CoStar to purchase Australian property listings platform for $1.9B

Arlington County real estate data firm CoStar Group announced Friday it has signed a deal to acquire Domain, an Australian property listings platform, for 3 billion in Australian dollars, or $1.9 billion in U.S. dollars.

CoStar owns a 16.9% stake in Domain, which it purchased in February. Domain is currently valued at approximately $1.7 billion, and under the terms of the contract, CoStar has agreed to pay Domain shareholders AU$4.43 per share, or $2.85 in American money.

The deal is subject to the approval of Domain shareholders — including controlling shareholder Nine Entertainment Co. Holdings, which has 60.1% of ordinary shares — and the approval of Australia’s government and court system. Nine Entertainment, which owns Australian newspapers The Age and Australian Financial Review, has agreed to vote in support of CoStar’s purchase.

“We’re pleased to have reached an agreement with Domain and to see Nine’s support of this transformative transaction,” Andy Florance, CoStar founder and CEO, said in a statement. “As one of the first and most experienced digital real estate companies in the world, CoStar Group brings a proven track record of building high-traffic online marketplaces that deliver real value. With our technology, scale and the innovation we’re known for, we see a tremendous opportunity to enhance the Australian property market.”

Based in Sydney, Domain owns several property brands, including Domain, Allhomes, Commercial Real Estate, Domain Insight and Pricefinder. Domain’s shareholders are set to vote on the proposal in mid-August, and subject to their approval and the Australian government’s approval, the deal is expected to close in the third quarter of 2025, according to CoStar.

Costar’s Homes.com brand retained second place in the nation for residential real estate listings based on monthly unique visitors, Florance said in an earnings call earlier this month.