Mortgagee sales continue to rise in April
This figure compares to the March figure of 201 and the April 2008 figure of 90. The graph below graphically demonstrates the rise of mortgagee sales across NZ over the past 15 years with the clear perspective of the most recent rise as compared to the levels at the turn of the decade.
The total of 251 mortgagee properties represents 4% of the total sales for the month of April as reported by the Real Estate Institute. This is a considerable rise in the representation of mortgagee sales as a portion of all sales. The first 4 months of 2009 has seen the total of mortgagee sales (726) represent 3.3% of all sales reported by the Real Estate Institute over that first 4 months (21,838), comparing that with prior years gives a very clear representation of the relativity of mortgagee sales within the overall mix of residential sales.
The majority of mortgagee sales consistently remain in the major metropolitan areas of the country. Nearly two thirds of all mortgagee sales were recorded in the 3 main cities, this is a significant increase from 48% a year ago. There are no data available to show the representation of sales by type or property so as to ascertain the make up of apartments as compared to houses. The regional split of sales is represented in the charts below: