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:

POT completes sale of Rolleston property asset
RAD - Radius Health to Release 1H27 Results on 11 November 2026
PCT Climate Related Disclosures 2026
SPN confirms FY26 result & provides leadership update
AGL - Accordant Group FY27 Half Year results
AIR - Air NZ to hold investor update
NZM - NZME receives offer for renewal of radio spectrum licences
October 28th Morning Report
ARG - FY27 interim results announcement date and webcast details
Devon Funds Morning Note - 27 October 2026