ACCC announces investigation into REA Group
The Australian Competition and Consumer Commission has announced it is in the early stages of an investigation into REA Group, the 33 billion-dollar operator of realestate.com.au over concerns about competition in the real estate industry.
The investigation comes as the News Corp-controlled real estate advertising service has told customers it would increase subscription prices for real estate agents by as much as 78 per cent from July 1.
Guest: Tim McKibbin, chief executive of the Real Estate Institute of New South Wales
Producer: Grace Stranger
The REA Group released the following statement:
"REA is committed to providing choice, value and flexibility to its customers and consumers, and remains focussed on delivering products and services that improve the property experience of buyers, sellers and renters.
"REA is cooperating fully with the ACCC and is unable to comment further for confidentiality reasons."
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Lucy Sweeney is a digital journalist with the ABC's climate and regional team, based in Brisbane. Since joining the ABC in 2013, she has worked as a digital producer, live blogger, writer and editor covering international news and events, federal politics, health, science, entertainment and pop culture.
News.com.au
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