Metropolis price hit

City Sales managing director Martin Dunn yesterday confirmed his company had auctioned a unit in the Metropolis for $175,000 on Wednesday. The sales represents about a 25% loss on the unit's original $234,000 GST-inclusive price.

Veteran property investor Olly Newland also released a statement yesterday warning investors against buying "bargains" in apartment fire sales.

He said the quality of the Metropolis was not in question but the values being achieved so soon after resale were a "disaster."

The sales figures call into question the valuations behind Mr Krukziener's bond issue.

- Campbell McIlroy

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