Online property portal Allhomes bought by Fairfax's Domain Group

Fairfax Media’s Domain Group has acquired All Homes Pty Ltd, an online property portal, for $50 million.

Allhomes, which advertises real estate in the Australian Capital Territory and nearby regional areas in New South Wales, works with around 180 real estate agencies in the area. The company was founded in 2000.

According to Fairfax, the Domain Group intends to promote both Allhomes and the national Domain brand.

Allhomes chief executive Tim White will manage both Allhomes and Domain’s Canberra operations.

“This is a really exciting time and a great opportunity for Allhomes,” said White in a statement released by Fairfax Media.

“Not only do our business objectives and values align, we will now have access to another highly skilled and motivated team, and also access to a national audience for our clients. I believe this is positive for all concerned, including most importantly for real estate agencies, consumers and staff."

Fairfax Media chief executive and managing director Greg Hywood said the company was excited about the acquisition.

“It is a great business and this acquisition demonstrates Fairfax’s commitment to invest in growing Domain nationwide,” said Hywood.

“Canberra is a strategically important market for Fairfax and Allhomes reinforces our digital position in the ACT.”