Fall out from the disastrous Labour government and Reserve Bank policies which pumped up the Property Ponzi Scheme -
https://i.stuff.co.nz/business/12947...egative-equity
‘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.
CoreLogic head of research Nick Goodall said an estimated 34% of first-home buyers who purchased in the capital during final quarter of 2021 were now in negative equity, with mortgages bigger than their homes were worth.
In Upper Hutt the proportion was 48%, in Lower Hutt it was 43%, and in Porirua it was 31%.‘