Despite a difficult residential market, the online platform received a record 87.5 million visits during August.
REA Group (ASX:REA), online real estate market place reported weakening revenues, dropping 9 percent compared to the same time last year. As it contends with a challenging housing market, with national listings decreasing 15 percent over the quarter, the site also saw its free cash flow figures drop 20 percent to AU$41.8 million.
As quoted in the press release:
REA Group Chief Executive Officer, Owen Wilson commented: “Our performance has shown remarkable resilience given we have been tested by unprecedented market conditions. Pleasingly, we are seeing the signs of a gradual market recovery.
“We know the buyers are back and it’s only a matter of time before the sellers follow. In September, enquiries for properties for sale on realestate.com.au increased 30% year-on-year, while average auction clearance rates have returned to the levels we were seeing before the market correction, over 80% in Melbourne and Sydney.