Realestate.com.au, Australia’s premier property platform, has achieved a remarkable milestone in consumer engagement, with a record-breaking 3 million Australian properties now being actively tracked by their respective owners on the platform.
This noteworthy achievement reflects a substantial 41% surge in property owner tracks within the last 12 months, representing nearly 30% of all homes across the country. Additionally, homeowners are increasingly frequenting Realestate.com.au’s Property Owner Dashboard, with a substantial 43% year-over-year increase, as evidenced by 600,000 owners accessing their personalized dashboards in October.
The introduction of realEstimateTM in early 2023 has further fueled Realestate.com.au’s success, drawing nearly 200,000 new members in the month of October alone. Powered by PropTrack’s leading Automated Valuation Model (AVM), realEstimateTM utilizes several proprietary models that amalgamate comparable sales data with hundreds of unique data points, achieving world benchmark standards in accuracy.
Melina Cruickshank, REA Group Chief Product and Audience Officer, emphasized the pivotal role of engaging property owners in REA’s consumer strategy. She highlighted the unique advantage the Group possesses in understanding the property market, providing owners with the data-rich experiences they seek.
Cruickshank explained, “The current generation of property owners and sellers demands immediacy and transparency. Our connection with owners is crucial to keeping them well-informed, closely connected to the market, and confident in their decisions. The realEstimateTM, consistently updated through our platforms, spark meaningful conversations with real estate agents.”
She further noted the significance of property tracking, revealing that an average of 40% of property listings are for homes tracked by their owners before being taken to market. “Owners who actively track their properties are more likely to become sellers quickly and seek financial advice,” she added.
Highlighting the impact of the substantial owner cohort, Cruickshank pointed out the benefits for agent customers who gain access to a diverse group of individuals at various stages of the owning and selling journey. Exclusive features in the new Pro subscription are specifically designed to empower agents in leveraging this highly engaged seller audience. Owners, in particular, express keen interest in monitoring their local agent’s activities to make informed choices and determine the optimal time to sell.