Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Realestate.co.nz says unfazed by Trade Me price cutting

Trade Me property's industry-owned rival says it won't be affected by 'desperate fee cutting'

By Tina Morrison

Aug. 1 (BusinessDesk) - Trade Me Group's main rival for property listings, industry-owned realestate.co.nz, doesn't expect its "dominance" in the market to be affected by New Zealand's largest auction company cutting its fees for agents.

Wellington-based Trade Me lost market share of property listings since it tried to push through price hikes to agents starting late last year, according to a report by Craigs Investment Partners analyst Stephen Ridgewell, which showed Trade Me had 45,978 properties listed compared with its rival's 54,874 properties. However Ridgewell said Trade Me's market share should recover after it agreed to back down on the plan this week.

But realestate.co.nz chief executive Brendon Skipper, who headed up Trade Me's property unit for seven years before taking up a job with its rival in October, said the industry-owned website didn't expect to be affected by "any desperate fee cutting" by its competitor.

"Realestate.co.nz will continue to offer a low subscription price, which is around one quarter of the new rates being charged by Trade Me," Skipper said.

Shares in Trade Me slipped 0.3 percent to $3.47, having dropped 14 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO:

Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>

ALSO:

Split Decision - Appeal Planned: EPA Allows Taranaki Bight Seabed Mine

The Decision-making Committee, appointed by the Board of the Environmental Protection Authority to decide a marine consent application by Trans-Tasman Resources Ltd, has granted consent, subject to conditions, for the company to mine iron sands off the South Taranaki Bight. More>>

ALSO: