Property values have taken the biggest hits in some of New Zealand's wealthiest suburbs, according to CoreLogic's Mapping the Market tool.
It shows median dwelling values have fallen by more than $300,000 over the last 12 months in some of the country's most upmarket suburbs, such as Saint Mary's Bay, Orakei and Westmere in Auckland, and Seatoun and Karaka Bay in Wellington.
In the latest quarterly update to the Mapping the Market tool, which tracks median housing values on a suburb-by-suburb basis throughout the country, 10 suburbs recorded value drops of $300,000 or more, all of them in high end areas.
In percentage terms, the Wellington Region posted the most comprehensive value declines, accounting for 30 of the 31 suburbs where median values fell by 20% or more over the last 12 months.
The other suburb where the median value dropped by 20%+ was Fordlands in Rotorua.
However the decline in values was widespread, with more than a third of suburbs throughout the country posting double digit value declines.
"Overall, this confirms that this downturn has been pretty deep and broad-based across many parts of the country, to the detriment of existing property owners but a sign of hope for aspiring buyers who have their finances approved," CoreLogic NZ Chief Property Economist Kelvin Davidson said.
Going against the trend, four centres posted double digit gains in median values over the last 12 months.
All of them were small towns in the South Island - Tuatapere in Southland +11.2%, Reefton on the West Coast +10.6%, Waimate in South Canterbury +10.6% and Riverton in Southland +10.3%.
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