Sydney property listings down eight percent: REA Group

REA Group have announced a revenue jump despite Sydney listings shrinking over the last three months.

Listings were down eight percent in Sydney and one percent in Melbourne over the three months to September.

There was a three percent decrease in listings nationally in the September quarter.

Melbourne improved in the month of October, seeing a four percent increase in listings, while Sydney continued its downward trajectory at 12 percent less listings.

REA Group's submission to the ASX says "market conditions are not expected to improve in the short term."

They referred to the BIS Oxford forecast that new apartment commencements indicates a continued decline for the remainer of this financial year.

"Listings may be weaker in the lead up to the NSW election in MArch, while the impact of the Federal election is harder to predict," REA Group advised the ASX.

The realestate.com.au app was launched on average 27.2 million times a month during the quarter.

REA Group's revenue grew 17 percent to $221.9 million in the September quarter.

REA Group chief executive Tracey Fellows said the strong results demonstrate, despite tougher market conditions, our customers and consumers are clearly seeing value in the products and experiences we are creating.

"When it is time to buy or sell, Australians recognise they only need to visit one place."

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Last month Domain noted in the last financial quarter, Sydney new listings were down 8% and auction volumes down 22%. Melbourne results were 1% and 18% in these respective fields.