Mega-auction fights slump

One of the country's biggest event centres will today host a bulk real estate auction as house sellers fight the depressed property market.

In a trend that follows mass house selloffs in giant arenas and stadiums in the United States, the TelstraClear Pacific Event Centre in Manukau City is being used to host the sale of 100 houses and sections.

The centre, more often used for big sporting and entertainment events, is the venue for the South Auckland house and section auction - touted as the country's largest residential property auction.

Hundreds of buyers are expected to flock to the event, and organisers say auctioning the properties will take all day.

The 100 houses - listed by real estate agency Ray White - are thought to be worth at least $30 million.

Auctioneers working for Ray White Manukau will open the bidding at 10am.

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Posted: 25 Nov 2008

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