PHOTO: The High Court
The High Court has issued a $400,000 penalty to property coaching business, Ronovation, after it admitted to price fixing in Auckland’s residential real estate market.
The Commerce Commission filed High court proceedings in May 2017, citing anti-competitive conduct by the company.
In a statement today, the Commission Chair Anna Rawlings said the Ronovation case was the first time the Commission had brought proceedings against a buyer side cartel.
Ronovation (trading as Ronovationz) was set up in April 2009 and conducted business advising members on how to acquire and improve investment properties in Auckland.
By March 2018, the company had over 400 paid members and as its membership grew they found themselves competing with each other to purchase houses they had identified as suitable targets for investment.
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