Property Management

Vendor bidding at auctions must be made clear, says court

The Commerce Commission has welcomed a Court of Appeal ruling that auctioneers must make it clear when vendor bidding is taking place.

Monday, December 22nd 2003

Justice Peter Blanchard delivered his judgment last week on the commission's case against Grenadier Real Estate in Christchurch.

"Auctioneers must make it very clear at the beginning of the auction if they are intending to use vendor bidding - it must be clear and unambiguous," the judge said.

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Taupo Auction

AIA - Go Home Loans	4.00
Unity First Home Buyer special	4.15
SBS FirstHome Combo	4.29
ICBC	4.49
Kainga Ora	4.59
SBS Bank Special	4.69
China Construction Bank	4.85
Co-operative Bank - First Home Special	4.89
Unity Special	4.99
TSB Special	4.99
Westpac Special	4.99

Kainga Ora	4.95
China Construction Bank	4.95
ICBC	4.99
SBS Bank Special	5.29
ASB Bank	5.35
ANZ Special	5.35
BNZ - Std	5.35
AIA - Go Home Loans	5.35
TSB Special	5.39
Westpac Special	5.39
Co-operative Bank - First Home Special	5.39

SBS Bank Special	5.49
Westpac Special	5.59
ICBC	5.65
Kainga Ora	5.69
BNZ - Std	5.75
ASB Bank	5.75
AIA - Go Home Loans	5.75
Kiwibank Special	5.89
Co-operative Bank - First Home Special	5.89
Co-operative Bank - Owner Occ	5.99
TSB Special	5.99

SBS FirstHome Combo	3.29
AIA - Back My Build	3.34
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CFML 321 Loans	4.20
ICBC	5.39
Co-operative Bank - Owner Occ	5.69
Co-operative Bank - Standard	5.69
Kainga Ora	5.79
Pepper Money Prime	5.99
Unity Standard	6.04
Unity Special	6.04

Property Management

Vendor bidding at auctions must be made clear, says court

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