The Unconditional Blog

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MyHome (www.myhome.com.au) – an epitaph to aspiring media owned real estate websites

Posted on: May 20th, 2008 | Filed in International, Online marketing

Here is a sobering reality check for the challenges of the online market in the more sophisticated online world. Take an powerful regional media company (PBL), add the “software company of the century” (Microsoft), add A$20 million and develop a website, add liberal injections of national TV programmes and wait 16 months to build an online empire for real estate online.

MyHome Australia real estate website -closing its doors after 16 monthsThe result is the closure of a well funded and well supported real estate website in Australia! MyHome.com.au – just 16 months after launching to compete with the 6,000 kg gorilla of Realestate.com.au and its adversary Domain.com.au. MyHome is to close up shop and withdraw from the market. The reason for the decision is not clear although visitor traffic seems at the heart of the issue with latest stats of less than 500,000 monthly unique browsers, far short of the projected 1,000,000 projected at the launch.

Time will provide the full reasons behind the demise – but simplistically one could easily say that classically content is king!

Without a comprehensive portfolio of property to view, the consumer was less than motivated to visit a site that offered no significant benefit to other sites which people had become well accustomed to using. This despite extensive, expensive and comprehensive marketing campaigns. What is staggering is that this message was I thought learnt the hard way back in the internet bubble days across the world 8 years ago when billions of dollars was wasted building and advertising websites without content or value for the consumer.

Article Discussion

  1. Andy Hamilton says:

    Interesting piece on agents from the UK:

  2. Andy

    Thanks for sharing this information – the power of the web continues to pervade every avenue of business – real estate is not immune!

  3. Andy Hamilton says:

    On an unrelated note – oooooh that budget hasn’t done Bollard any favours, Cullen has IMO made it considerably more difficult to cut rates. And bang goes the government surplus.

  4. Andy,

    Unrelated – but always appreciated!

    I would question whether this token gesture to tax cuts will make even the smallest of blips to the underling inflation rate. Cullen needs to get Bollard to cut rates and quickly if they have any hope of looking at all re-electable come October – not that I would for one minute suggest that the Reserve Bank’s independence is in the least questioned!

  5. Andy Hamilton says:

    Its not just me saying it, honest:
    http://www.nzherald.co.nz/section/3/story.cfm?c_id=3&objectid=10511903

    and the dollar has strengthened a cent since the announcement.

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