Trade Me, the online auction site part-owned by Australia's Fairfax Media, has taken a bigger bite into the online property space, buying accommodation website holidayhomes.co.nz.
The Wellington-based company paid an undisclosed sum for the website, which provides a directory of holiday homes, baches and cribs around New Zealand and the wider South Pacific, it said in a statement.
"Holiday Homes complements our existing portfolio of travel businesses including Travelbug, BookIt and Holiday Houses," chief executive Jon Macdonald said. "It's business as usual for existing Holiday Homes property owners."
In October, the online auction site held its earnings and dividend guidance for the second six months of the 2012 calendar year as the economic recovery remains fragile.
The shares fell 0.7 per cent to $4.09 in trading yesterday, and have rallied almost 40 per cent this year. The stock is rated an average 'hold' based on eight analyst recommendations compiled by Reuters, with a median target price of $4.10.