Real estate listings fell by more than a third in Sydney and 31 per cent in Melbourne over the past quarter, hitting REA Group’s bottom line.
and was an early investment by Lachlan Murdoch, reported $617.3 million in revenue, up 5 per cent on last year, but it noted national listings fell 21 per cent.
The results beat expectations of analysts, who forecast $611.2 million in revenue, but fell short in profit.The group reported 117.6 million monthly visits to its core website, realestate.com.au, which it said was 3.3 times its nearest competitor. “In Australia, the residential property market was heavily impacted during the first half by the unprecedented consecutive interest rate rises,” the company noted.chief executive Robert Thomson told an earnings call on Friday REA Group was a “core part of our portfolio”. News Corp had proposed a merger with Fox Corp, two of Rupert Murdoch’s companies, but cancelled that after announcing plans to sell US digital real estate business Move Inc.
“ is a different company to Move, and you can do the math of what REA is worth to us. Its market cap is $16.6 billion Australian,” News Corp chief executive Robert Thomson told an earnings call on Friday.Analysts were upbeat, despite the fall in listings. It was “a strong result for REA, especially Aus depth penetration,” UBS’s Lucy Huang said, noting the group had “significantly outperformed our expectations, suggesting REA is potentially taking more share in the current uncertain environment”.
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