Australian firm confident in property prospects

Article Date : 25 February 2008

Online real estate media firm REA Group has seen an upturn in fortunes in Australia, suggesting the Australia property market down under remains fighting fit.

The country has experienced some problems in the property market, with Sydney said to be in recovery phase at present, but a number of areas have continued to experience growth.

According to Australian Property Monitor, Melbourne house values grew by 25 per cent in 2007, while Brisbane and Adelaide properties grew by more than 20 per cent – something which REA's figures seem to underline.

The group said its Australian revenues were up 39 per cent, to $54.9 million, with the number of Australian real estate agents subscribing to one of the group's publications rising to 8,825 by the end of last year.

Simon Baker, managing director, said: "Our core Australian business continues to deliver strong growth with agents buying more products, developers and display advertisers increasing their spend, and more consumers visiting our sites - all leading to strong revenue and profitability growth."

REA operates in 12 countries and publishes 18 websites and eight print publications in the property industry.

Australian firm confident in property prospects

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