Apartment owners


PHOTO: SUPPLIED The value of the Scene apartments plummeted as the leasehold review drew nearer.

The dangers of buying a leasehold apartment have been illustrated by the sale of a downtown Auckland unit.

The two-bedroom apartment, in the Scene Three building on Beach Rd, central Auckland, sold for $65,500 this week, according to CoreLogic.

It is believed to have had a reserve of $57,500.

That would be bad enough in an area with a median value of $455,000, and for a property with a registered valuation of $740,000.



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