IPP Q report was not good enough as P/E=320, page-8

Bear in mind that REA hardly have a fantastic record of operating outside Australia.
They messed up their UK and Dubai acquisitions, Italy has dropped back from being a market leader and they've just thrown in the towel on HK.
So their only decent international business is Luxembourg.
So while they do well in Australia, I wouldn't necessarily trust their judgment on other countries. They could/should have picked up iProperty for a lot less a lot earlier if they really knew what they were doing.