Inquiries slow for no-reserve auction

The Hamilton real estate agent has listed his rental property at a no-reserve auction and has received coverage from several media outlets.

The property has a capital value of $240,000. Palmer told the New Zealand Herald that his colleagues thought he was mad.

"Some of them think I'm mad and it's surprising some of them don't understand the concept, which quite surprised me. They are sort of going: 'Yeah, okay, but what do you want for it?' I'm thinking, 'Hey, it doesn't matter what I want. It's a no-reserve so the highest bid will get it.'

"I don't want to put a figure in there because it will scare people off. Feedback coming in is about $200,000 but it doesn't owe me much so that's why it doesn't really matter what I get for it."

He said that there had been no inquiries today. “It’s been a quieter response than expected.”

He has held six open homes and there have been four other viewings.

It was suggested that he might put a plant in place at the auction to ensure it didn’t go for too low a price but Palmer said that wasn’t possible. “If it sells they still have to pay the commission.”

He said he hoped interest would pick up before the auction on September 12.