PHOTO: Jacinta McDonnell, co founder of Anytime Fitness, took a big hit when she sold an investment property at Clovelly.
THE EXCLUSIVE harbour enclaves of the super-rich are no exception to the Sydney property downturn, with up to $500,000 being knocked off the value of homes.
While these drops in value may be good news for first-home buyers who have struggled to get a foot on the property ladder, for those at the top end of the market it is leading to eye-watering losses.
Last week, the Daily Telegraph reported prices across the city plummeted by as much as 14 per cent in the past year — the biggest annual drop in almost 30 years.
And it seems the luxury market might just be the hardest hit.
There are two unfortunate sellers who share the dubious honour of taking the biggest hit to their bank balances — bankrupt former oil and gas magnate Jerry Ren and restaurateur Kai Meng.
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