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According to STUFF sellers around the country are parting with properties for less than they paid for them – but there’s sometimes a catch contributing to the cheaper prices, new data suggests.

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Corelogic has provided data on the five cheapest sales for the first quarter of this year. They were all on the South Island’s West Coast, or apartments in Auckland Central.

The cheapest was a property on Derby St, Westport, that sold at the end of January for $115,000. It was described as a three-bedroom villa on a well-fenced section. It had sold in 2010 for $170,000.

Second was a unit in Metro City apartments, on Wakefield St in central Auckland, which sold for $130,000.

It had sold in 2011 for $165,000 and 2002 for $155,000.

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The apartment building has weather tightness problems that will require repairs.

Third was a house in Russell St, Westport, that was sold “as is” because it was affected by recent flooding. It sold for $130,000 after previously selling for $170,000 in 2011.

A house in Threadneedle St, Greymouth, sold for $138,000 and an apartment in 508 Queen St sold for $140,000 with remedial issues requiring about $53,000 from a new owner. The advertisement for the apartment noted that banks would not lend on it.

 

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