Wage subsidies: Real estate agents claim more than $1m during lockdown

PHOTO: Photo: RNZ / 123rf

Real estate agents have claimed more than $1 million in wage subsidies as listings lag during lockdown.

The claim is a lot lower than it was last year, with bigger agencies like Barfoot and Thompson not receiving it this time around.

Bayleys Real Estate has received $157,662.00, and Property Brokers has $356,094.00. In a statement managing director Guy Mordaunt said its revenue dropped by as much as 60 percent during lockdowns.

“Our primary reason for taking the subsidy is that it is not possible to claim retrospectively. The subsidy has been set aside until we fully understand the impacts this round of lockdown will have on our business and the economy.

Real estate companies pocketed wage subsidies during eye-watering property boom

“The future is still uncertain. As we head into Spring, stock levels are the lowest for many years, and prices are flattening,” he said.

The company remains open to return the subsidy, should the economy continue to remain strong.

Searches of the wage subsidy register completed by Checkpoint show at least $1.3m has gone to real estate agents in the latest rounds.

Bayleys and other agencies contacted about the wage subsidy did not respond to requests for comment.

Property commentator Ashley Church said many agencies would be competing for houses to sell at the moment.

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