Extinction of MyHome
Last month we saw the collapse of MyHome the 4th largest real estate portal in Australia. Some may say this is an insignificant event as MyHome wasn’t the most easiest website to navigate but in actual fact it isn’t great for the real estate industry and its stakeholders including agents, private sellers and people who use the internet to search for property.
The loss of MyHome now means there are only three major portals left in Australia REA, Domain and Homehound. REA is the outright market leader, Domain is half as big as REA and Homehound is 10% the size of REA. This is not great for agents as it further strengthens REA’s position, it is bad for private sellers as they can’t list on REA and it isn’t good for proeprty searchers as it means they have to keep using REA to search for property while being bombarded with advertisements.