Realestate.com.au, the number one player in Australia, has hit a milestone whereby three million properties in Australia are now being tracked by their respective owners.
The REA Group-owned portal says the number represents a 41% jump YoY, with coverage now spanning circa 30% of all homes in Australia.
The portal suggested that the launch of the realEstimate tool earlier this year has been a major driver for more homeowners to connect to realestate.com.au, with 200,000 signups in October 2023.
Other numbers in today's press release suggest homeowners are also visiting their realestate.com.au Property Owner Dashboard more regularly, with 600,000 owners viewing their dashboard in October alone—an increase of 43% in the last year.
RealEstimate is powered by PropTrack’s market-leading Automated Valuation Model (AVM) and gives homeowners an estimated valuation of their property in under a minute. Valuations are measured against multiple properties and local market data points including property types, recent sales & local price trends, and land area.
The realEstimate tool also tells the user whether the accuracy of their estimated value of a home is high, medium, or low.
Melina Cruickshank, Chief Product and Audience Officer at REA Group, said:
"The current generation of owners and sellers have very high expectations around immediacy and transparency. Our connection to owners is important so they feel informed, can stay close to the market and ultimately feel confident in their decisions. We know updated realEstimates via our platforms consistently drive fresh conversations with real estate agents.
"Owners who track their property are much more likely to become sellers faster and seek finance advice. Highlighting the significance of tracking a property, an average of 40% of listings are for properties that were tracked by their owner prior to taking it to market.
"Our huge owner cohort provides our agent customers with access to a wide range of individuals who are at various stages of the owning/selling journey. Exclusive features in our new Pro subscription are designed to enable agents to better leverage our highly engaged
seller audience. Owners are particularly interested in following their local agent’s activity to inform choices and help them work out the best time to sell."
REA Group recently announced revenues of A$217M for the first quarter of the 2024 financial year, with the report also highlighting that 53% of consumers exclusively use realestate.com.au to conduct a property search.