Real estate giant REA Group's full-year net profit has jumped 23 per cent to $279.9 million, with a strong increase in its Australian residential business even as the housing market slowed.
The company's revenue in the year ending June 30, shot up 20 per cent to $807.7 million, with the Australian operations lifting revenue 21 per cent to $763.4 million.
REA's realestate.com.au residential listings website achieved a 23 per cent increase in revenue, despite nationwide listings falling two per cent over the year and a reduction in new development projects coming to market.
The group recorded increases in listings in the Sydney and Melbourne markets and benefited from the addition of its new home loans business.
REA Group's chief Tracey Fellows said the results were helped by new products launched during the year, including the Agent Edge service which gives real estate agents higher visibility and greater communication with the market.
"In Australia, realestate.com.au continues to be the number one place for property with 2.6 times the monthly visits of our nearest competitor," she said.
"We have the largest, most engaged audience across every device, on every screen size."
Looking ahead, REA says the lower listing rate is expected to continue in 2018/19, with volumes down four per cent in July and the upcoming Victorian and NSW state elections also set to disrupt the nation's two biggest markets.
REA Group will pay a final dividend of 62 cents per share, fully franked.
REA shares were up $1.62, or two per cent, to $83.99 at 1040 AEST.
REA GROUP DEFIES THE DOWNTURN
* 2017/18 net profit up 23 per cent per cent to $252.8 million
* Revenue up 20 per cent to $807.7 million
* Final dividend of 62 cents per share, fully franked
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