Slow sales at giant property auction

Sales were slow, but there was plenty of interest today at a south Auckland auction where 100 properties were put up for sale.

In what was one of the country's biggest real estate auctions, Ray White Real Estate held the event to try to fight the slump in the property market.

Ray White Manukau principal Don Ha told Radio New Zealand that the turnout of hundreds of people indicated more people were willing to consider buying property.

There were only eight sales today, but negotiations were continuing over another 15.

Mr Ha said it would be interesting to see what the impact of lower interest rates would have on the market over the next 12 months.

- NZPA