An Auckland couple has been awarded more than $1 million after the Supreme Court ruled a real estate firm mishandled the sale of their home.
The Supreme Court ruled that Premium Real Estate under-sold Mark and Deborah Stevens' clifftop property in Milford in 2004 when it went for $2.5 million.
The property was jointly resold by the North Shore realtor and Bayleys Real Estate for $3.5 million, five months later.
On Friday, the Supreme Court upheld two earlier rulings that Premium Real Estate failed to disclose information relevant to the sale.
The company was ordered to pay the couple nearly $660,000 in damages and repay its commission of $67,000. It must also pay 7% interest from the settlement date in 2004.
Lawyer William Akel, acting for Mark and Deborah Stevens, said Premium Real Estate did not reveal that the buyer was planning to on-sell the property. He said the couple are "extremely relieved" at the Supreme Court ruling.
Premium Real Estate said it hopes to have the ruling set aside while it considers an appeal. Managing director Brian Guy said he believed the original High Court judge mixed up valuations of the property, and he wants that to be reinvestigated.
Mr Guy said he is confident the property was not undersold, and the company cannot be held responsible it being resold six months later for $1 million more than the original sale price.
