The Australian Competition and Consumer Commission (ACCC) has taken action against REA Group Ltd, the owner of realestate.com.au, to address anti-competitive practices in its contracts with real estate agencies. The ACCC's investigation revealed that REA's contracts contained restrictive clauses that limited competition by requiring agencies to list all properties exclusively on its platform.

As a result of the ACCC's intervention, REA has committed to removing these restrictive provisions, allowing real estate agents more flexibility in how they list properties for sale and rent. This change is expected to benefit property owners by providing them with more options and potentially lowering advertising costs.

ACCC Chair Gina Cass-Gottlieb emphasized that the undertaking resolves the competition concerns and is a significant win for the real estate listing market. The ACCC encourages property vendors and landlords to explore various listing options available through their agents following this commitment from REA.

REA has acknowledged the ACCC's concerns regarding its previous contract practices, which may have breached competition law. The company has agreed to implement these changes for a period of three years under the court-enforceable undertaking accepted by the ACCC.

The ACCC remains vigilant in investigating agreements that contain restrictive provisions that hinder competition, reinforcing its commitment to maintaining a competitive marketplace.