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NZ's two biggest real estate websites merge

14 November 2008

NZ's two biggest specialist real estate websites merge

The REA Group and realestate.co.nz Ltd form an alliance in New Zealand

The REA Group and realestate.co.nz Ltd have formed an alliance. Under the terms of the alliance, the REA Group will close its residential portal (allrealestate.co.nz) on 30 November 2008 and direct its traffic to realestate.co.nz.

The alliance gives realestate.co.nz access to the more than 9.7 million unique browsers a month*”including more than 4 million in Australia alonewho use the REA Group's international network of real estate websites. These browsers will be able to access realestate.co.nz from a tab on the home page of every REA Group portal and from the map of New Zealand on the REA Group websites.

Alistair Helm, CEO of realestate.co.nz, said:

"This alliance is great news for New Zealand's real estate agents and consumers; because together with the REA Group we can run a much stronger real estate web portal than if we continued to compete as two separate portals. We believe this will mean a more efficient and cost competitive solution for the real estate industry as compared to all other media options."

Shaun Di Gregorio, General Manager--Emerging Business Group, of the REA Group, said:

"We expect our alliance with realestate.co.nz will better serve the country's real estate agents and consumers—and buyers overseas who are interested in New Zealand property. We have decided that in the long term it doesn't make business sense for us to operate our own residential real estate site in the country."

The REA Group will continue to operate unchanged its New Zealand commercial real estate portal, realcommercial.com.au.

About realestate.co.nz
Realestate.co.nz Ltd is a Joint venture company owned in equal shares by The Real Estate Institute of New Zealand (REINZ) and Property Page (NZ) Ltd, a company owned by 6 of the largest real estate companies. The website is the most comprehensive website for real estate in NZ with over 112,000 listings, attracting over 90% of all licensed real estate offices to utilise the website which reaches an audience of over 260,000 unique browsers per month.**

About the REA Group
The REA Group, headquartered in Melbourne, operates Australia's most popular real estate websites. In total, it publishes 22 websites and eight print publications in 10 countries. The REA Group had revenues of AUD$156m in FY 2008, has more than 9.7 million unique visitors each month* and is profitable. As a listed company on the Australian Securities Exchange (REA), realestate.com.au Ltd operates as an independent entity.

ENDS

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