals, have seen their property values drop below 80% of their original purchase price, effectively wiping out their deposits.

The most affected areas include Auckland and Wellington, with experts suggesting that while this situation may not force immediate sales, it could increase financial strain due to higher interest rates and other associated costs.

Read more over at The NZ Herald

_{Image: Bernard Spragg. NZ}