CoStar Group Confirms Domain Layoffs

CoStar Group has confirmed that reports of layoffs at its Australian residential real estate portal, Domain, are accurate.

CoStar said the affected roles were in Domain's product, tech and marketing departments, while some people have been reallocated to different areas of the business. However, the purpose of the layoffs was not to cut jobs.

A spokesperson said:

Domain is sharpening its focus to unlock the next phase of growth across its residential and commercial platforms. The driver of these changes was to align the business to the growth ambitions across the primary platforms.

Roles that were more aligned to our prior 'marketplace' strategy were therefore reviewed.

As the business evolves, some roles have been impacted where capabilities are consolidated or no longer aligned to where we are investing for growth. This is being offset by continued hiring at scale, particularly in new fields of research and photography, with overall headcount increasing as we invest behind our core platforms.

The dynamic between CoStar Group and Domain is highly collaborative, with ideas, solutions and build capabilities happening across all markets.