Ann: Half Year Results - Presentation, page-9

My take on it is that the market is realising the value of oligopoly i.e. very little competition in this space. 

Both DHG and REA have confirmed in their latest results that have increased pricing of listings in an attempt to counter the lower listing volumes.

When property market turns (which it will), guess what, DHG and REA won't be dropping the increased pricing. So they will be making even greater profits than what they were achieving before the market downturn.

So whilst a little bit of short term pain in lower listing volumes, it is long term gain for both DHG and REA as they have used this cycle downturn to increase pricing.

That is my take anyway and that is why I think both REA and DHG are up today. Not much competition in this market and both companies have pricing power.