“The company [all firms] experienced a prolonged decline in trading performance arising from adverse market conditions. Sales volumes for Auckland central apartments declined materially from pre‑Covid levels.
“Sale prices remained stagnant or reduced, resulting in a sustained decrease in commission income,” the report noted.
“The company’s core market was disproportionately impacted by increased remote working arrangements, the loss of international students and short‑term accommodation demand, and a shift in buyer preference toward suburban and lifestyle locations.
“Consequently, the company’s revenue declined by approximately 48% between the 2022 and 2025 financial years.”
Horrobin told the liquidator the company’s…