Mr Foong will remain with Domain as an advisor into 2026 as the company enters a new phase following its acquisition by CoStar Group.
The transition comes as part of a broader restructuring of leadership roles within the organisation.
In his announcement, Mr Foong explained that his broader CCO/Managing Director role will be retired as the company creates more focused leadership positions to support its next growth phase.
“Domain is entering an exciting new chapter as part of CoStar Group,” Mr Foong said.
To support this next phase of growth, we’ve created more focused leadership roles and as part of that evolution, my broader CCO/MD role will be retired.”
The restructuring follows CoStar Group’s recent investment in Domain, signalling confidence in the company’s direction and potential for growth in the property technology sector.
Mr Foong said he was incredibly proud of his team across Commercial and Agent Product, Technology, and Marketing departments, acknowledging their contributions during his tenure and their readiness for the company’s next chapter.
He also said just how important real estate agents are to Domain’s business model and success, describing them as “the heart of Domain”.
“Everything we’ve built is to empower your success,” Mr Foong said.
“Working alongside you, being challenged by you to make Domain better has been one of the great privileges of my career.”
Mr Foong plans to visit key Australian markets including Sydney, Melbourne, Canberra, and Brisbane in the coming weeks to meet with partners and colleagues before his departure.
While stepping down from his executive role, Mr Foong indicated he will continue to be involved with Domain and the broader real estate industry through speaking engagements, mentoring, and coaching.
As for his future plans, Mr Foong said he was interested in pursuing new leadership opportunities in the technology or property sectors, focusing on enterprise-scale businesses.
“As I turn the page, I’m excited to find and take on my next challenge, leading and growing technology or property businesses at enterprise scale,” he said.
