The property slump is hitting the top end of the market hard as several high-profile homes failed to make the reserve at auction last week.
About 30 people attended a luxury home auction in Auckland on Wednesday, which included the St Heliers home of All Black coach GrahamHenry.
But the three-storey Cliff Rd property with sea views over the Waitemata Harbour was set aside after no bids were received at $6 million or $5 million.
In the same auction, held by Boulgaris Real Estate, three other luxury homes failed to sell.
A four-bedroom home at 24 Goodland Drive, Dairy Flat, failed to sell at $1.8 million.
The two-level French provincial style house has manicured grounds, a swimming pool with fountain, gazebo and barbecue area and guest quarter.
Also in Dairy Flat, 26 Langford Place was set aside after failing to sell at $2 million.
The five-bedroom mansion has a games room and hot tub.
Spencer Lodge at Lake Tarawera also failed to sell at $4 million. The Spencer Rd property with its five bedrooms and lake views was passed in.
Despite the four non-sellers, Boulgaris said this was "the strongest auction market you would ever find.
"It's the preferred method of sale for many owners. The owner can sit back and ascertain what the market's doing and look at what's happening."
And he wasn't deterred by the current market climate.
He said he was in contact with several interested parties and all four properties would sell in the next few days.
Real Estate agents Bayleys' recent figures show auctions growing in popularity.
They have climbed by 171 per cent in the past six years. Properties over $1 million have had significant growth, from 103 sales in 2001 to 289 in the last financial year, an increase of 180 per cent.
