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Trade Me Sells over $4.5m Of Sections

Media Release – Tuesday, 20th October 2003

Trade Me Sells over $4.5m Of Sections
In New Auckland Subdivision

Trade Me, in partnership with property developer Baverstock Park Ltd, have sold 28 sections in a new Auckland sub-division located in Botany Downs, Auckland. The 28 sections sold for over $4.5 million.

The auctions ran for two weeks, but fierce bidding in the final minutes on Monday night extended the auctions for over an hour after the scheduled closing times. All of the properties exceeded their set reserve prices. The average reserve price was $145,000. The top property sold for $194,000.

“We are very happy with how the auctions went, “ Trade Me General Manager Sam Morgan said, “All the properties sold, and we learnt a lot about how property auctions work best online.”

Baverstock Park was the first to take advantage of Trade Me’s new “closed markets” technology, which provides bidder authentication processes specifically designed for the sale of real estate and very high value goods.

“The Internet is a good fit in the current property market where demand is strong”, Morgan says. “The bidding process is entirely transparent, real-time, and the top-bidder wins.”

Wellington based Trade Me was founded in 1999 and is now New Zealand’s largest online marketplace, with over 500,000 auctions listed and 450,000 New Zealanders visiting each month.


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