A growing pool of consumers utilising realestate.com.au and its financial services means that the home loan and broking arms of the company are due to hit their predicted financial targets.
Speaking at the firm’s latest quarterly results,
REA Group CEO Tracey Fellows said over 60,000 people had created a financial profile on the site since the launch of realestate.com.au Home Loans in September.
“For the first time, Australians can now search, find and finance property all in the one place,” she said.
The financial services segment of the firm, which includes realestate.com.au Home Loans as well as mortgage brokerage
Smartline, is on track to deliver on the previous estimated targets of $26m-$30m in revenue and $7m-$11m in earnings before interest, taxes, depreciation, and amortisation (EBITDA).
For the first quarter of the 2018 financial year, REA Group brought in $190m of revenue after broker commissions, a 21% increase from the $157m reported in the same time period last financial year.
“It has been a very strong start to the year. We are delivering growth against the backdrop of favourable conditions for residential in Australia, with an increase in listings in the key markets of Sydney and Melbourne, while challenges remain in the developer, media and Asia markets,” Fellows said.
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