16 | New Zealand Pain & Gain Report October 2017 © Copyright 2017. CoreLogic NZ Limited (CoreLogic) and its licensors are the sole and exclusive owners of all rights, title and interest (including intellectual property rights) subsisting in this publication including any data, analytics, statistics and other information. All rights reserved. There have been no sales at a loss in Queenstown for Q2 2017, and only one in Nelson. The proportion of loss-making resales in Invercargill has been trending lower for the past six quarters but remain higher, at 5.5%, relative to the other Main Urban Areas in the South Island. Looking back further we can see real pain experienced throughout the turn of the millennium in Invercargill, when the local economy had been suffering from job losses, closing businesses and a declining population. The introduction of the ‘Zero Fees Scheme’ at the Southern Institute of Technology and the dairy industrial boom of the 2000s are credited with turning the economy around in our southernmost city. Main Urban Areas South Island 1997 2002 2007 2012 2017 0% 20% 40% 60% 80% Invercargill City Nelson City Queenstown Lakes District Q2 2017 Q1 2017 Invercargill City 5.5% 7.7% Nelson City 0.5% 0.8% Queenstown Lakes District 0.0% 1.3% Proportion of total resales at a loss