Property

Court of Appeal for price fixing charges

The Commerce Commission today confirmed it will be appealing the High Court’s decision to dismiss price fixing charges against two real estate agencies and their directors.

Friday, November 24th 2017

The Commission has been pursuing charges relating to three separate price fixing and anti-competitive agreements among 13 national real estate agencies, Hamilton real estate agencies and Manawatu real estate agencies for many years.

Proceedings on the charges, which relate to conduct in 2013 and 2014 that occurred in response to Trade Me changing its property listing fees, have been wending their way through the courts since December 2015.

Eleven of the firms pled guilty to the charges and settled, paying total penalties of more than $18.97 million.

But Lodge Real Estate and its director Jeremy O’Rourke and Monarch Real Estate (trading as Harcourts Hamilton) and its director Brian King decided to fight the charges.

Last month, the High Court dismissed the Commission’s case against Lodge and Monarch (and its director Brian King.

However, Commission Chair Dr Mark Berry said the High Court judgment raises significant legal issues that merit an appeal in this case.

The Notice of Appeal will be filed in the Court of Appeal in Wellington.

The Commission said it is unable to comment further while the appeal is before the Court.

Comments

No comments yet

Most Read

SBS FirstHome Combo 4.29
Unity First Home Buyer special 4.69
Co-operative Bank - First Home Special 4.89
ANZ Special 4.99
SBS Bank Special 4.99
ASB Bank 4.99
TSB Special 4.99
Kiwibank Special 4.99
Westpac Special 4.99
Co-operative Bank - Owner Occ 4.99
ICBC 4.99
Wairarapa Building Society 4.75
Nelson Building Society 4.97
Kainga Ora 4.99
SBS Bank Special 4.99
Co-operative Bank - Owner Occ 4.99
Unity 4.99
TSB Special 4.99
ANZ Special 4.99
ASB Bank 4.99
AIA - Go Home Loans 4.99
Westpac Special 4.99
Westpac Special 5.39
ICBC 5.49
BNZ - Classic 5.59
Co-operative Bank - Owner Occ 5.69
ASB Bank 5.69
SBS Bank Special 5.69
AIA - Go Home Loans 5.69
BNZ - Std 5.79
Kiwibank Special 5.79
Kainga Ora 5.79
TSB Special 5.89
SBS FirstHome Combo 4.19
AIA - Back My Build 4.44
CFML 321 Loans 5.25
Co-operative Bank - Owner Occ 6.20
Co-operative Bank - Standard 6.20
Heartland Bank - Online 6.25
Kainga Ora 6.44
Kiwibank Special 6.50
Kiwibank - Offset 6.50
ICBC 6.50
Kiwibank 6.50

More Stories

Four decades of 6-7% yearly house price growth ending

Friday, March 21st 2025

Four decades of 6-7% yearly house price growth ending

New Zealander’s reliance on property capital gains in the mid-single digits is at an end.

[TMM Podcast] Yelsa serves up “marine reserve” of property buyers

Friday, January 31st 2025

[TMM Podcast] Yelsa serves up “marine reserve” of property buyers

It’s been years in the making and former real estate agent Mike Harvey is now coming to market with his platform matching buyers and sellers, an offering he says will be a gamechanger for the industry.

Leaving last year's stumbling housing market behind

Friday, January 17th 2025

Leaving last year's stumbling housing market behind

As interest rates ease and job losses climb, New Zealand’s housing market faces a mixed year of modest growth, with conflicting forces shaping the outlook for homebuyers and investors.

Don’t bet on house prices rising faster than incomes

Wednesday, January 15th 2025

Don’t bet on house prices rising faster than incomes

Former Reserve Bank Governor and National Party leader Don Brash says there are grounds for believing that house prices may finally have ended the three-decade period when they rose significantly faster than incomes.