Looks like the folks down under are getting into the drop market.......finally. Net24, a registry for the .nz extention has just launched an expired domain auction format service aptly named expireddomains.co.nz.
"The launch of Net24's new service follows the .nz Registry's recent decision to make available to authorised .nz Registrars a daily list of .nz domain names that will expire within 24 hours.
The service was developed in partnership with Net24's Registrar division, 1st Domains (www.1stdomains.co.nz). 1st Domain's back-end automated registration process is used to secure domain names on behalf of a customer moments after the Registry releases them.
As well as providing the ability to bid on expiring domain names, the Expired Domains site will publish recently released domain names available for registration on a first in, first served basis."
The starting bid price for an auctioned domain is $25.00. The top bid price bearer recieves a years registration with their newly acquired domain.
On a side note, an average of over 2000 .nz domains expire every month.