why the drop in price, page-5

I agree with you davidgeorge, a dominant brand and the first mover advantage is everything on the net, however applying the same logic, you could say REA has the same problem in the UK, where they are #2. I doubt they will ever squeeze the same margins there as they are doing here in Aus.

Nevertheless, the fact that News Corp is behind them and that they can use their media platforms for free exposure, means that they will do serious damage where ever they go.

The internet is still in its infancy. Once we get virtual video tours of apartments, virtual auctions and who knows what else we'll be in for, money and marketing $ will pour into websites like REA. This is a company at the frontier of the future, no doubt.