A long-stalled Mermaid Beach development site opposite Pacific Fair, previously earmarked for a twin-tower project, is set for a fresh development push with plans for a major mixed-use residential tower.&nbsp;

Billionaire garbo Ian Malouf's development company, REMI Residences, is proposing Project Elegance, a 44-storey tower with over 270 residential apartments and 88 short-term accomodation units at&nbsp;2065 Gold Coast Highway, Mermaid Beach, on the corner of Mermaid Avenue.

Malouf paid $23.76 million for the 3,783 sqm site in 2022, six years after it traded for $34.1 million when it was bought by Hubei United Investment Group.

 
<img alt="First Look: REMI Developments plans major mixed-use tower with 360 apartments at stalled Mermaid Beach site" data-entity-type="" data-entity-uuid="" data-widget="image" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Mermaid%20Beach%20da%20podium.png?VersionId=yRYSSPItvCA5ZeQ49LlwkQYVn7OhEqIC" /><img alt="" data-entity-type="" data-entity-uuid="" draggable="true" height="15" role="presentation" src="data:image/gif;base64,R0lGODlhAQABAPABAP///wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==" title="Click and drag to move" width="15" />

&nbsp;

The design statement by DKO says Project Elegance "represents a holistic response to its coastal and urban context. It draws upon site, climate, and landscape to create a composed architectural outcome that prioritises occupant experience, public interface, and long-term viability via vibrant and active uses."

They say the subject site&nbsp;occupies a distinctive island parcel with three street frontages and prominent visual exposure to passing visitors.

"This unique position allows the development to form a panoramic dialogue with water and city, setting the foundation for a climate-responsive, site-specific architectural expression.&nbsp;The podium base, inspired by the region’s sandstone headlands and coastal setting, and adopts a sculpted and grounded character that provides a stable counterpoint to the slender tower above."

&nbsp;

<img alt="First Look: REMI Developments plans major mixed-use tower with 360 apartments at stalled Mermaid Beach site" data-entity-type="file" data-entity-uuid="4f088e10-6493-49d4-83cd-10fc039318ac" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Mermaid%20Beach%20da%20tower.png?VersionId=Sbglj0tNBqyvY5V_DlVH.bvjXi8kBbfl" />

Residents and guests would have access to multiple communal recreation levels. Plans include a shared recreation deck on level six, with a pool and three padel courts. There will be a residential-only pool on level seven, and an upper-level communal space only accessible by those buyers towards the top of the tower.

&nbsp;

Ground-floor commercial spaces are proposed to operate between 5am and midnight, contributing to an activated street frontage along the busy Gold Coast Highway corridor.

The site sits within the High Density Residential zone and a Light Rail Urban Renewal Area, where planning policy encourages higher-density development close to transport infrastructure and services. The planning report states the project aims to “ensure the efficient reuse of this centrally located property” and support the transformation of inner-city areas into “more vibrant, compact, interesting, connected and active” precincts.

&nbsp;

The proposal marks the latest attempt to unlock the high-profile parcel, which previously carried approval for the “Elegance” twin-tower development, a project that included more than 500 apartments but ultimately stalled after sales activity ceased in 2019.

REMI Developments has been increasingly active in the Gold Coast property market, with the Malouf-led group positioning itself around premium residential and lifestyle-focused projects as the region continues to attract both interstate buyers and international interest.

Malouf is one of Australia's most impressive entrepreneurs, having sold his waste business fore more than $500 million, having started only with a small truck at 18 years old.

Joel Robinson

First Look: Billionaire Ian Malouf plans Mermaid Beach tower

A State Significant Development proposal from Ecove Group could see two high-rise residential towers developed above an ALDI-anchored retail podium in Gordon.

The 28-storey towers, dubbed Eight 10, would become the tallest in the sleepy Upper North Shore suburb, which has been stirred by changes to the Low to Mid-Rise Housing Policy aimed at triggering greater density around transport hubs.

Ecove Group’s plans for 810 Pacific Highway, a 2,357 sqm site around 400 metres from Gordon railway station, include 180 apartments, 39 of which would be dedicated as affordable housing.

Architecture firm PBD said in its Design Report the site "presents an exciting opportunity to positively contributes to the surrounding context, enhances the overall urban experience."

<img alt="First Look: Ecove lodges State Significant Development plans for dual-tower “Eight 10” project at 810 Pacific Highway, Gordon" data-entity-type="file" data-entity-uuid="e50141fa-fb0b-44b3-bf9b-c6d87b993c3b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Eight%2010%20podium.png?VersionId=YTgQPBxNnmQwr6x2AJSpVZ1COqa.9oLQ" />

The site previously received approval for a development comprising 56 apartments above retail in 2018.

PBD noted in its report that the planning&nbsp;context for the site has "evolved significantly since the original consent was issued."

In April 2024, the Department of Planning, Housing and Infrastructure (DPHI) identified the site as being located within a Transport Oriented Development (TOD) precinct. In parallel, Ku-ring-gai Council progressed a preferred planning framework for Gordon Town Centre, including proposed amendments to the Ku-ring-gai Local Environmental Plan 2015 (KLEP 2015).

<img alt="First Look: Ecove lodges State Significant Development plans for dual-tower “Eight 10” project at 810 Pacific Highway, Gordon" data-entity-type="file" data-entity-uuid="cf65fb26-a163-41ea-a4d3-8ddbeabd67e4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Eight%2010%20MAP.png?VersionId=vrQJzXSg3xRH.APBmtth5mA2adPmUPjc" />

PBD said the proposed development "responds to the amended KLEP 2015 and, in addition, seeks to utilise the floor space ratio and height incentives available under Chapter 2, Part 2, Division 1 of the State Environmental Planning Policy (Housing) 2021."

Late last year the first project in Gordon through the NSW Government's Housing Delivery Authority was approved. That was for 106 apartments across two connected seven to eight-storey buildings.

Ecove plans 28-storey apartment towers in Gordon

<a href="https://www.apartments.com.au/developers/graya">Graya</a> has set its sights on one of Brisbane’s scarce remaining riverfront development opportunities.

They have spent $17 million on an 810 sqm site across 16-18 Sandford Street, where it is planning SILK, a 15-storey apartment tower with just 22 apartments.

Planning documents outline a single tower designed to take advantage of the site’s northerly outlook toward the river and Brisbane CBD.

There will be eight two-bedrooms and 14 three-bedroom apartments on offer, each either half- or full-floor.

<img alt="Graya" data-entity-type="file" data-entity-uuid="059e1aa4-695c-4556-bafa-e8b5970c06f5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-03-12%20at%203.07.50%E2%80%AFPM.png?VersionId=tEqwv_m8HYhrXSCStOMFHvGZZ5WgKfEx" />

&nbsp;

According to the Town Planning Assessment, the proposal "showcases a high quality architectural and landscape design outcome that is enhanced by the amenity of the Brisbane River… and provides a subtropical design response that celebrates Brisbane’s climate and lifestyle.”

Ground level includes landscaped communal areas facing the river alongside a gym and outdoor garden space, while the rooftop terrace will feature multiple leisure amenities like swimming pools,&nbsp;dining and barbecue facilities, as well as outdoor relaxation and yoga spaces.

<img alt="Graya" data-entity-type="file" data-entity-uuid="93982dbb-9f27-409b-a319-bd6f458f9ea7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-03-12%20at%203.09.05%E2%80%AFPM.png?VersionId=gCaaW82pEBxMvXkVkEm4TC_o7_UXA82p" />

Architecturally, the tower form draws inspiration from the movement of water along the river edge. Design documentation describes the building as “a form sculpted by flow, shaped by shifting water,” with curved forms, varied materiality, and sculptural elements used to soften the building’s visual bulk. Sandstone, an iconic material throughout St Lucia, is reinterpreted through a mix of refined and split-face textures across the façade.

The Sandford Street frontage is intended to present an articulated façade featuring vertical landscaping and sculptural architectural elements, helping the tower integrate with the evolving high-density character of the riverfront strip while maintaining visual interest from both the street and river corridor.

Graya has continued to expands its footprint across South East Queensland, with projects under construction across both Brisbane and the Gold Coast.

GRAYA unveils plans for SILK in St Lucia

Less than five months after submitting plans to redevelop the former Cadbury office on St Kilda Road into a luxury apartment tower, development giant <a href="https://www.apartments.com.au/developers/dexus-property-group">Dexus</a>&nbsp;has been given ministerial approval to push on with the project.

Apartments.com.au <a href="https://www.apartments.com.au/news/vic/first-look-dexus-joins-st-kilda-road-apartment-ranks-with-gateway-tower-proposal">revealed the plans in October last year</a>.

The approved project will see the 19-storey office building at 636 St Kilda Road replaced with a <a href="https://www.apartments.com.au/architects/bates-smart">Bates Smart</a>-designed tower delivering more than 400 new apartments at the prominent intersection of St Kilda Road and Queens Road.&nbsp;

The design responds to the site’s gateway position at St Kilda Junction, with Bates Smart describing the tower as a “refined and sculptural built form that mediates between the scale of St Kilda Road and Queens Road,” reinforcing a civic presence at the key intersection.&nbsp;

<img alt="First look: Dexus joins St Kilda Road apartment ranks with gateway tower proposal" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-10-06%20at%2012.52.37%E2%80%AFPM.png?VersionId=Tq3yyOWe0e0klvy5j4TIjiZT7yd3f1Xk" />

The development will comprise 402 apartments, including 40 studios, 87 one-bedroom, 203 two-bedroom, and 66 three-bedroom residences, alongside six penthouses. The project will also incorporate active frontages, new pedestrian through-links and a landscape strategy designed to integrate with the boulevard character of St Kilda Road.&nbsp;

Public realm improvements form part of the approved scheme, including a 138 square metre linear park, extensive landscaping and approximately 188 metres of active street frontage intended to improve permeability and safety at ground level. Four basement levels will provide 449 car spaces and 120 bicycle spaces.&nbsp;

The project includes a $9.6 million contribution to the Social Housing Growth Fund, equivalent to three per cent of the project’s estimated development cost, supporting broader affordable housing initiatives across Victoria.&nbsp;

<img alt="First look: Dexus joins St Kilda Road apartment ranks with gateway tower proposal" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/St%20kilda%20rd%20site.png?VersionId=m_ZioKYhwkvekE3ZUF6y7bz.5_5yFPnZ" />

Wholesale Australian Property Fund (DWAPF) Fund Manager Chris Davitt said the residences are intended to appeal to a broad mix of buyers seeking proximity to the CBD and surrounding amenities.

“We’re excited about the potential of the project to contribute new residential supply to one of Melbourne’s most sought-after areas,” Davitt previously said. “The landmark site at 636 St Kilda Road is at the gateway to Melbourne’s CBD, offering sweeping views and exceptional connectivity.”&nbsp;

The site’s three street frontages, St Kilda Road, Queens Road and Queens Lane, allow for generous setbacks and a flexible built form, while its proximity to the ANZAC Station tram-rail interchange and the St Kilda Road cycling corridor positions it within one of Melbourne’s most connected inner-city precincts.&nbsp;

St Kilda Road has become one of Melbourne’s most active apartment corridors in recent years, with projects such as Victoriana, The Muse and St Boulevard already completed overlooking Albert Park Lake, while Gamuda Land continues construction on Fareham and several other developments are planned nearby.&nbsp;

Dexus secures ministerial approval for St Kilda Road apartment tower

Just a few months after launching to the market,&nbsp;<a href="https://www.apartments.com.au/developers/gold-partners-australia">Gold Partners Australia</a>&nbsp;has sold 75 per cent of the apartments at&nbsp;Harmony on Broadbeach, its debut Gold Coast apartment development.

<a href="https://www.apartments.com.au/new-apartments/harmony-on-broadbeach-2797-gold-coast-highway-broadbeach-qld-4218">Harmony on Broadbeach</a>, which will rise 33 storeys on the corner of First Avenue and the Gold Coast Highway about 400 metres from the beach, will deliver a collection of two and three-bedroom apartments designed to appeal to a mix of local owner-occupiers, interstate buyers, and investors seeking newer stock in the tightly held Broadbeach market.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/dbi">DBI Architects</a>, Harmony will home just over 100 apartments, with a typical floorplate limited to four apartments per level. The configuration allows for larger layouts and greater privacy compared to many higher-density coastal towers.

[smartcode_project:default project_id=113098 project_image_fid=355608]

The residences comprise generous two and three-bedroom apartments with open-plan living areas, large balconies and floor-to-ceiling glazing designed to maximise natural light and capture views across the ocean, hinterland and Broadbeach skyline. Interiors feature natural stone benchtops, engineered timber flooring and Miele appliances, with finishes intended to reflect the coastal character of the surrounding area.&nbsp;

Amenities are centred on a dedicated wellness offering, including a 20-metre swimming pool, spa, sauna, gymnasium and yoga lawn, alongside communal lounges, private dining areas and outdoor barbecue spaces for residents. The building will also include a hospitality venue at street level, activating the ground plane along the Gold Coast Highway.&nbsp;

[smartcode_project:default project_id=113098 project_image_fid=355611]

Olympus Property Group is handling sales for the development. Director Deanna Lockett said the project has resonated with a wide buyer pool drawn to the combination of location and pricing.

“There’s been nothing new come to the market in <a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> at this price point for nearly a year,” Lockett said. “It hits the sweet spot of affordability, good sized apartments, in a great location.”&nbsp;

Broadbeach remains one of the Gold Coast’s most established lifestyle precincts, with residents within walking distance of the beach, dining along Surf Parade, Pacific Fair Shopping Centre, and the Gold Coast Convention and Exhibition Centre. The suburb has seen limited new apartment supply over the past year, contributing to strong early demand for Harmony.&nbsp;

Construction is due to commence in Q2 2026, with completion targeted for late 2028, as Gold Partners Australia expands into the Gold Coast market alongside its established pipeline in New South Wales.

[smartcode_project_cta:default project_id=113098]

Harmony on Broadbeach races to 75 per cent sold as Gold Partners Australia target construction commencement

Rea Group

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REA Group has announced its industry event series, Prop20, will be transformed into a digital experience for thousands of property professionals to benefit from.
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The new <a href="https://www.proprea.com.au/what-is-prop20/" target="_blank">Prop20 </a>virtual experience will deliver property industry insights, education and training online.
The reimagining of Prop20 followed government COVID-19 restrictions which introduced a ban on events and social distancing measures.
Prop20 offers property professionals insights from industry experts and the opportunity to learn about consumer trends and ways to position a property business for future success.
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REA Group Chief Sales Officer, Kul Singh, said customers can access the entire Prop20 event agenda online with the full suite of presentations now available.
“From a customer perspective, our priority in responding to COVID-19 has been to offer the right support measures and new products and features to help ensure they continue to operate effectively,” Kul said.
“Taking Prop20 digital is another way we’re overcoming the challenges created by COVID-19 and minimising any impacts on our customers.
Prop20 speaker and CEO of Banter Group, Valentina Borbone, said seeing Prop20 go virtual is extremely beneficial.
“There is so much value in the recorded and re-playable sessions. Re-watching the presentations I’ve heard things for the first time all over again, as my attention switches from one key moment to the next. Now is your chance. Learn, fail, learn, explore and evolve. It's our way forward,” Valetina concluded.
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j.ballantyne1990-6AQqhLzZaK

REA Group takes Prop20 event digital

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REA Group has reported a 6% decline in half year revenue to $440 million despite the rebound in house prices over the last few months.
Its management warned that it is the listing volumes that remain challenging, for them and intending buyers.
REA noted that Australian residential volumes were down 13 percent in January, with declines of 7 percent in Sydney and 5 percent in Melbourne.
It came after national residential listings declined in the second half of 2019 by 14 per cent, with a 17 per cent dip in Sydney and 16 per cent in Melbourne. New project commencements declined 30 per cent over the half-year period.
REA Group’s net profit from core operations sat at $152.9 million, a 13 percent decline on the prior corresponding period.
The company’s CEO, Owen Wilson indicated he was pleased with the resilience of the REA Group business.
“Our results demonstrate the underlying strength of our business given the unprecedented market conditions.
"We now have a record number of customers committed to our premium listing products across both buy and rent.
"Customers see clear value in our product offerings, designed to deliver the highest quality leads to help their businesses grow.”
The REA CEO remains optimistic on the future.
“Key indicators show that the Australian property market is recovering.
"We anticipate that more favourable listings conditions in the second half of FY20 will deliver a stronger revenue outcome,” Mr Wilson advised.
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REA Group report continued listings decline into 2020

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REA Group has appointed Cameron Kusher to the newly created role of executive director, economic research. 
He joins REA from Core Logic where he spent over 11 years, most recently as the Australian head of research. 
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“Working alongside our well established and influential chief economist Nerida Conisbee, Cameron will drive forward our program of economic research," REA Group CEO Owen Wilson said.
“Core to REA’s growth strategy is becoming Australia’s property data powerhouse."
"We want to provide Australians with the best research, data and insights to better inform their property decisions. 
"We are delighted to have someone of Cameron’s calibre join our team to help supercharge this part of our strategy.
"Together Nerida and Cameron will play a fundamental role informing key audience groups with market leading analysis and commentary.”  
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REA Group’s Economist team sits within the audience and marketing division of REA Group headed by chief marketing officer, Melina Cruickshank.  
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REA Group secures Cameron Kusher to lead economic research

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The REA Group has lifted third-quarter revenue seven per cent to $198.6 million.
It noted income from its Australian real estate classifieds business rose despite a drop in listings.
REA warned that the market conditions are "not expected to improve in the short term", with fourth-quarter revenue growth slowing as listing volumes given the distractions of the federal election as well as the Easter and Anzac Day long weekends in April.
The two holiday weekends led to a 22 per cent decline in national listings in April with Sydney down 39 per cent and Melbourne down 35 per cent, it said in its quarterly earnings update filed with the ASX on Friday morning.
The drop was described as "exaggerated."
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REA, which is majority-owned by News Corp, saw national listings in the three months to December 31 decline nine per cent on the previous quarter, with Sydney dropping 18 percent and Melbourne falling 12 percent.
"It's almost a decade since we've seen market conditions like these, especially in Sydney where the decline has been the most pronounced," REA chief executive Owen Wilson said in the statement.
"With the banking royal commission now behind us and the federal election taking place next weekend, we expect less uncertainty surrounding the property market as we enter the new financial year."
REA had a record 84 million visits in March, which they calculated as three times greater than Domain.
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REA Group sees listings decline especially in Sydney and Melbourne

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The REA Group’s chief financial officer Owen Wilson has been promoted to CEO of REA Group, replacing Tracey Fellows.
Fellows will <a href="/news/tracey-fellows-steps-down-as-boss-of-rea-group">step down from her role in January</a> to become president of global digital real estate at News Corp in New York.
The new CEO joined REA Group in 2014.
Wilson’s previous roles include positions at MacLeod Group, where he was CFO and company secretary, as well as chief operating officer at ANZ’s Institutional and Investment Bank.
Hamish McLennan, chairman of the REA Group board, said Wilson had played a critical role in the group’s growth.
“He has a deep understanding of the company, our long-term strategy and the importance of our customers in driving business success,” McLennan said.
"The board has a long-term commitment to succession planning, and I am pleased that this internal appointment reflects the strength of our REA Group talent,” he said.
He commences his new role on January 7 with plans to expand the real estate listings company’s Asia operations as part of his growth strategy.
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Owen Wilson promoted to replace Tracey Fellows at REA Group

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REA Group have announced the departure of Realestate.com.au chief executive Tracey Fellows, who will become the president of News Corp's global digital real estate based in New York.
She will start her new role early next year and will be responsible for driving strategy and growth across all of News Corp’s digital real estate interests.
Over her tenure, the REA Group share price has gone from $46 to $76, peaking at $94 in June.
Fellows, who took the helm in 2014 having previously been in senior positions at Microsoft and Australia Post, said it has been a privilege working the the team and the board at REA, which has News Corp as its majority shareholder.
“It’s one of the exciting things about the opportunity; it allows me to take on a new challenge while continuing to work alongside these incredible people - all in an industry I am so passionate about," Fellow said.
"I feel very fortunate. There could not be a more exciting time for a role like this.”
Fellows will stay on the REA Group board on behalf of News Corp.
News Corp chief executive Robert Thomson said Fellows is an inspiring leader and is able to bring out the best in teams and individuals.
“Tracey has driven the rapid expansion of the digital real estate business in Australia and Asia and we believe her leadership internationally will ensure that all of our digital property companies realize their extraordinary potential," Thomson said.
“Audiences, revenue and profits at REA Group have all expanded significantly during Tracey’s tenure as CEO. She has been an irrepressible innovator and has led the company into intelligent adjacencies, such as financial services and property data, which have broadened the revenue base and built a platform for future growth.
“We are keen to capitalize on our sterling success in digital real estate by driving even faster growth in our existing businesses, such as realtor.com®, where Ryan O’Hara and his team have successfully transformed the business, and in seeking out new investment opportunities.
"Tracey is the perfect person to deliver on both of those imperatives for our company and our investors.”
Hamish McLennan, chairman of the REA Group board of directors, said REA Group has seen exceptional transformation and growth since Tracey took the helm in 2014.
"She has the extraordinary ability to harness the power of people, technology and data and has built strong cultural and operational foundations that will drive our growth into the future.
"The Board and I are enormously grateful to Tracey for all she has done and wish her every success in her exciting new role and look forward to continuing to work with her.
It's the second major move by a real estate listing website this year.
Earlier this year Domain appointed former <a href="/news/domain-appoints-googles-jason-pellegrino-as-new-ceo">Google managing director Jason Pellegrino</a> after the shock departure of <a href="/news/melbournite-antony-catalanos-shock-departure-from-domain-as-family-demands">Anthony Catalano</a>.
 
 
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jrobinson-rf4aSBido9

Tracey Fellows steps down as boss of REA Group

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REA Group have announced a revenue jump despite Sydney listings shrinking over the last three months.
Listings were down eight percent in Sydney and one percent in Melbourne over the three months to September.
There was a three percent decrease in listings nationally in the September quarter.
Melbourne improved in the month of October, seeing a four percent increase in listings, while Sydney continued its downward trajectory at 12 percent less listings.
REA Group's submission to the ASX says "market conditions are not expected to improve in the short term."
They referred to the BIS Oxford forecast that new apartment commencements indicates a continued decline for the remainer of this financial year.
"Listings may be weaker in the lead up to the NSW election in MArch, while the impact of the Federal election is harder to predict," REA Group advised the ASX.
The realestate.com.au app was launched on average 27.2 million times a month during the quarter.
REA Group's revenue grew 17 percent to $221.9 million in the September quarter.
REA Group chief executive Tracey Fellows said the strong results demonstrate, despite tougher market conditions, our customers and consumers are clearly seeing value in the products and experiences we are creating.
"When it is time to buy or sell, Australians recognise they only need to visit one place."
Click here <a href="https://www.propertyobserver.com.au/images/2018/11/8/REA-Figures.jpg" target="_blank">to enlarge.</a>
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Last month Domain noted in the last financial quarter, Sydney new listings were down 8% and auction volumes down 22%. Melbourne results were 1% and 18% in these respective fields.
 
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Sydney property listings down eight percent: REA Group

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REA Group Limited has announced that realestate.com.au Pty Ltd has entered into an agreement to buy Hometrack Australia Pty Ltd.
The deal, subject to approval by the ACCC, is believed to be around $130 million.
Hometrack Australia is a residential property data company and a subsidiary of Hometrack Data Systems, which is owned by the UK listed ZPG Plc (Zoopla Property Group Plc).
It was only 15 months ago ZPG bought the research analysis business. They spent £120 million ($218 million).
Hometrack provides instant valuations of properties online without the need for a valuer to asses or visit the property.
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The Hometrack Australia management team will continue to be led by CEO Brendan Darcy.
Hometrack Australia is forecast to deliver revenue between $13 million to $15 million and EBITDA between $6 million to $7 million for their financial year ended 30 September 2018. 
There would also be cost synergies realised in the REA business once the Hometrack business is fully integrated into REA’s platforms.
REA Group CEO Tracey Fellows it represented a natural extension for realestate.com.au. 
"The acquisition allows us to deliver more property data and insights to our customers and consumers.”
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REA Group seeks to buy Hometrack Australia 

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The REA Group, parent group of realestate.com.au, posted double-digit rises in net profit and revenue for the year ended June 30.
“The revenue growth was driven by a 14% increase in Australia and the inclusion of iProperty revenue for the full year.
"The excellent result in Australia was achieved in a market of lower residential listing volumes and a significant decline in new dwelling commencements,” it said in an ASX announcement.
The group’s net profit rose 12 percent to $228.3 million during the period, while revenue grew 16 percent to $671.2 million.
“In Australia, we have extended our position as the clear market leader, with our audience growth reaching record highs against our nearest competitor,” said REA Group CEO, Tracey Fellows.
“We continue to diversify our business and deepen consumer engagement across the property journey. The most significant and exciting has been our move into financial services, through our partnership with NAB and our acquisition of the broking business, Smartline.”
Realestate.com.au acquired an 80% controlling stake in mortgage broking franchise Smartline. Earlier, it had announced a partnership with NAB to building a realestate.com.au-branded mortgage broking business for launch later this year.
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 <img src="https://www.urban.com.au/images/2017/08/11/REA.png" alt="">
The REA Group is majority owned by News Corp.
REA Group operates realestate.com.au, realcommercial.com.au, and Flatmates.com.au. 
Its Australian revenue grew by 14% to $633.5 million, while agent numbers rose by 5% on the prior corresponding period, it said. 
It said realestate.com.au continued to be the number one property site in the country, with the largest and most engaged audience of property seekers. 
Average monthly visits to realestate.com.au grew 13% and were more than over 2.5 times than that of the number two site, it said.
“Australia’s listing depth revenue increased 18% to $481.8m. This was driven by the success of our residential Premiere All offering and increased yield, despite the decrease in listing volumes,” it said.
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REA Group's Australian revenue up 14% despite fall in listings and lower housing starts

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REA Group has agreed to buy a majority stake in mortgage broking franchiser Smartline and entered into a partnership for mortgage broking with National Australia Bank.
Realestate.com.au will purchase an 80.3 percent stake in Smartline.
Australian Broker report $67m will be funded from existing cash reserves and the minority shareholders hold a put option to sell the remaining 19.7 percent of shares which can only be exercised after three years, at a price dependent on the financial performance of Smartline. If not exercised, REA will acquire the remaining shares at the end of four years. The transaction is expected to complete in late July 2017.
Realestate.com.au and NAB have also agreed to build a mortgage broking service, with NAB offering its Choice Home Loans brokers to join this new broking solution.
Tracey Fellows, REA group CEO said building a strong presence in the broker market channel is an important part of our financial services strategy.
"These investments allow us to enter a new market with two of the industry’s most trusted and successful mortgage broking operations," she said. 
“Providing a broker solution will complement the digital search and finance experience we are building in partnership with NAB on realestate.com.au. It’s about giving people greater choice when selecting the right home loan for them." 
Chris Acret, Smartline executive director and co-founder said this investment is a great strategic fit for both businesses.
"It’s born from a shared vision to build a market-leading home loan offering, marrying our trusted network of brokers with realestate.com.au’s leading digital capability,” he said.
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