With RNT back 50% from its highs a couple of month ago, its...

With RNT back 50% from its highs a couple of month ago, its certainly a lower risk now then back then. As the price falls it might be bringing in a few people buying based purely on the fact that it was trading 100% higher only 8 weeks ago. That being said, I think REA and FXJ's Domain are in a different category and fundamentally the same issues still exist.

Even realestate agents don't want to put all their eggs in one basket, so will list on the top 2 providers. They also list on loads of other sites that their software platforms allow publishing too, especially if its free - why would they not.

The dynamic will change in my opinion if/when RNT ever tries to charge them.

I still just don't see the value proposition for an agent to list properties. And for private landlords, the same story for ~$100 you can list on Domain, REA, RNT and several others all in. Why would they pay $99 for only RNT. It just doesn't make sense, no matter how many eyeballs are on the website (unless they miraculously manage to pull higher page views than the two big players which I suspect will cost more than a couple of million in marketing spend).