News Ltd buys up some real estate

Patrice McAree, News Limited's director of new media, said that News Interactive's current real estate venture, homesonline.com.au, would be folded into realestate.com.au to provide a single, integrated service.

McAree indicated that the move would be of mutual benefit to both parties. "Realestate.com.au is an ideal partner for News Limited, providing complementary services to those we already offer to the real estate industry and our readers."

McAree added that News Limited's suburban newspaper sales force would be available to sell realestate.com.au services, and News Interactive's network of online sites would direct users to realestate.com.au.

Realestate.com.au currently attracts 140,000 visitors per month and lists more than 70,000 properties on the site. McAree claimed that more than 2,100 agents, or 25 per cent of the market, use the site.

The transaction is subject to the approval of shareholders of realestate.com.au.

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