The affect of Google maps on the Australian property market

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The affect of Google maps on the Australian property market

Australia has been enjoying enhanced Google Maps for two months now. The announcement of property listings on Google Maps came as a shock to the stock market, with many prices taking a sharp fall.

Some Estate Agents argue that Google Maps is a step towards moving away from property portals. Using the Google Maps facility Estate Agents would be able to promote their own properties from their own website which will be designed to complement the individual brand.

Two months on, Frost & Sullivan have released a market report, and with all Estate Agent eyes on awaiting Google Maps, it has spread throughout the internet.

The report shows that the online classified market is now valued at $506 million Australia dollars and 25% of all the classified advertising expenditure. The report then predicts that this market will grow to a massive $762 million dollars in three years.

In a news article, Frost & Sullivan stated that Google Maps "could challenge the established online real estate publishers if a critical mass of estate agents shift online classifieds advertising spend to the alternative portals that list on Google Maps, or even upload listings directly onto Google."

Troy Stanley, CTO of Resource Techniques comments, 'we will continue to monitor any Google Maps news to keep Estate Agents informed with the latest information.'