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BMT Tax Depreciation today announced that it has agreed to acquire a leading real estate listings portal.
BMT, a specialist quantity surveyor and a dominant provider of tax depreciation schedules for property investors across Australia, will acquire homesales.com.au from carsales.com.au in a move that is expected to generate immediate value for both businesses.
The homesales.com.au real estate sales portal was launched in 2009 by carsales.com.au – Australia’s leading website for online vehicle listings, with a market capitalisation of nearly $3 billion, led by CEO Greg Roebuck.
Homesales.com.au has developed an extensive agent network, attracts over 950,000 site visitors each month and has more than 200,000 property listings.
BMT chief executive Bradley Beer said he expected the acquisition to strengthen both businesses and provide new growth opportunities for the future.
“BMT has been working in partnership with homesales for many years and has a good understanding of the business and the value it delivers to people looking to purchase property,” Mr Beer said.
BMT will maintain the leadership that has helped build the homesales portal to its current size and strength.
Mr Beer noted that over nearly two decades, BMT has built trusted relationships with thousands of real estate professionals and property investors, producing hundreds of thousands of property tax depreciation schedules for clients across Australia.
Mr Roebuck said homesales.com.au has been an exciting and successful business, which has grown significantly since its launch.
“The opportunity came to combine two specialist businesses, giving homesales.com.au the chance to continue to grow. We felt that the time was right for a dedicated property expert to take the business to the next level,” Mr Roebuck said.
“This is a great opportunity for BMT to leverage the expertise, experience and technology carsales has invested in the business. There are strong synergies between the homesales.com.au and BMT businesses and we wish the BMT team well in taking homesales.com.au forward.”
BMT Tax Depreciation will continue to invest into the homesales business. The group is confident that specialist knowledge of property and specific tools for investors will significantly improve the homesales offering into the future.
“It’s an exciting time to be a property owner in Australia and both BMT and homesales are focused on continuing to provide unique and value-laden offerings and services that aim to give investors and owners an edge in the marketplace,” Mr Beer said.
[Related: Buyers increasingly making use of tax break]
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