Ferry Real Estate (QLD) Pty Ltd - s.87B undertaking

Company or individual details

  • Ferry Real Estate (QLD) Pty Ltd
    093 347 061
  • Ferry Property Management Pty Ltd
    009 802 064
  • Castorina Investments Pty Ltd
    083 114 210

Undertaking

Ferry Real Estate (Qld) Pty Ltd, Ferry Property Management Pty Ltd and Castorina Investments Pty Ltd at the relevant times traded as Ferry Real Estate (Townsville). Ferry provides real estate agency and property management services in and around Townsville and manages in excess of 1000 residential properties.

The Commission was concerned that Ferry was likely to have contravened the price exploitation provisions (s. 75AU) of the Trade Practices Act 1974. On May 1 2000 Ferry introduced an increase of management fees from 7.5% to 8.8% and the Commission was concerned that Ferry may have anticipated the GST for two months by including a GST component.

Ferry has provided undertakings that include the sending of corrective letters of apology to landlord clients enclosing credits of amounts equivalent to 1/11th of the fees paid for the two months prior to 1 July 2000. Additionally, Ferry are to institute a Trade Practices Compliance Program and will put in place a mechanism to review costs and ensuring any savings in respect of the New Tax System changes are passed on.

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