Real estate firms fined for price fixing

by NZ Adviser04 Jul 2016
Real estate firms Bayleys Corp and Success Realty face penalties of $2.2 million and $900,000 respectively for price fixing, according to Newshub.
 
The appearance of the two agencies in the High Court follow Manawatu real estate agency Unique Realty, which appeared in May and was fined $1.25million.
 
The proceedings relate to three separate alleged price fixing and anti-competitive agreements among national, Hamilton and Manawatu real estate agencies after TradeMe changed its fees for listing properties for sale on its website.
 
Each agency admitted their conduct was in breached the prohibition on price fixing in the Commerce Act.
 
“The commission alleged the parties agreed that vendors would have to pay the listing fee to have their property advertised on TradeMe, and that the agencies would not commit to any preferential or discounted listing fees with TradeMe,” the article stated.
 
The commission said cases against 10 more agencies, Property Page and three individuals remain before the court.

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