REA Group has released its Q3 results which show a 20 per cent increase in revenue to $461 million and an EBITDA growth of 25 per cent from core operations to $263 million.
The company says the result is driven by continued product strategy success which saw Australian residential depth revenue increase by 22 per cent this quarter against the prior corresponding period.
REA Group CEO Tracey Fellows says realestate.com.au continues to outperform any other property site in the country with more than
twice the visits on our main and mobile sites.
She says additionally the realestate.com.au app became the first Australian property app to reach 5 million downloads.
“We also introduced a new tool allowing property owners to 'claim' their property.
"The feature enables consumers to keep up to date with key information about their local market and allows them to make better and more informed decisions about property whether it’s investing, renting, renovating or buying a new home.”
Fellows adds the strong result comes despite the impact of Easter moving from Q4 in 2015 to Q3 in 2016 which negatively impacted the volume of listings in the Q3, but resulted in higher listing volumes in April.
"The rate of operating expenses growth increased as planned due to the different timing of marketing spend and strategic initiatives and we expect this higher rate of growth to continue into Q4," she says
The group manages operating expenses on a full year basis and expects the rate of full year revenue growth to exceed the rate of cost growth.