6 | 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. Pain Gain Median Difference Total Value Median Difference Total Value Apartments -$35,000 -$914,360 $162,000 $87,936,348 Houses -$18,000 -$21,053,694 $168,000 $3,331,037,155 Over the most recent completed quarter, there was over $21m in realised losses for resales of houses and $900k in realised losses for apartments. This illustrates the difference in volume of the two property types. The median loss per apartment sale ($35k) was almost double that of houses ($18k), which is surprising given apartments are usually worth less than houses. Median profit was slightly higher for houses sold for a gain ($168k) than apartments ($162k), but the total value is vastly different. There was over $3.3b in realised gain for houses, compared to $88m for apartment gains. Q2 2017 Q1 2017 Q2 2017 Q1 2017 3.7% 3.4% 4.5% 6.9% Property Types 1997 2002 2007 2012 2017 0% 10% 20% 30% 40% 50% Apartments Houses Proportion of total resales at a loss The performance of resales of houses and apartments has differed quite significantly over the last few decades with houses more likely to resell for a profit than apartments. In the latest quarter however the proportion of each property type selling at a loss is relatively close – 3.7% for houses and 4.5% for apartments.