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Australia's REA Group says local residential market remains challenging

Published 08/11/2019, 07:43 am
Updated 08/11/2019, 07:49 am
© Reuters.  Australia's REA Group says local residential market remains challenging
REA
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Nov 8 (Reuters) - Online real estate classifieds portal REA Group REA.AX 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)

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