Kāinga Ora sell-off: Harcourts agent’s $1.9m state house purchase referred to regulator

A significant transaction involving the sale of state housing in South Auckland has raised serious questions, with a local Harcourts agent reportedly purchasing three properties for $1.9 million through the very agency he owns. This deal is now facing intense scrutiny from both Harcourts' corporate leadership and the relevant industry regulator, highlighting concerns over transparency and ethical conduct in real estate.

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A Harcourts agent bought three South Auckland state houses being sold through his Manukau agency without correctly making conflict-of-interest disclosures to the seller, Kāinga Ora.

The core of the issue lies in allegations that the agent, Iresh Tennakoon, failed to adequately disclose the conflict of interest inherent in buying state homes being sold via his Manukau-based Harcourts Ignite Realty agency. Kāinga Ora, the government body responsible for state housing, is the seller, and ensuring fair and transparent sales processes is paramount, especially when dealing with public assets.

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A $1.9 million deal in which an Auckland real estate agent bought three state homes being sold through the Manukau outlet for which he worked is now under the scrutiny of Harcourts’ head office and the industry regulator.

This situation is particularly sensitive in New Zealand, where the availability of affordable housing is a constant concern. The sale of state houses, even through established channels, is often a topic of public debate. When such sales involve agents potentially benefiting directly without clear conflict-of-interest disclosures, it erodes public trust and raises important questions about the integrity of the process. The involvement of the industry regulator signals the seriousness with which these allegations are being treated, and the outcome will be closely watched.

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Harcourts Ignite Realty Manukau business owner Iresh Tennakoon said he had reported