25 Nov 2008

Hundreds turn out for mass house auction

5:23 pm on 25 November 2008

Hundreds of people have turned out to what is believed to be New Zealand's biggest real estate auction to date.

In an attempt to fight the slump in the property market, Ray White Real Estate put 100 houses and sections under the hammer.

The auction, held at the TelstraClear Pacific Events Centre in Manukau, was similar to mass bulk real estate sales held recently in the United States.

Only eight of the properties up for auction on Tuesday sold, totalling more than $4 million in sales.

A further 15 properties are under negotiation with vendors and it is anticipated at least half will be sold, which should bring the auction's combined total to more than $15 million.

The principal officer of Ray White Real Estate in Manukau, Don Ha, says the large turnout of people shows they are more willing to consider buying property.

Mr Ha says it will be exciting over the next 12 months to see what impact lower interest rates have on the property market.