REA Group delivered solid quarterly results

REA Group Ltd (ASX: REA) has announced results for 9 months ended 31 March 2022.

• The group delivered a robust result for Q3. It noted a 23% growth in revenue driven by Australian residential business and the inclusion of Mortgage Choice, and EBITDA including associates up 27%.
• The Australian residential property market continued the post-covid recovery during March 2022 quarter. National listings improved 11% YoY, with Sydney up 14% and Melbourne up 8%.
• The Australian Residential business delivered strong revenue growth. It shows higher buy listings, the price rise from July 2021, improved depth as well as Premiere penetration, and constant growth in add-on products.
• Rental revenue continued to benefit from increased depth penetration and price rise but counterbalanced by drop in rental listings.
• Commercial and Developer revenue remained flat.
• Media, Data & Other revenues increased during the period. Media and Other revenues were modest.

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