Real estate listings company REA Group has played up its attempts to diversify into areas such as publishing and financial services in the face of cooling property markets.
REA chief executive Tracey Fellows told investors at the company’s annual meeting on Wednesday that conditions were somewhat soft in the property market.
“While listings across the nation were flat, we did see an uptick in the markets of Sydney and Melbourne,” Ms Fellows said.
She then pointed to the new areas where the company has expanded their portfolio – including a Lifestyle content vertical and a push into financial services – including a partnership with NAB and an acquisition of a 80.3 per cent stake in mortgage brokers Smartline.
The company did not provide updated earnings guidance in its statements to the ASX.
Fairfax Media has a majority holding in REA’s main domestic competitor Domain Group which listed on the ASX last week.
Still, as a long-awaited cooling begins, the listings environment in Sydney and Melbourne will likely be closely watched by shareholders.
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