REA lands big gains from real estate

REA Group’s full-year profit has jumped 24 per cent to $185.4 million as Australia’s leading real estate advertising platform recorded solid revenue growth.

The operator of realestate.com.au, the nation’s No.1 property listings portal, said it continued to see sustained growth despite weaker volumes in the broader Australian property market and increased competition from rival websites.

Revenue leapt 20 per cent to $522.9 million in the year to June, driven by a “significant increase” in the takeup of premium listing products and the introduction of a new marketbased pricing model.

The board declared a fully franked final dividend of 40.5¢ a share, up from 35¢ last year.

REA Group chief Tracey Fellows said the business continued to go “from strength to strength” despite listing volumes in the Australian market being down 4 per cent.

“We’ve accomplished this by providing our customers more choice and better value and by giving the 3.4 million people who use our sites monthly an exceptional experience,” she said. THE AUSTRALIAN