REA Group has grown revenue 16% to $493 million and earnings 15% to $286 million in the nine months to 31 March 2017.
This includes a strong 20% EBITDA gain in Q3, driven by the strength of Australia's rsifential real estate market.
REA's Australian business launched Front Page, a new listings product that allows customers the opportunity to prominently advertise properties on the realestate.com.au homepage, personalised for consumers based on their search behaviour.
The quarter also saw the launch of the new Lifestyle experience, fresh video and editorial content that gives Australians more content on how to renovate their property into a “dream home".
“We’ve been able to deliver a strong result this quarter by launching exciting consumer experiences and delivering new products which provide value to our customers,” REA Group CEO Tracey Fellows says.
REA's results
REA said the website's average monthly visits were more than 2.6 times greater than nearest rival Domain, reaching a high in March of more than 55 million visits, according to Nielsen Online Market Intelligence Home and Fashion Suite for Q3. These figures do not include app usage.
“We are continuing to grow our Asian presence with the investment we made in India with PropTiger in January. This strategic stake further strengthens our presence in a region with long-term growth potential,” Fellows adds.
Earlier this month, REA Group launched Spacely, a new listings site for short-term commercial lettings such as retail, event, office, co-working or creative spaces.
“The launch of Spacely sees us enter a new market and positions us to meet the changing needs of today’s workforce. It complements the offering of realcommercial.com.au which focuses on longer term commercial leases,” Fellows adds.
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.