Colin Downs has a home in Bethlehem, Tauranga, that was worth between $800,000 and $900,000 last Christmas.

He'll now take $750,000, $10,000 less than the rateable value for the four-bedroom home, if he can get it.

"I'm at the point now that if I sold the house for any less I would be losing money," he says. "It's the buy of the week and it's a beautiful home!"

He says he couldn't build the house again for the same price as building materials had since gone up, so someone will get a bargain.