Plenty of razzle-dazzle but few buyers

They came, they watched, and most left again without buying a thing in what was touted as the country's largest ever residential property auction yesterday.

The Ray White auction - in the Genesis Energy Theatre at Manukau's TelstraClear Pacific Events Centre - was a razzle-dazzle affair.

Prospective buyers were greeted by an armada of Ray White vehicles and flags outside the venue, and a team of scantily dressed promo girls inside.

The venue could have seated more than 300 yesterday, but only for the first hour did it come close to doing so.

The number present quickly dwindled, with only about 60 prospective buyers left for the third of the four sessions.

Interest didn't appear too high when it came down to business either. The first house up sold under the hammer for $442,000 - a large twin storeyed, three-bedroom, two-bathroom home in Papatoetoe.

But attendees had to wait another 17 houses down the list before they saw the second sale. And things didn't get any better. By day's end only five of the 100 properties on the block had sold under the hammer.

To read the full NZ Herald story, click here

Posted: 26 Nov 2008

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