REA's 1Q Revenue Jumps as Stable Interest Rates Boost Demand
By Alice Uribe
SYDNEY--REA Group said Australian residential listings rose by 1% during the first quarter of fiscal 2024, while its revenue jumped 12% as stable interest rates boosted demand from buyers, and sellers dipped their toe into the market.
The Australia-listed property advertiser on Friday said its revenue totaled 341 million Australian dollars (US$217.1 million) in the three months through September, up from A$305 million a year earlier. REA's free cash flow jumped 13% to A$64 million.
"The property market started the new financial year strongly, led by Melbourne and Sydney," Chief Executive Owen Wilson said. "Healthy demand from buyers, coupled with stable interest rates for several months, gave sellers confidence to bring their properties to market."
Sydney listings rose by 16% and Melbourne listings lifted 14% in the quarter.
While the stabilization of interest rates, which ended with this week's rate rise, aided market confidence, REA said that any more increases could have a negative impact on sentiment.
REA is 61% owned by News Corp., the owner of Dow Jones & Co., publisher of this newswire and The Wall Street Journal.
Write to Alice Uribe at alice.uribe@wsj.com
(END) Dow Jones Newswires
November 09, 2023 17:15 ET (22:15 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks