A home in the exclusive Auckland suburb of Remuera that's been valued at almost $3m is going under the hammer this week with a reserve of just $2.2m.

The four-bedroom, 253sqm house at 34 Ascot Ave is in the double Grammar school zone and sits on a 915sq m section. It's been spruced up with a new open plan kitchen and fresh paint and carpets.

But the property has languished on the market for the last year without attracting a buyer.

It's further evidence that top end Auckland properties appear to have taken a hit as the market has cooled

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