House Prices to FALL 4-8% in Sydney & Melbourne! | Mark Bouris & Jason Pellegrino

So what does that mean? What does CoStar bring to the game in relation to data that may be of benefit to a vendor or a buyer?

Really, this is a merger that makes sense because CoStar brings to Australia over 40 years of history and heritage in commercial real estate data.

That's their core heartland.

They are the Bloomberg of real estate data across the US and Europe.

Uh, so anyone who operates in the commercial real estate space across those markets will be using CoStar on a daily basis.

You log in in the morning.

It has full transparency on every building across those countries, every transaction, every tenant, every owner.

Uh, it- it's the basis upon which you, you do your job, just like a trader or an equity market analyst would turn to Bloomberg.

Australia is a white space for that.

We just don't have the transparency of data, and we'll be bringing that and investing incredibly heavily here to create that data set to underpin the commercial market, bring transparency, and bring, uh, hopefully more transactions because of that merge.

When you say commercial, you mean-

So anything with office, retail, industrial, hotels, anything where there is, you know, it's non- not residential.

Right.

And will you also bring that data to the residential market too?

So then Domain's heritage has been residential.

Right.

And what we bring to the CoStar Group is a deep understanding and f- you know, 40 years of, 35 years of history of understanding how to operate in residential.

So we'll not only be improving what we do in Australia at scale, and CoStar's an enormous organization that gives us access to technology and capital investment, but we're also gonna be leading the charge on, on CoStar's movement into residential globally as well.

So will Domain at some stage start to start do- start doing listings for, you know, commercial premises for sale, retail, industrial s- industrial properties, et cetera?

So we have a business called commercialrealestate.com.au, so we've always been, uh, operating in commercial markets.

However, we've been in the listings environment as a portal, and we have lacked the quality access to the data, the history, the asset base.

So it, it's, it's one thing to list a property, to search for those properties, you know, and a lot of people transact on commercialrealestate.com.au.

However, the underlying data, so if I asked you a question of, "What are rental rates doing across the Sydney market? What's the impact of COVID office vacation? Should I be investing in re- on, in office space or industrial space?" The answer to those data, those data and those questions, and they're key investment questions, so we'll be br- bringing together a data set that'll allow you to actually look at, uh, the underlying data rather than just doing, um, sporadic a- analytics.