REA Group is targeting a 10 per cent share of Australia’s growing mortgage-brokering market in the longer run, following its proposed acquisition of ASX-listed Mortgage Choice for $244 million, REA chief executive Owen Wilson says.
The addition of Mortgage Choice – in a takeover supported by the Mortgage Choice board – to the Smartline broking franchise REA acquired in 2017 for $67 million would give the company a combined 6.3 per cent share of all broker settlements, Mr Wilson said.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
