House price falls gathered pace in July, according to CoreLogic data, with Christchurch also going negative. Hundreds of first-home buyers in Wellington are estimated to now be in negative equity because of persistent price falls across the region, CoreLogic analysis shows. For those who bought between January and March this year, 19% of first-home buyers in central Wellington were estimated to be in negative equity. Kevin Stent/Stuff Upper Hutt is estimated to have the highest proportion of first-home buyers who bought during the market peak who are now in negative equity. No longer buying for capital gainProperty investor Steve Goodey​ said the Wellington market has changed in more ways than one.

Source: Stuff August 06, 2022 08:31 UTC