It looks like it's not an auction site with second hand goods, but a window for buyers to find brand new goods in a single place, instead of going around in lots of different website.
In its first version it's an on-line comparison tool, with the sales still being managed by each individual retailer's website. Not much difference from current's Xtra Shopping. Xtra is the largest New Zealand ISP, part of the Telecom group.
So this is a big branding exercise, since the offering is the same as an existing site. But apparently a future version will actually have on-line sales capabilities. And then the game will change.
Are New Zealanders ready for on-line shopping? Apparently Trademe is now the most popular web site in this country, passing Telecom's Xtra. I believe Xtra's site was the most popular simply because of being the default home page for Internet Explorer in New Zealand. This is thanks to Xtra's association with Microsoft's MSN (XtraMSN).
Just a warning though: be careful not to enter the .com version of the site: it's NSFW or kids.