CoStar Group has proposed a takeover of Domain Holdings Australia, valuing the property portal at $1.7 billion. This bid has led to a surge in Domain's share price. The proposal marks CoStar's strategic move to enter the Australian market, as it seeks to expand its footprint in property advertising. The bid comes amid competitive pressures, with another reported bid of $2.7 billion for Domain, which may complicate the situation for Nine Entertainment, a major stakeholder in Domain. CoStar's offer is seen as a significant step in the ongoing consolidation in the property classifieds sector.