IPGA finds home sweet home

THE IPGA controlled iProperty Group Asia has bought Hong Kong's GoHome network of property websites for $HK9.5 million ($A1.36 million).

The GoHome network’s websites power the Yahoo Hong Kong real estate channel and include GoHome.com.hk, House18.com and other related websites. The GoHome network is number one in both number of listings and user traffic in the Hong Kong market, as measured by ComScore1.

The GoHome sites, which are all Chinese language based, reach over 45% of all unique Hong Kong internet users looking for property online each month, a result that is more than four and a half times better than the nearest competitor.

In total, over 578,000 unique users view GoHome network property listings each month.

IPGA’s executive chairman Patrick Grove said not only does GoHome enjoy a significant leadership position in the Hong Kong online property market, it also represents an exceptional strategic acquisition for our company.

“We are extremely pleased that we have been able to acquire the clear leader in the online property market. IPGA sites and listings are now viewed by over 754,000 unique users in Asia Pacific each month.

“The Hong Kong property advertising market for 2007 is expected to exceed $HK2.3 billion ($A324 million), making it 65% of the size of the Australian real estate advertising market in 2006. As such, this is potentially an extremely lucrative market for IPGA as that advertising money moves online in line with global trends,” he added.

Australian Property Journal