Owner to drop house price daily until it sells

The price for this house has already fallen by $15,000. Photo / Supplied

A homeowner selling his West Coast house on Trade Me is promising to drop the price every day until it sells.

Tony Richards resorted to the "ballsy" sales technique after buyer interest in the three-bedroom rental home had stalled.

Richards, who lives in Nelson, said he started by cutting $1000 from the asking price each day, but was dropping the price more slowly as buyers showed interest.

He was committed to sticking to the deal until it sold, but didn't expect to be forced to go much lower.

"It's cheap compared to anything else in that area already.

"Properties down the Coast aren't selling too good at the moment, so I decided I'd do something a bit different," he said.

Richards said good rentals were in high demand on the West Coast - "I could have rented it five times over" - but buyers were nervous because of possible tax changes for landlords.

The asking price for the Lockwood house in Cobden, near Greymouth, has already dropped from $200,000 to $185,000.

The fully fenced property has a two-car garage, a coal-burner with wetback, and is close to schools and daycare.

Trade Me head of property Brendon Skipper said the sale was "a great concept, and a little bit ballsy".

It hadn't been done before on the auction site, and was helping the property stand out from other listings.

"It's not new to drop the asking price of your house, but to make it open that it's going to drop daily is something unique," he said.

Last year a Westport couple sold their property after listing it on Trade Me with a $1 reserve as a queen-size bed with free house.

The house sold for $302,000, just over its $300,000 valuation.