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The parent company of realestate.com.au brought in $1.453 billion during the 2023–24 financial year.
On top of that 23 per cent jump in revenue, REA also reported an increase in EBITDA excluding associates of 2 per cent to $825 million, and a 24 per cent increase in net profit to $461 million.
However, a 15 per cent decline in net profit this year, to $303 million, was attributed largely to the December 2023 impairment of Singapore listings platform, PropertyGuru.
Off the back of the year’s results, REA’s board has determined to pay a final dividend of 102¢ per share fully franked, representing a year-over-year increase of 23 per cent.
Describing the year’s performance as “exceptional”, REA Group CEO Owen Wilson attributed the result to the firm’s engagement with “every stage of the property journey”.
FY24 included a number of milestones for the group, such as the acquisition of the remaining shares of Realtair for a cash consideration of $34 million on 18 June 2024. The group already held a 37 per cent stake in the proptech, which it acquired in 2020.
Strong market fundamentals also clearly helped propel the group’s performance over the year, and are expected to provide stability throughout the current financial period, according to Wilson.
“After a year of strong listings growth, we continue to see a healthy balance of supply and demand in the Australian property market. While interest rates are expected to remain at current levels for longer, strong demand drivers remain in place and the positive impact of income tax cuts should continue to support the confidence of buyers and sellers,” he said.
When it comes to the market share of realestate.com.au, the firm reported positive momentum in its audience growth.
Over the 12-month period, REA said that 10.8 million people visited the listings portal each month on average, with 5.7 million people using the site exclusively.
Furthermore, realestate.com.au averaged 127.2 million in monthly visits, which it estimates to be 4.1 times more monthly visits during the second half of the financial year than its closest competitor.
Roughly 3.8 million property owners used the site to track their property’s value, which is a 37 per cent increase on use of this tool over last year.
Moreover, roughly 22 million buyer enquiries were submitted through the site per month – the firm reported a 37 per cent increase year-over-year in seller leads through the portal.
Looking ahead, Wilson said that REA is entering FY25 “in a strong position and with a clear strategy to drive growth”.
“This will see continued investment and innovation across our products and platforms, and we look forward to delivering greater value to our customers and deeper experiences to our consumers,” he added.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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