Listings in Sydney and Melbourne tumble 16% as REA warns of further price drops

During the REA Group's general annual meeting, executives reported a 16% quarterly drop in property listings for Sydney and Melbourne, measured against the same three-month span a year earlier. While listings in Brisbane, Perth and Adelaide rose 17%, the overall national figure slipped 2%. CEO Cameron McIntyre attributed the slowdown to recent interest-rate hikes, tax reforms and the cumulative effect of higher borrowing costs on buyer demand.

He added that steady employment, limited forced selling and homeowner equity buffers, together with constrained supply, should limit the depth of price declines as rates stabilise. The company also highlighted growth in site traffic, with 12.7 million monthly visits and a 14% rise in active members, and emphasized its AI-driven data capabilities that provide unique consumer intent insights.