REA Group has lifted third-quarter revenue seven per cent to $198.6 million and says income from its Australian real estate classifieds business rose despite a huge drop in listings.
REA, which operates realestate.com.au and is majority-owned by Rupert Murdoch-controlled News Corp, says national listings in the three months to December 31 declined nine per cent on the previous quarter, with Sydney dropping 18 per cent and Melbourne falling 12 per cent.
Price changes helped offset the declines but REA says “market conditions are not expected to improve in the short term”, with fourth-quarter revenue growth slowing as listing volumes take a hit from the federal election as well as the Easter long weekend and Anzac Day.
AAP
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