The Courier-Mail

REA lands big gains from real estate

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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

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