Tarakihi is one of the mainstays of New Zealand - particularly if you live in Wellington - where along with the Grouper/Hapuka it seems to be one of the most consistent commercial catches.
I used to catch them out at Kapiti Island's north end.
They are a lot of fun to catch - and fight hard.
Generally the technique was to use squid bait on 2/0 hooks - and to wind the line up half a dozen times when it hit the bottom.
Tarakihi, when they are there can often exist in huge schools - hovering over reefs etc...
When they are on the bite - there is non stop action.
The best way to cook the Tarakihi is is fillet and then pan fry.
For an awesome meal - homemade chips - zucchini fritters plus vast quantities of Tarakihi.