23 June 2009
The luxury end of the New Zealand property market has been among the worst hit by the economic downturn, according to the latest data released from the country’s Real Estate Institute.
The greatest price falls have been recorded in upmarket areas such as Central Auckland, and the nearby suburb of Remuera, where average annual property prices in May were down 27% and 19%, respectively.
Other destinations with a significant price fall include Levin, down 18.2%, Onehunga in Auckland, down 14.2%, and Manurewa in Manukau, down 12.8%.
However, the Nelson suburb of Stoke, popular due to its warm climate, schools and relatively cheap homes, has bucked the downward trend, recording a price rise of 3.7%.
Residential prices in Pukekohe also appreciated by 1.5%, while there were also gains in Wellington Central and Papakura.
See Also: New Zealand (44), Marc Da-Silva (269)
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