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.
READ MORE VIA STUFF