Real Estate firm admits part in price agreement

  • The Commerce Commission and Bayleys have agreed the real estate firm should pay a $2.2 million penalty after it admitted being part of an alleged price-fixing deal with four of its major competitors.

Bayleys is one of a group of real estate agencies facing legal action over what the commission alleges is anti-competitive behaviour.

The competition regulator has also launched proceedings against Barfoot and Thompson, Harcourts , LJ Hooker, and Ray White. The alleged price-fixing occurred in response to Trade Me’s 2014 change from a monthly subscription to a per-listing fee for properties advertised on its website.

READ MORE VIA NZHERALD

Bayleys

Bayleys is one of a group of real estate agencies facing legal action over what the commission alleges is anti-competitive behaviour. Photo / Getty Images

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