No matter that News Corp’s majority-owned REA Group really, really wanted to own its opposite number in the UK, Rightmove; it isn’t going to happen.

The Australian group has announced that it decided not to make a formal bid, after a fourth proposal, valued at GBP£6.2 billion (A$11.95 billion) was rejected by Rightmove’s board on Friday

Earlier, former chief executive Simon Baker pointed to what may have been the attraction. In Guardian Australia, consultant Baker – who led REA Group’s realestate.com.au from 2001 to 2008 – said Australia’s “vendor-paid” advertising market – in which sellers pay the cost of advertising their house on the portal – was rare globally.

It quoted Baker that advertising costs had “increased substantially” since the website was first established, and said that from $50 per listing in those early days, it had risen to “almost $4000” for an inner-city listing in Sydney and Melbourne.

A Guardian video said realestate.com.au now had an effective monopoly in Australia, where its only significant competitor was Nine-controlled Domain. It’s also likely to be the reason why Antony Catalano’s View Media is working hard to build a share of the business. Catalano had been chief executive of Domain from 2013-2018.

News Corp owns 61 per cent of REA Group, which had prepared a succession of proposals for Rightmove, the first of which was knocked back as “wholly opportunistic”.

Current chief executive of REA Group Owen Wilson said combining its expertise and technology with Rightmove’s business would have created “an enhanced experience for agents, buyers and sellers of property”.

Will REA be back? Watch this space.