CoStar Group, owner of Homes.com, announced Aug. 27 the successful completion of its acquisition of property marketplace Domain Holdings Australia Limited, one of that country’s largest real estate consumer websites.
The deal was previously proposed months ago, with CoStar Group CEO Andy Florance telling investors earlier this year his company could bolster Domain to compete with REA, the dominant consumer portal in Australia, owned by rival company News Corp.
The announcement states that the acquisition combines CoStar’s global scale, technology leadership and pro-agent approach with Domain’s deep expertise and strong portfolio of trusted Australian property brands.
“Today marks an important milestone as CoStar Group and Domain officially come together to redefine the Australian property market,” said Andy Florance, founder and chief executive officer of CoStar. “For too long, agents, buyers and vendors have faced an unbalanced marketplace dominated by an intention to extract value rather than deliver it. Our vision is different. We are building a more compelling user experience at a lower cost—driving greater value for agents, vendors and buyers alike. We are the agent’s ally, and we will never operate at their expense.”
According to the release, Domain reaches an average of 7 million Australians each month, making it one of the country’s most recognized and trusted property platforms. By pairing Domain’s brand strength and local expertise with CoStar’s innovation, marketing scale, and investment capacity, Domain says it will be uniquely positioned to drive much-needed competition.
“Agents and vendors are being squeezed by legacy models that raise prices without raising value,” continued Florance. “That ends here. CoStar Group’s entry into Australia is about creating a sustainable, pro-agent, pro-buyer and pro-vendor marketplace—one that invests in better content, better tools, more traffic and a superior user experience, while lowering costs. We dismantled market dominance in the U.S. by transforming Homes.com into a true agent-friendly platform, and we are ready to apply that same proven playbook in Australia.”
Jason Pellegrino, president of Domain, said, “This transaction reinforces the strong fundamentals of Domain and represents compelling value for customers. With CoStar Group, we believe Domain will accelerate its ability to deliver innovative solutions and greater opportunities for customers, while maintaining its trusted place in the Australian property market.”
The companies state that they are committed to further investing in innovation, digital tools and customer experience enhancements that both empower agents and deliver meaningful value to sellers and buyers.
With the acquisition complete, CoStar says it will now work closely with Domain to ensure a seamless integration and accelerate the rollout of enhanced technology and customer solutions in Australia.
“The opportunity in Australia is vast, and our commitment is clear: to deliver more, for less and to be the partner agents and sellers deserve,” concluded Florance. “Together, CoStar Group and Domain will set a new standard for fairness, innovation and competition in the Australian real estate industry.”
For more information, visit https://www.costar.com/.
