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"The public are voting - for REAL"

Media Release 19 September 2000


REAL responds to REINZ - "The public are voting - for REAL"

REAL National Project Co-ordinator, Warwick Brown, responded today to the press release made earlier this week by Rex Hadley on behalf of the Real Estate Institute of New Zealand (REINZ).

Mr Brown said REINZ was entirely wrong in assuming that the public has been reluctant to accept REAL's lower cost option for real estate buying and selling.

"In fact, it is just the opposite," he said. "The new real estate company has done better in the last three months than many real estate companies that have been around for many years.

'The truth is that the public is voting with its feet - for REAL. REAL has done astonishingly well in what Mr Hadley himself describes as a property market at 'an historically low ebb'.

"In less than three months there are 27 REAL branches operating from Whangarei to Timaru and some 1400 listings on the books. There is a high level of commitment among branch managers and listings are continuing to come in at a strong rate."

Mr Brown said that REAL Ltd experienced a substantial increase in the number of sales made in the last week. The number of sales made by last Friday for the month of September was not far short of the total number of sales made for the whole of August. In addition, the increase in average sale price had risen by $34,500.00.

"The sales were spread throughout the country and included a sale by auction under the hammer in Timaru. Encouragingly, several significant sales were made in the Auckland area, which until now has been the slowest to start up.

"Instead of highlighting our success, REINZ - -of which REAL Ltd is a fully paid up member - is singling REAL out for comment because we pose such a threat to their other members, simply because we offer a quality product at a lower price than conventional real estate agencies. "

ends

For further information please contact:

Warwick Brown
National Project Co-ordinator
REAL
tel 09 6306759 mob 021 808 078

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