Predictions 2009 - New Zealand

While 2009 was generally a quiet year in the New Zealand property portal market, there was one notable exception – the exit of the REA Group’s allrealestate.co.nz and the subsequent marketing arrangement between the REA Group and its former competitor, realestate.co.nz. There now two main players in the residential property portal market and 2009 should see some interesting developments with this new market structure.

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Did REA Group Maximize Value on NZ Exit?

Recently the REA Group announced that it would be exiting the New Zealand market and that it had entered into an advertising deal with the remaining player, realestate.co.nz. However, in exiting the market, did the REA Group capture as much value as they could?

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REA Group Directs Traffic to realestate.co.nz

Having decided to close down most of its New Zealand operations, the REA Group has now entered a marketing arrangement to drive traffic to former competitor, realestate.co.nz.

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realestate.co.nz

realestate.co.nz is the most comprehensive real estate website in New Zealand with over 107,000 listings representing over 95% of all listings of licensed real estate agents. Nielsen Online places realestate.co.nz as the number 2 website for real estate in terms of web traffic.

realestate.co.nz is a joint venture between the Real Estate Institute of New Zealand (REINZ) and Property Page (NZ) Ltd (PPL), a company with shareholding by the major real estate companies in NZ.

The website has grown significantly since it was re-launched in August 2006 as a re-branding of realenz.co.nz, owned by REINZ since the early 1990s, and now has a total net revenue of around NZ$3 million.

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