Australia's corporate watchdog has rejected an attempt by 170 real estate agents to band together and collectively bargain for better ad rates on the dominant real estate websites and print publications owned by News Corp and Fairfax.

A group of 170 real estate agents ranging from individual agents to large franchise groups applied to the Australian Competition and Consumer Commission to be allowed to collectively bargain with, and boycott, the country's two largest property advertising websites and newspapers.

REA Group owns realestate.com.au. Credit:Realestate.com.au

The agents applied for bargaining authorisation under the banner of the Property Media Group, but the ACCC issued a draft determination rejecting the proposal on Thursday.

News Corp controls large chunks of revenue and digital advertising rates via its dominant market position in REA Group's realestate.com.au.