Fairfax has acquired property research company Property Data Solutions for $30 million, expanding its real estate group in a challenge to News Corp Australia’s REA Group.
Property Data Solutions provides insights into the property market and valuations to more than 5000 real estate agents, developers, investors and companies with interests in real estate.
PriceFinder, Property Data Solutions’ insight brand, will be merged with Fairfax’s existing Australian Property Monitors and called APM PriceFinder.
Fairfax Media CEO Greg Hywood said the acquisition was another boost to its real estate business, following the hiring of Antony Catalano as CEO of Domain.
“We are excited to be bringing PDS into the Fairfax fold as part of our Domain Group run by Mr Catalano,” Mr Hywood said.
“PDS is an expert in its field and its products are used and trusted right across the real estate industry.
“This acquisition is consistent with our strategy to invest in Domain, where we continue to see significant growth potential.”
Property Data Solutions CEO Tom White will head the new APM PriceFinder brand.