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Fairfax Media Limited (ASX:FXJ) has tied up the purchase of Canberra based online property portal AllHomes. 

 

The media company announced the $50 million deal in July and scored regulatory approval from The Australian Competition and Consumer Commission (ACCC) in September. 

 

Fairfax operates online residential listings businesses in Australia through its Domain website and AllHomes does the same through its own site. 

 

AllHomes previous CEO Tim White will now manage the AllHomes and Domain combined operations in the ACT. 

 

Domain’s CEO Antony Catalano says the group is excited about the opportunities to accelerate growth in the AllHomes business. 

 

Fairfax Media rebounded to a profit of $225 million in the 2014 financial year.