Sharechat Logo

Metropolis price hit

Friday 30th November 2001

Text too small?
Prices in Andrew Krukziener's Metropolis development have plummeted as Auckland apartment prices continue to weaken.

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

  General Finance Advertising    

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.

Related News:

KMD Brands announces new Group Chief Financial Officer
Commerce Commission to issue SOI re Viridian application
FBU - Moody's affirms FBU Baa3/stable rating
Contact Energy FY25 Financial Results Presentation
NZX Chief Executive Mark Peterson to depart in April 2026
BRW - Expansion of Napier Production in Post-Cyclone Rebuild
July 24th Morning Report
Air New Zealand 2025 Annual Results Webcast Details
FPH provides Investor Event presentation
Tower to discontinue multi-policy discounts