Leaky building catchline latest sales ploy

It's not the most obvious advertising ploy. But property experts are praising agents who highlight leaky building problems, while warning would-be buyers to investigate fully.

Barfoot & Thompson agent Jill Jackson is marketing an Auckland block with the phrase "Leaky Building Bailout". Trade Me listings contain phrases such as "Dare To Buy". Jackson said the approach had paid off, with huge interest in the block of 24 apartments at 3 Morningside Drive, close to Kingsland.

The ad had drawn about 500 viewers and helped seal the sale of 15 apartments since March.

The one, two and three-bedroom apartments, which include washing machines, dryers and dishwashers, were being sold below capital valuations. Prices range from $135,000-$220,000, which includes a building levy for recladding work. The advert says that when all levies are collected, a contract would be signed and work will commence.

Jackson said there were "no guarantees" and repairs could cost more, but prospective buyers should investigate, get advice, and assess the risks before buying.

To read the full NZ Herald article click here

Posted: 17 May 2009

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