Why it matters: REA Group is Australia’s biggest property sales company.
What happened: The News Corp-owned company reported flat revenue, profits down.
What’s next: It tracks new developer projects. They fell by 41pc in Q4, FY2023.
Dividend: REA will pay a total dividend of $1.58 in 2023.
The number of new projects launched by property developers fell 41 per cent year-on-year in the three months to June 30, ending a financial year in which there were almost 20 per cent fewer projects.
The figures were revealed in the full-year results from REA Group. ASX-listed REA, which is owned by News Corp, is Australia’s largest real estate listings company. It owns realestate.com.au, which is visited by 2.7 million Australians every day.
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Sam Buckingham-Jones is the media and marketing reporter at The Australian Financial Review. Connect with Sam on Twitter.
