South Auckland flat sells for $291,000, back on the market hours later

A one-bedroom unit in South Auckland sold under the hammer last week for $291,000, only to be relisted for sale several hours later, OneRoof reports. The property at 1/27 Avenue Road, in Otahuhu, was bought by Auckland real estate boss Rickhil Prakash, who then listed the property for sale through his agency later that day. Belinda Moffat, chief executive of the Real Estate Authority, said there was nothing preventing a real estate agent from acting as a property investor or trader. “However, there are rules and laws in place designed to prevent potential conflicts of interest,” she said.