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)

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