Strong winter market helps REA Group's Q1 earnings
Make us a preferred source
Make us a preferred source on Google
The news: Real estate listings platform REA Group has reported a lift in first-quarter earnings and revenue on the back of a “stronger than typical” winter market.
The numbers: Revenue for the three months to 30 September rose 12% to $341 million, while earnings increased 13% to $198 million. While national property listings were up 1%, those in the key Sydney and Melbourne markets jumped 16% and 14% respectively.
The context: Group CEO Owen Wilson said the property market had started the new financial year strongly amid healthy demand from buyers, while stable interest rates for several months gave sellers confidence to bring properties to market. Australia’s largest residential property markets, Sydney and Melbourne, experienced a stronger than typical winter and this strength has continued into spring, the company said in a quarterly update.
The source: ASX announcement
