The US-style auction will take place at the TelstraClear Pacific Event Centre in Manukau. Photo / Supplied
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.
Agency spokeswoman Mala Maharaj said the sale of 50 houses at one auction was a major event, so offering twice as many was highly unusual.
The houses are in many areas, including Clendon, Manukau, Mangere, Alfriston, Totara Heights, Pukekohe, Papakura, Weymouth and Dannemora.
Lowest prices are expected to be about $200,000, and at least two homes could fetch more than $1 million.
Three auctioneers will take turns to do the calling.
Ms Maharaj said vendors were usually charged $7000 in fees and advertising charges to sell their house at auction. But those selling in today's auction had been given a discount, and would pay only $2500.
Agencies have been bemoaning the listings drought this year as prices fall, annual national house sale figures are sliced in half and vendors withhold their properties.
Barfoot and Thompson's city office has a large number of mortgagee sales, many in exclusive areas.
A Mt Eden townhouse, a mansion in Epsom's Golf Rd, a Lighter Quay waterfront apartment, a modern Stanley Point house, a Dairy Flat country estate, a cliff-top Castor Bay house beside Kennedy Park and a Herne Bay home are among those in the forced-sale list.
