Over the years we have seen the launch of a number of real estate portals who specialise in luxury real estate (only properties over $1 million). With the recent launch of another luxury real estate portal begs the question. Is this niche market showing growth given the financial chaos witnessed over the past 6 months?
One of the original luxury real estate website in Australia was Luxury Real Estate this was then followed by Adore (now rebranded as Domain Prestige). Then early in 2008 Luxury Homes Australia launched and although they were ambitiously charging agents they are still around today. This might have something to do with a notice on their website “Prices slashed up to 80% off for a limited time only”.
The most recent entrant to this niche market is Million Plus which to me, has a very Domain Prestige feel to it in relation to the layout and functionality (they do have a funky search tool which i have not seen used on any other websites in Australia).
What i like most about this portal is that it is FREE and they have a no nonsense approach to agents listing properties:
Millionplus revolution
- Only properties worth $1 million+ may be listed
- Property listings are free, and can be left on the site until sold
- Properties appear in rank from the most recent listing to least recent
- Virtual open-for-inspection video with audio options
- No suggestive selling of properties outside the search criteria
- No upload or subscription fees
- No pop-up windows
There are no hidden fees and listings are displayed according to the most recent rather than those which have been upgraded to a featured listings (sweet, no featured listings).
So is the prestige property portal market now over saturated? Perhaps. Or due to the financial downturn have more of these luxury properties come onto the market and have owners instructed agents to replace expensive print marketing campaigns with online marketing? If it is the latter than there is definitely room for this new entrant especially given there is no cost to the agent or vendor!