SYDNEY – REA Group has reported a 1% increase in Australian residential listings during the first quarter of fiscal 2024. The property advertiser also saw a 12% rise in revenue, with stable interest rates driving buyer demand and encouraging sellers to enter the market.
In the three months through September, REA Group’s revenue reached AUD 341 million, up from AUD 305 million in the same period last year. The company’s free cash flow also saw a significant increase of 13%, amounting to AUD 64 million.
According to Chief Executive Owen Wilson, the property market experienced a strong start to the new financial year, particularly in Melbourne and Sydney. The combination of robust buyer demand and stable interest rates for several months gave sellers the confidence to list their properties.
Sydney listings saw a notable increase of 16%, while Melbourne listings grew by 14% during the quarter.
While the market benefited from the stability of interest rates, REA Group warned that further increases could potentially have a negative impact on sentiment.
REA Group is predominantly owned by News Corp., which holds a 61% stake in the company.