Posh properties get biggest pounding

Some of the nation's poshest property proved the biggest casualty of the market slump that's pounded values everywhere.

The upmarket Auckland suburb of Remuera is among those hardest hit by falling prices.

Real Estate Institute figures place Remuera almost at the bottom of 41 suburbs ranked according to how far their median sale prices had dropped as at May this year compared with the same time in 2007.

The results show the median price for property in the swanky suburb has dropped by nearly 20 per cent, between May 2007 and May this year, from $1.02 million to $819,691.

The only area to fare worse than Remuera was Central Auckland, where the median plummeted more than 27 per cent, from $275,000 to $199,200, dragged down by the weak CBD apartment market.

To read the full NZ Herald article click here

Posted: 21 Jun 2009

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