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Domain’s new owner CoStar to bring ‘Bloomberg for real estate’ to Australia

In an interview, CEO Andy Florance has pledged to invest heavily in Australia after his $3 billion Domain purchase, with a commercial data product up first.

John Buckley
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CoStar’s arrival in Australia marks the beginning of a new era for Domain — which Florance said he will be personally involved in — and for its former CEO, Jason Pellegrino, who returned to the company as president last week. Shutterstock.

CoStar Group founder and CEO Andy Florance is planning to roll out at least three new products in Australia within the next 12 months amid plans to use its $3 billion acquisition of Domain to expand into the local market.

Florance, speaking to Capital Brief as part of a media blitz following the closing of the deal last week, suggested the company’s namesake real estate intelligence platform would be among the first products launched into the Australian market.

“It’s the Bloomberg of commercial real estate,” Florance said. “It’s used by government, local authorities, by banks, by all the major corporations. It’s used by all the major brokerage firms. And there’s no parallel here.”

Domain officially changed hands last week, following a months-long takeover effort launched by the USD37.54 billion ($57 billion) property giant in February.