The News Corp controlled property listings portal’s first quarter trading update revealed a 9 percent decline in revenue after broker commissions fell to $202.3 million and a 14 percent fall in earnings before interest, tax, depreciation and amortization to $114.9 million.
On an underlying basis revenue declined 6 percent, while earnings before interest, tax, depreciation and amortization fell 9 percent.
"It’s about as bad as it can get ... It’s the worst market we’ve ever seen," Wilson said.
National listings fell 15 percent over the three months to September 30, with a 22 percent drop in Sydney and a 21 percent decline in Melbourne.
"That quarter, the fact the residential and development and mortgages [declined], to have that kind of a perfect storm ... we haven’t seen that within 30 years," he said. REA Group’s share price dropped 2.8 percent to $103.72.
However, Wilson said that to have kept revenue relatively stable in the current environment was a good outcome that met the expectations of most analysts.
"This was a manufactured downturn," he said.
REA Group, which is majority owned by News Corp, laid off 60 staff as part of a restructure in September.
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