Prices tumble for luxury living

Developers Cornerstone Group are shedding six apartments in its swanky Sentinel tower, one with nearly $500,000 knocked off the price.

Apartments in the 30-level Takapuna property are up for grabs and the prices are dropping floor by floor.

Cornerstone Group has dropped the price of the highest apartment, a large sub-penthouse on the 25th floor, from $1.82 million to $1.35m, a whopping $470,000 reduction.

Another apartment, on the 20th floor, is for sale for $740,000, $180,000 less than its original $920,000 asking price.

Prices for other apartments, all with two bedrooms and two-and-a-half bathrooms, have also fallen, chopping between $95,000 and $171,000 off the asking price.

The towering five-star Sentinel boasts a 24-hour concierge, gym, pool and spa.

After the tower was completed last year a businessman who had bought the Sentinel's $11m penthouse on levels 29 and 30 failed to settle and the 450sq m apartment was put back on the market.

Kellands Real Estate agent Blair Watson said the apartment market had come back between 10 and 20 per cent in price but sales had increased in the past few months as more first-home buyers choose to invest in sky-high homes.

"As soon as people realise it's a fair market, and they get good value for their money, places like this are flying out the door," he said.

"Apartments in the $500,000 and under market are going extremely well - first-home buyers have their deposits and they're ready to go.