Rod Sims questions realestate.com.au’s market practices amid Greens’ concerns

Rod Sims, former chair of the Australian Competition and Consumer Commission (ACCC), has raised concerns about potential anti-competitive practices by realestate.com.au, the leading property portal in Australia. He suggested that the ACCC should investigate the portal's pricing structures and market behavior, which may be harming competition and consumers. This follows a Guardian Australia investigation revealing that industry disruptors feel disadvantaged by the portal's practices, which they claim create an uneven playing field against traditional real estate agents. The Greens party has criticized the situation, labeling it an 'outrageous abuse of market power' and advocating for new price-gouging laws to protect consumers. They argue that the current system favors large corporations, leading to inflated prices for services. Nick McKim, the Greens' economic justice spokesperson, emphasized the need for legislative action to prevent corporations from raising prices unchecked. Sophie Scamps, an independent MP, echoed these concerns, highlighting that Australians are facing the highest online advertising costs globally when selling homes. She called for an investigation into the pricing practices of property portals, likening the situation to the supermarket duopoly that has been scrutinized by the ACCC. Sims also mentioned that a previously rejected application for collective bargaining by real estate agents might now have a better chance of success, suggesting a shift in the ACCC's attitude towards collective boycotts. The ongoing discussions reflect a growing concern over market practices that may be detrimental to consumers and competition in the real estate sector.