A coastal Hawke's Bay property with stunning sea views has sold for just $135,000 - more than $20,000 less than what the owner bought it for in 1997.
The sale is further proof of just how heavily erosion-hit Haumoana coastal properties are also eroding in value.
The house, which sold in November, is the only house in Hawke's Bay to sell for less than what it was purchased for, the latest Pain and Gain report on property resale around the country shows.
In contrast, the average property resale profits in Napier were just over $200,000 in 2018, just above the national average of $195,000.
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25 Clifton Rd in Haumoana was purchased in 1997 for $160,000 but its position now frequently puts it in the eye of mother nature's fury, whenever large swells whip up.
Keith Newman, from Save the Cape Coast, said a lot of houses on that coastline were at risk and that was why prices had started to decline in the past few years.
In contrast, prices for houses set back from the sea are rising steeply.
"People who are buying and selling on the coast know there is a risk that's why they are selling so cheap," Newman said.
"Other than that, the rest of the property market in Haumoana and Te Awanga is on the rise and the property market in those areas really seems to be on the rise."
With the help of the council, Newman believes a plan can be put in place and sometime in the future there will be a less significant risk to houses on the coast.
"The council is doing a lot to help us put a plan in place to help find a solution to the issue, but that will all take time and, in the meantime, houses in that area will only go cheaper and cheaper."