Residential property portal view.com.au will soon bring finance propositions to market with its banking partner, ANZ, according to chief executive officer and former Domain chief, Antony Catalano.
“The industry is fed up with the status quo,” said Catalano, claiming View is the first genuine challenger to Domain’s number two position, behind global real estate company, REA.
“While REA continues to cement its number 1 position, Domain’s audience has stagnated and we’re seeing some agents downgrading or dropping them from their advertising schedule due to high costs, underperformance and questionable return on investment.
“And despite industry efforts, we are the first genuine challenger to Domain’s number two
audience position, having been propelled into the number three position for residential property portals showcasing properties for sale in only five months and relegating Homely to the number six portal behind Allhomes. The only genuine alternative is View.com.au.”
In February, Domain reported $175.3 million in revenue in its 2023 half-year financial results. The majority-owned Nine Entertainment company reported strong numbers across the business, with residential revenue up 29%. Media, developers, and commercial revenue also increased by 15%.
Jason Pellegrino, Domain’s chief executive officer, said at the time: “Through the volatile trading environment of the past three years, Domain has maintained the pace of our business strategy evolution. We have responded to the changing environment while continuing to innovate for the future.”
Catalano’s comments came off the back of February IPSOS data indicating View as one of the fastest growing residential property portals in Australia, with 102% growth in unique audience since October.
Catalano stated the market has responded well to the portal’s freemium proposition, offering a “true alternative” to the traditional listings model.
“We can make it free or keep prices low because VMG’s business model is not predicated on
listings revenue, where the only option is annual price increases. We’re creating a true property
ecosystem that caters to all steps along the property journey.”
The site launched on 30 September 2023. In addition to Catalano, its staffers also include seven former Domain executives who helped elevate the competitor to a $2.2 billion listing on the ASX.
Paul Tyrrell, View’s chief marketing officer, credited the recent spikes in growth to its latest marketing efforts and broadcast partnership with Channel 7’s AFL coverage.
“Our consumer proposition is unique and features over 136,000 properties for sale, however it offers a complete view of the market with access to nearly 11 million properties Australia wide,
with buyers able to express interest in properties even if they’re not for sale. All delivered by best in class mapping from Nearmap,” Tyrrell said.
“To be the fastest growing property portal in the country is a testament to the hard work of the
team and a clear demonstration of the need for a competitive alternative in the property portal
space.”
“Our agent partners are enjoying the benefit of this audience growth with our Premium product delivering up to 10 times more enquiry than our free product.”
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Domain reports $175.3 million revenue, as print and digital go up
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Top Image: Antony Catalano