The Australian Competition and Consumer Commission has issued a final determination granting authorisation* to the Real Estate Institute of Western Australia. REIWA's application, which updates a number of previously authorised arrangements such as its Members Code of Conduct, also includes a new Auction Code of Conduct for its members.
"While the ACCC considers that certain aspects of REIWA's arrangements may generate some anti-competitive detriment, overall it is of the view that the arrangements are likely to provide a benefit to the public," ACCC Chairman, Mr Graeme Samuel, said today.
"In particular, the ACCC considers that REIWA's new Auction Code, which prohibits activities such as dummy bidding and places restrictions on sellers bidding for their own properties, is a positive initiative which is likely to provide additional protection for consumers.
"The ACCC also considers that the availability of REIWA's standard form contracts may provide benefits where they reduce transaction costs. The ACCC has granted authorisation for a period of five years."
More information regarding the application and the final determination is available on the ACCC website, www.accc.gov.au, by following the links Public registers, Authorisations and notifications registers and Authorisations register.
*Authorisation provides immunity from court action for conduct that might otherwise raise concerns under the competition provisions of the Trade Practices Act 1974. Authorisation is granted where the ACCC is satisfied that the practice delivers a net public benefit. In considering a request for authorisation the ACCC conducts a comprehensive public consultation process.