REA buys Flatmates.com.au for $25m and signals an international expansion
Property website REA Group bought Australia’s largest share accommodation website Flatmates.com.au for $25m.
The move sees REA, which operates Australia’s largest property portal Realestate.com.au, buy 100% of the Australian business and agree to an earn-out with its founders based on an international expansion.
REO Group CEO Tracey Fellows said in a statement: “We know there is enormous growth in the sharing economy. The share accommodation segments in the Australian property market with traffic across the sector growing at over 50 year-on-year.
“This acquisition allows us to play a more active role in the helping consumers, regardless of what phase of the property lifecycle they are in, to find a home. Growth in the segment includes renters looking for flatmates, homeowners seeking to rent out a spare room, property investors hoping to maximise on their outlay; it includes people at almost every phase in the property cycle.
When you explain the sharing economy to dad but he just doesn’t get it
REO Group CEO Tracey Fellows said in a statement: “We know there is enormous growth in the sharing economy. The share accommodation segments in the Australian property market with traffic across the sector growing at over 50 year-on-year.