Borrell Associates have released the reaults of their latest research into online real estate advertising in the US. Here’s what they have to say:
“While overall real estate advertising flattens, the online portion will grow 55 percent this year. Online is poised to overtake the longtime leader in this category — newspapers — by 2009. By year’s end, online spending will hit $1.8 billion, garnering a 15.7 percent share of the $11.4 billion real estate advertising market. Lead generation and paid search have emerged as the leading forms of advertising, with agents and brokers paying an average of more than $1 per click and $10 per lead.”
(For more detail you have to buy the report.)
That’s phenomenal growth. I can’t find current research for Australia but I’d suggest we’re not far behind. You only have to consider the News Corp. interest in buying www.realestate.com.au to understand their interest in online.