The Fairfax media empire appears to be preparing to spin off its Domain online real estate listings as a separate business. The announcement is expected today or tomorrow – when Fairfax is due to report its first-half results.

The real estate business contributed $296 million to Fairfax’s total revenue of $1.83 billion in the 2015-16 financial year. But in November it flagged a drop in Domain’s first-half earnings as homeowners in Sydney and Melbourne hesitated to put properties up for sale.

Domain competes with the Murdoch-owned News Group’s ASX-listed REA concern.