ICCC on rental prices

There is a real need for regulation of rental prices in the country.

While acknowledging this, the Independent Consumer and Competition Commission (ICCC) Commissioner, Paul Ain, highlights that there are a number of reports that the government has released, the recent being in 2010.

The Commissioner points out that the 2010 “Housing and Real-estate review” recommended for a guiding code to be developed to regulate the market.

Meantime, Ain says the Code is with Treasury, with the challenge now to recognise which agency will implement the code.

“The ICCC Act does not have the legal basis to implement the code,” states the commissioner.

“What have now done is gone back to Treasury to do a new inquiry into the entire report.

“We really want all the real estate industry to come on board as soon as the terms of reference are approved by the government.

“We are looking to undertake this review immediately so that we can address some of the concerns by the general public.”

The Commissioner admits that presently there is no control of rental prices and charges.

Julianna Waeda