Troubled property developer Andrew Krukziener, who owes a debt to Hanover Finance even had another $2.82 million added to the debt in Auckland's High Court this morning.

It has been learnt that Hanover which obtained a summary judgment in its favour in 2007, over a debt of $4.159 million relating to a failed joint venture property development is now trying to bankrupt the disturbed developer.

On Monday, REINZ released the latest data according to which, turnover for the three months to January 2009 was one of the lowest on record, with just 305 sold compared with the three months to January 2008 when 732 properties sold.

Peter McDonald, REINZ national councilor and rural spokesperson said, "One of the factors having the greatest impact on turnover is the availability of cash, or the lack thereof."

The lowest number of monthly sales since 1992 has been recorded by the Real Estate Institute of New Zealand (REINZ). The January sales figures of the institute display that just 3,706 homes were sold nationwide as compared with 5,186 in January last year.

According to REINZ president Mike Elford, the low turnover is a concern, and the benefit of lower interest rates is yet to make its mark.

In his statement, Elford said, "Its clear evidence that people are treading cautiously and reflects the uncertainty of the wider economic environment."

Auckland head office premises of Fletcher Building have been sold to Bay of Plenty property development company Carrus Corporation for $36 million.
Philip King, general manager investor and media relations said, “The Penrose property, which includes an eight-storey building and vacant land, was bought from Macquarie Goodman about 18 months ago to restructure the lease arrangements.”
He added, “The sale price achieved was in excess of the book value but the company would not say how much that was.”