This is big news for the real estate market in New Zealand. Especially for agents, vendors and purchasers. This is the official statement released by allrealestate.co.nz.
“In New Zealand, the REA Group plans to end operations of its residential real estate website, allrealestate.co.nz, on 30 November 2008.
The company will continue to operate its successful commercial real estate website, realcommercial.co.nz, which is the market leader by unique browsers. (Nielsen//NetRatings)
We are grateful to our residential real estate customers for their support and we wish them the very best in the future.”
The reasons being closing the New Zealand operations were the tough competitive market in New Zealand from the likes of trademe.co.nz and realestate.co.nz and the challenges that allrealestate.co.nz faced. My view is that the REA is consolidating like many businesses are. The economic downturn is making it tough out there for everyone and my take is that the REA is scaling down its business to focus on areas it’s doing well in.
It is reported that at the end of June 2008, 527 agents used the site and listed 41,000 properties.
The REA Group entered the New Zealand market in mid 2005, initially by adding a map of New Zealand to the realestate.com.au site. In September 2005 it launched with a unique URL: allrealestate.co.nz.
In June 2008, there were 230,000 unique visitors to allrealestate.co.nz, a similar sized audience as its nearest competitor, the Real Estate Institute backed realestate.co.nz.
What does this mean for Real Estate in New Zealand.
For the buyers: It means that more stock will end up been listed on less sites which means a more comprehensive database of properties for you to look though. This will save you both time and effort in your property searches.
For the vendors: Two main things – 1. Less places to market your property which means that your marketing budget can be less. 2. On the remaining websites left to market your property there will be an influx of approximately 230,000 unique visitors looking around.
For us as agent: This means we can offer a more comprehensive view when coining to marketing plans. When it comes to marketing on the internet the industry owned website of realestate.co.nz offers a great package for sellers for exposure.