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Home arrow All items arrow Coastal properties return to 2003 price levels
Coastal properties return to 2003 price levels PDF Print
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Articles - General
Written by Bruce Morris, The New Zealand Herald   
Monday, 06 December 2010

Coastal property prices have collapsed, sending the value of "the bach" back to 2003 levels in many areas, with no signs of a bottoming out.

The worst hit spots are weighed down by subdivisions developed in the boom-times where sections are now selling at huge discounts to original asking prices, and the impact of tumbling land prices has flowed through to holiday homes and standard residential properties.

The problem is at its most pronounced in areas such as the Far North, where the latest rating valuations have brought the first across-the-board cuts - up to 29 per cent for land value - since the Far North District Council was formed in 1989.

But the picture of sliding prices over the past three years, analysed in Property Report in Monday's Herald, is right across the upper North Island and demand has virtually dried up.

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