8 | New Zealand Pain & Gain Report July 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. Type of Owner Investors have historically experienced more loss-making sales per quarter. In the quarter ending March 2017 4.7% of Investor sales were at a loss compared to their purchase price, while for owner occupiers the corresponding proportion is 2.9%. Investors remain a key group of interest for the Reserve Bank of NZ as their loans are viewed as being riskier in downturns. History suggests they were more likely to realise a loss during the Global Financial Crisis but not by a significant amount with a maximum 4% difference to owner occupiers realising losses. 2009 2011 2013 2015 2017 5% 10% 15% 20% Investor Owner Occupier There is little difference between owner occupiers and investors in Hamilton, Tauranga and Dunedin. Wellington investor pain much higher than owner occupier and this difference is even more stark in Christchurch. Auckland pain is low but slightly higher for investors. Proportion of total resales at a loss