REA Group Limited, the owner of realestate.com.au, has seen a decline in its own revenue of 9% for the three months to 30 September 2019 compared to the equivalent period last year. The company describes the market as challenging with declines in new residential listing volumes and new project commencements. National listings declined 15% over the three month period, including listing declines of 22% in Sydney and 21% in Melbourne.

Lower numbers of properties coming onto the market is causing pain amongst buyers, real estate listing portals, agents and conveyancers.

REA Group Chief Executive Officer, Owen Wilson commented: “Our performance has shown remarkable resilience given we have been tested by unprecedented market conditions. Pleasingly, we are seeing the signs of a gradual market recovery.

“We know the buyers are back and it’s only a matter of time before the sellers follow. In September, enquiries for properties for sale on realestate.com.au increased 30% year-on-year, while average auction clearance rates have returned to the levels we were seeing before the market correction, over 80% in Melbourne and Sydney.

“We also know that Australians remain passionate about property. In August, we received a record number of monthly visits to realestate.com.au at 87.5m and a record number of app launches at 36.2m7. Our audience lead also increased compared to the corresponding quarter with over three times more visits than our nearest competitor,” said Mr Wilson.

Commercial and Developer revenue declined due to the continued reduction in new project commencements, down 26% for the quarter, added REA Group in its statement to the ASX.