For a long time the powerhouse heavyweights of the property portal market – Rightmove in the UK and REA Group in Australia have continued to stretch the boundaries of financial performance.
Both of these companies have in the past few days blasted through another significant capitalisation threshold – for Rightmove now valued at £2 billion and for REA Group valued at A$4 billion.
Rightmove serving the UK market of 63 million people has seen its share price more than double in the past 2 years ending business yesterday up strongly at £19.42 which takes its market cap to £2.046 billion (US$3.18 billion).
REA Group which operates the Australian portal of Realestate.com.au serving the 23 million population of that country as well as a smaller number of other portals has also seen a more stellar ascendancy of share price in the past 2 years to close today at A$30.04 which takes its market cap to A$4 billion (US$4.1 billion).
These two powerhouse operation have been in operation and listed companies for more than a decade. By contrast in the US the leader at this time is Zillow which has just passed through the US$2 billion in market cap based on a listing on the NASDAQ of less than 2 years. It’s market cap far exceeding the value of its immediate competitors Trulia at US$906m and Move Inc at US$450m. That in a market of 311 million people