U.S. real estate giant CoStar Group is preparing a $1.7 billion bid for Australian property classifieds firm Domain Holdings, marking its first major investment in the Australian market. Reports indicate CoStar has already acquired up to 19% of Domain’s stock at A$4.20 per share, with plans to launch a full takeover at a 34.6% premium to the company's last closing price.

Domain, majority-owned by Nine Entertainment, recently reported a 28.3% profit increase and 7.4% revenue growth, signaling strong market performance. If completed, this acquisition would solidify CoStar's expansion beyond the U.S., reinforcing its growing global real estate footprint.