Commerce Commission’s real estate action imposes big penalties on major agencies

• A board meeting involving the country’s five major real estate agencies in August, 2013, has cost them more than $12 million.

Penalties have been decided in the biggest part of the Commerce Commission’s court proceedings against 13 national and regional real estate agencies.

The claims related to three price fixing and anti-competitive agreements among national real estate agencies, as well as some in Hamilton and Manawatu, made in response to Trade Me changing its fees for listing properties for sale on its website.

Agents agreed that vendors – not the agencies – would have to pay Trade Me listing fees which increased in early 2013.

READ MORE:
* $1.25 million price fixing penalty for real estate agency Manawatu 1994
* Real estate agents face wrath of regulator
* Bayleys fined $2.2m in real estate price-fixing case
* Real estate agents and Trade Me both have reasons to rue legal action

AFR