There are calls for an overhaul of the Real Estate Agents Act to protect consumers following revelations of an investor on-selling a family's home on the day of settlement for huge profit. "In these cases of quick turnaround, flipping, perhaps it should be mandatory for the Real Estate Agents Authority to investigate. The Herald is awaiting comment from industry watchdog the Real Estate Agents Authority (REAA). Twyford's comments follow revelations in today's Herald that a family of seven's Papakura house was sold twice in one day for an additional $81,000. They listed the house with Tall Poppy Real Estate for $815,000.

Source: New Zealand Herald March 07, 2017 23:31 UTC