Sensis trashes $7 million property newspaper

Just Listed was described as an “exciting step in the real estate market” when it was launched by Sensis only a year ago, but the directories division of Telstra has revealed that the publication will be discontinued, followed by the shedding of 235 staff which be completed by the end of October.

Sensis claims the decision was made in response to a rise in demand for property ads online, indicating it will shift its focus entirely onto the online component of Just Listed. While a Sensis executive described the impact of the $7 million print publication on the Sydney real estate market as “incredible”, a clear explanation was not offered as to why the print and online components could not both be maintained.

“To maintain our leadership position, we will pre-empt consumer demand and changing industry trends by developing our real estate business in the direction that makes most commercial sense,” says Thomas Arthur, general manager at Sensis.

The axing of Just Listed and the sacking of 235 staff follows the news of a reported $25 million shortfall in revenue of the Yellow Pages print directories division, which has led to a cost cutting drive and a review of its business strategies.