Andy Florance, founder and chief executive of CoStar and the new owner of property classifieds giant Domain, spent last weekend taking in the ultimate battleground of Australia’s housing sector – the Saturday auction.

Not surprisingly, he was struck by the sheer drama of these events, where comedy and tragedy is often played out in front of the world and their neighbours. “We don’t have an equivalent in the United States, where the emotion all boils up into one moment,” Florance said on Tuesday.

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