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Falling house prices the key to new website

Taranaki web developer Kerry Riley wants to shake up online real estate sales.

He’s launched www.1bid.co.nz, a “Dutch auction” site where the price of a property drops each day until it hits the vendor’s reserve price. The first bid wins.

Simple really, but should Trade Me Property be worried? So far, Riley has only one property listed (a Whangarei Heads piece of waterfront which could be yours today for $750,000) and says he’ll see how this one goes before deciding whether to take the concept further.