CANBERRA: The company behind realestate.com.au has lifted full-year profit 20 per cent to $253.3 million, thanks to a big increase in Australian revenue and its expansion into Asian property markets. REA Group, which is majority owned by News Corp, on Tuesday said that total revenue for the 12 months to June 30 rose 21 per cent to $671 million.
Australian revenue increased 17 per cent to $555.2 million, while revenue from Asia increased from $4.5 million to $23.9 million thanks to the acquisition of iProperty in February. “We’re now across four continents, so for consumers that means they can look for property across the world,” REA chief executive Tracy Fellows said.
REA said that, with average property prices in Hong Kong and Singapore higher than in Australia, the acquisition of iProperty – which operates in those markets as well as Thailand, Malaysia and Indonesia – can significantly enhance its growth.
REA, which also has a stake in the Move portal in the US, could expand further internationally and is looking to identify opportunities. The number of Australian real estate offices listing on REA’s sites rose seven per cent, helping to push Australian residential revenues up 18 per cent and commercial revenues up eight per cent.
