The real estate agents behind the House Hunters website are selling out their prized properties in Melbourne’s inner west, Sydney and Adelaide.
The Australian Real Estate Association (AERA) has been forced to cancel its “House Hunters” program after it became clear the website would be a hit with investors.
In an email to the ABC, the AERA said the “House Hunter” program was being used to attract more investors to Melbourne’s CBD, which is the “largest and most expensive commercial property market in the world”.
“The program is being used as a means to attract investment from the private sector, as well as the international market, to support the growth of our business,” the email said.
“This program has helped us to attract a number of investors to our Melbourne properties.”
“However, as a result of this program, we have had to cancel the program and the AEA will not be returning the funds we received,” it said.
“The AERA has been working closely with the AFA (Australian Property and Investments Association) to ensure the program is fully implemented.”
“Our members are very pleased with the progress we have made on this initiative and will continue to work closely with AFA on future projects.”
We appreciate your interest in the program.
“House Hunters was launched in 2013 and claims to have helped to attract over $20 million in investment to Melbourne.
As of December, the website had raised over $15 million from $10 million in advertising, according to the ARAA.
It is not clear how much of that was actually from “House hunters” paying a premium for a property.
The ABC has contacted AERA for comment.