New Zealand's real estate watchdog is ramping up its crackdown on house-flipping by investing in new technology which allows it to track when properties have been quickly re-sold for huge profits. The move will allow the Real Estate Agents Authority (REAA) to proactively chase agents involved in transactions without relying on complaints from the public. It wants the watchdog to have greater resources to detect flipping - especially in Auckland's bloated housing market - and for non-disclosures to be outlawed. Technological advances would soon allow it to quickly access and analyse data on property transactions as they occur. Real Estate Institute chief executive Bindi Norwell said there was a "robust legislative framework in place to minimise the risk of poor practices" by agents.

Source: New Zealand Herald March 09, 2017 15:56 UTC