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Real estate firms face fines for price fixing

by Jonathan Adams

Bayleys Corp and Hamilton-based Success Realty have been ordered to pay penalties of $2.2 million (£1.66 millions) and $900,000 (£677,590) respectively in the second and third of 13 High Court appearances by national and regional real estate agencies for price fixing.

The proceedings relate to three separate alleged price fixing and anti-competitive agreements among national real estate agencies, Hamilton real estate agencies and Manawatu real estate agencies in response to TradeMe changing its fees for listing properties for sale on its website.

Manawatu real estate agency Unique Realty was the first to appear, in May, and was ordered to pay $1.25 million (£0.94 million).

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