The strong first quarter result has been driven by the growth in their Australian top tier listing products. This, combined with higher listing volumes in the Australian market, delivered an improvement in the revenue growth rate this quarter. The rate of growth in operating expenses has lowered reflecting the different timing of some expenses compared to the prior year.
In Australia, realestate.com.au leads the market across all devices and has the most highly engaged property audience. Average monthly visits increased 33% to 42.7 million and consumers spent 257.3 million minutes a month on realestate.com.au’s main and mobile site during the quarter, outperforming the average monthly time on site of the number two portal by 5.5 times.
REA Group Chief Executive Officer Tracey Fellows commented: “This has been a strong first quarter for REA. We’ve seen growth in the Australian listings markets and we’ve continued to provide new and exciting ways for people to be in charge of how and when they buy, sell, rent or invest in property.
“The notification you get on your Apple Watch when you walk past a property for sale, being able to search for suburbs based on lifestyle and affordability versus just location, or, most recently, the ability to look up any property in Australia and find out its estimated value – these are just some of the ways we’re empowering people to make property simple, efficient and stress-free.
“Our international markets are going from strength to strength. In the US, realtor.com is now the number two site and the opportunity in Asia continues to grow as more and more people look online for property. The momentum in Europe around listings, audience and depth products has continued in the first quarter.”