A leading media company has boosted its focus and investment in real estate with the purchase of a property data group.
Fairfax Media announced yesterday it had acquired property data and mapping provider Property Data Solutions (PDS), which would be combined with its existing property data business Australian Property Monitors (APM).
PDS provides property data research subscriptions via its PriceFinder brand to more than 5,000 real estate businesses, developers, investors and corporations with interests in real estate.
Fairfax have said PDS’ strong presence in Queensland and Western Australia would complement APM’s subscriber base, which was primarily in New South Wales and Victoria, to create a leading provider of property data.
The acquisition would also enhance the breadth and depth of property data PDS, APM and Domain customers will receive.
Fairfax Media chief executive officer and managing director Greg Hywood said: “We are excited to be bringing PDS into the Fairfax fold as part of our Domain Group run by CEO, Antony Catalano.
“PDS is an expert in its field and its products are used and trusted right across the real estate industry. This acquisition is consistent with our strategy to invest in Domain, where we continue to see significant growth potential.”
Tom White, currently chief executive officer and managing director of PDS, will run the combined APM PriceFinder business.
Mr White said: “We have always believed that the future of PDS lies in a broader real estate group like Domain, where we can continue to grow at an accelerated rate and reach PDS' full potential.
“I am excited by the opportunity to enhance all of the PriceFinder and APM offerings by combining the data and best practices of the two businesses.”
CEO of Domain Antony Catalano said: “This is a strategically important acquisition for Domain. Tom White has substantial knowledge of the real estate industry and is a great addition to our management team.
“By bringing the PriceFinder brand into Domain, along with our APM and MyDesktop products, we are able to provide an even more compelling offering to real estate agents.”
Last week, general manager of real estate at Fairfax Media Tony Blamey told Real Estate Business that APM was planning to make more property data available to consumers via the Domain website and its mobile applications.