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. The apartment owners never owned the land under them. Under the Scene Three terms, that rent is reviewed every seven years and goes up according to the value of land locally.

Source: Stuff March 29, 2019 01:52 UTC