“Pricedrop.co.nz is a revolutionary website launching soon in New Zealand where you can buy and sell just like a bazaar,” states the holding page of the soon-to-be-launched website.

The difference here is that the site promises that prices will go down on everything, rather than users bidding to increase them like models such as Trade Me. “Buy when you think the price is right for you. No more bidding on auctions where prices go up,” it promises.

The company behind the site calls this a reverse auction and saying that no bidding is involved.

A description of how things will work once live reads, “What we have here is an interesting concept of prices falling at intervals and let the buyer decide what price is suitable for them.”

You can buy an item anytime while the price is dropping and the advantages for sellers seem to come from the fact that their sales are free, unlike Trade Me who takes a cut.

A launch date has yet to be confirmed but you can register your interest here.

Will it take off and will it last?