The acquisition, which is subject to regulatory approval, unites the Domain brand's national reach with the ACT's leading real estate advertising website.

Fairfax chief executive Greg Hywood said the company was excited by the Domain Group's acquisition.

“It is a great business and this acquisition demonstrates Fairfax’s commitment to invest in growing Domain nationwide,” he said.

"Canberra is a strategically important market for Fairfax, and Allhomes reinforces our digital position in the ACT."

Allhomes was founded in 2000 and serves more than 180 real estate agencies in the Canberra region.

Allhomes chief executive Tim White, who will now manage the Allhomes and Domain operations in Canberra, said it was an exciting time and a great opportunity for Allhomes.

“Not only do our business objectives and values align, we will now have access to another highly skilled and motivated team, and also access to a national audience for our clients.

“I believe this is positive for all concerned, including, most importantly, for real estate agencies, consumers and staff.”

Mr White said he had spent time with the management team within Domain and was looking forward to combining expertise and knowledge.

“This will allow us to freely develop the tools and services that they’re [estate agents] asking for and will allow us to focus on developing a quality product offering for the public,” he said.

“The real benefit for the Allhomes website will be tapping into the reach of Domain and getting an additional audience and eyeballs on the site.”

Mr White said Allhomes and Domain shared the same goal of prioritising innovation and providing consumers with the data and detail they need.

Domain chief operating officer Tony Blamey said the company was excited about the acquisition and liked the culture at Allhomes.

“From a Domain point of view this acquisition really underpins our desire to invest and grow the group nationally,” he said.

Mr Blamey said the $50 million acquisition would also allow the Allhomes website to reach greater business success.

“Allhomes has been terrific for the local market but Domain has a growing national presence so from a local agent's point of view this covers all bases.

“That’s important in the Canberra market given the more transient nature of the market and people come through the region from other areas like Sydney or Melbourne."

Luton properties principal Richard Luton welcomed the acquisition as good news for Canberra-based real estate agents and consumers.

“The Domain in print on a Saturday is still hugely important for real estate agents but we rely heavily on the internet as well,” he said.

Mr Luton said a closer relationship between Allhomes and Domain would make life easier for Canberra-based real estate agents and for home owners wanting to access a larger audience.

Domain chief executive Antony Catalano said Allhomes had been a strong operator in the Canberra market for 14 years and was “the go-to destination for all property buyers and sellers in the ACT”.

Domain will now promote both Allhomes and Domain in Canberra and surrounding areas, and work with real estate agents, property buyers and sellers.