News Corp-owned REA Group (REA), has posted its financial results for the three months ending 30 September 2021.
The figures include revenue of $264 million for the quarter, and EBITDA of $158 million, with revenue excluding acquisitions increasing 22% year-on-year.
REA said that the results were driven by “growth across all Australian segments” with EBITDA including associates also up 24%.
CEO of REA Group, Owen Wilson called the results “impressive” given the lockdowns across Melbourne and Sydney in the quarter.
“Our performance reflects the continued value our premium listing products are delivering to our customers, and Realestate.com.au’s clear position as the number one place to search, find and finance property.
“Our teams have made excellent progress across a number of key initiatives including the integration of our Mortgage Choice and Smartline businesses, the roll out of new products such as our Connect offering and our integrated rental applications platform, all of which provide the foundations for continued growth.”
Wilson added: “On average, 12.6 million people visited realestate.com.au each month during the quarter, with a record 7.3 million people choosing to use our site exclusively in July. Buyer enquiries also reached record levels during the quarter, up 61% YoY, providing our customers with an increasing volume of qualified leads.”
“As vaccination milestones are met and restrictions continue to be lifted, we expect property markets across Australia to revert to normal operating settings. Buyers remain out in force and this strong demand is likely to fuel ongoing positive momentum.”
REA said that the Australian residential property market showed resilience during the first quarter of the financial year. Following “modest declines” in July, national listings ended up increasing 11% for the quarter, with Sydney down 7% and Melbourne up 79% “due to lockdown impacts in the prior period”.
Last week, in its annual report, News Corp cited REA, along side Foxtel as its stand out assets following a year of growth.
Chief executive of News Corp, Robert Thompson, said: “One of the absolute lessons of the pandemic is that families and investors have focused on property as both a source of returns but also of enduring security. The allure of real estate is real, and the profits are palpable.”
REA shares currently trade at $167.46 and it has a market capitalisation of $22.1 billion.
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