Aucklanders hit hardest as forced property sales quadruple

Mortgagee sales in Auckland are the highest in New Zealand, with more than four times as many forced sales than a year ago.

The sheer volume of residential housing in the city, high median house prices and people being laid off are being cited as factors in the forced sales.

Figures issued yesterday by property and land information company Terralink show a 25 per cent increase nationwide in the past month, with 251 mortgagee sales recorded - the highest monthly total recorded.

Almost half of those sales were in Auckland.

Terralink's managing director Mike Donald told the Herald that more individual property owners were losing their homes, which he believed was the result of increasing unemployment and small businesses making less money, leaving their owners struggling to pay bills.

To read the full NZ Herald article click here

Posted: 29 Jun 2009

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