Mortgagee sales in September grow to set new record high
Total mortgagee sales in September as reported by Terralink International surpassed the high of 321 set in July of this year to reach 343 in September. This takes the total of mortgagee sales of property to 2,167 for the 9 months of 2009, compared to a total of 790 for the same period in 2008.
As can be seen from the chart above on a year on year comparison the scale of mortgagee sales surpasses prior years by a significant margin. The sales for September 2009 represented a 130% increase over September 2008 – a time when mortgagee sales were already on the rise.
Total sales for the 9 months of 2009 at 2,167as shown in the graph dwarf the same 9 month period in any of the preceding years.
The key change in the structure of sales is the shift from the sales being predominantly in the major centers to provisional NZ. The chart below shows this with Auckland as a % of sales in September 2009 falling to just over a third of sales as compared to 44% of all sales a year ago.
The key regions which have witnessed the largest increase in sales were Northland going from 3 sales in Sep 2008 to 33 in Sep 2009 and the Hawkes Bay going from 3 sales in Sep 2008 to 24 sales in Sep 2009.