Median $200k as capital gains reach record
House sellers are cashing in, new data from Corelogic shows.
It has released its latest Pain and Gain report, which shows 96 per cent of New Zealand homes sold for a capital gain in the last quarter of 2019, up from 95 per cent in the preceding quarter.
The amount sellers made increased, too, from a median $202,000 three months earlier to $213,000.
Corelogic senior property economist Kelvin Davidson said that was the largest gain Corelogic had seen.
There, the median gain was $345,000.
Christchurch lifted from 89 per cent to 90 per cent, with a median gain of $130,000. Wellington and Dunedin remained at 99 per cent, with gains of $312,000 and $224,900, respectively.
The region with the highest level of losses was Buller, at 23.4 per cent, followed by Grey District at 17.3 per cent, and Selwyn District at 20.3 per cent.
The losses do not include the cost of selling the property, such as real estate commissions.
The median loss was $25,000. Davidson said, of loss-making sales, less than one in 10 had previously had a consented renovation so it was possible those loss-makers could have been in poorer condition.
Apartments tended to deliver a loss more frequently than houses – 11 per cent were sold for less than they were bought for.
Properties sold for a profit had been owned for a median 7.6 years