Fairfax Media has acquired real estate website Allhomes, the primary real estate marketing site for the ACT, for an expected $50 million.
The purchase, which is subject to regulatory approval, sees Fairfax bolster its online property business by bringing in the 180 ACT-based real estate agencies represented by Allhomes.
The deal pairs the national Domain Property Group real estate brand with Canberra’s leading real estate ad site.
Fairfax chief executive officer Greg Hywood said that the company is excited about the acquisition and that it shows a commitment by the company to growing Domain nationwide.
“Canberra is a strategically important market for Fairfax and Allhomes reinforces our digital position in the ACT,” he said.
Allhomes chief executive Tim White, who will now manage Allhomes as well as Domain operations in Canberra, said that the deal was a great opportunity for Allhomes.
“Not only do our business objectives and values align, we will now have access to another highly skilled and motivated team, and also access to a national audience for our clients,” he said.
“I believe this is positive for all concerned, including most importantly for real estate agencies, consumers and staff.”
For more news from The Newspaper Works, click here.