PHOTO: CHRISTEL YARDLEY/FAIRFAX NZ – Jeremy O’Rourke, director of Lodge Real Estate, one of the companies that chose to fight the price-fixing claims.
Two real estate agencies that refused to settle with the Commerce Commission over price-fixing claims have been handed a six-figure payout.
The Commerce Commission took action against real estate agencies across the country, after Trade Me put up its prices in 2013.
A number of agencies met to discuss a plan to put their listings on Realestate.co.nz instead. The commission said they were price-fixing when they all agreed to charge vendors who wanted to list on Trade Me.
Eleven regional and national real estate agencies negotiated settlements with the Commerce Commission and have paid nearly $20 million in fines.
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