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Home arrow Articles by Topic arrow General arrow The great coastal sell-off
The great coastal sell-off PDF Print
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Articles - General
Written by Anna Rushworth, The NZ Herald   
Sunday, 07 September 2008

Holiday homes and seaside baches are the latest victims of the recession. Photo / Northern Advocate

Holiday homes and seaside baches are the latest victims of the recession. Photo / Northern Advocate

Hundreds of New Zealanders are offloading their holiday homes and seaside baches - and some are going to desperate measures to sell up.

Estate agents report bargains galore for coastal property investors, with some homes and baches selling below government valuations.

Economic commentators debate the benefit of owning a second home in a holiday hotspot.

Some say it makes no economic sense and is "nuts" in the current climate, while others say there are investment opportunities.

In the Far North, Professionals Mangonui agent Michael Healy concedes sales are down, but says vendor interest is high.

Healy says people who bought four or five years ago, when prices were lower, were making a good return on their property when selling.

But less lucky were the vendors who bought 18 months ago.

"There are some instances where people are having to sell for less than they bought it for. I am definitely an optimist but I don't think we've hit the bottom of the market."

Full story...

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