November 7, 2019 / 8:46 PM / a month ago

Australia's REA Group says local residential market remains challenging

Nov 8 (Reuters) - Online real estate classifieds portal REA Group said on Friday the Australian residential market remains challenging, but there are signs of a recovery.

REA reported a 14% drop in earnings before interest, tax, depreciation and amortisation (EBITDA) to A$114.9 million ($79.26 million) for the first quarter ended Sept. 30.

“We know the buyers are back and it’s only a matter of time before the sellers follow,” said Owen Wilson, REA’s chief executive officer. ($1 = 1.4497 Australian dollars) (Reporting by Nikhil Kurian Nainan in Bengaluru Editing by Chris Reese)

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