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)