Yes but REA isn't just taking a larger slice of the aussie...

Yes but REA isn't just taking a larger slice of the aussie property advertising market pie, it is also growing the size of the pie. How is it doing that? In depth listings instead of subscriptions. Now as stated before real estate agents can charge the client for the cost of listing instead of paying for a subscription (as stated before). Does a real estate agent care if REA puts the price up $50 a year? what is $50/$700,000? the extra cost increase is minimal for the seller compared to the asset value. eg $3000 (assumed cost didn't check actual) / 700,000 (assumed property price) = 0.0043 (4dp) that's 43 basis points. I've seen managed funds with higher buy sell spreads.

It is also about pushing people to buy premiere listings etc which cost more. A person selling a $1.5m property probably won't blink at the cost.

REA is also expanding overseas...and it is going to plan so far.

It is vomiting up cash and the stream just keeps coming.
I've held REA for some time now and enjoy the growing dividends.

Currently REA is only slight bigger in market cap than SEK, personally I think the ability to increase prices on property is larger than job listings by a huge multiple.

All above is my own opinion. Please do your own research.

I enjoy learning more so if you think I'm wrong please help me understand.