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

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

KPG - Kiwi Property announces GM Corporate Services
Mainfreight Limited - Trading Conditions Update 2 May 2025
SIML - Change to Executive Team
BAI - Divestment of education group
May 2nd Morning Report
MMH - Marsden Maritime Holdings (MMH) releases Scheme Booklet
CVT - Comvita announces change to Board of Directors
TRU - Published Saudi Arabia Study Confirms TruScreen's Results
May 1st Morning Report
TruScreen Re-enters India Appinting New Distributor