REA Group boss Owen Wilson tips slower house price growth after best September in nine years

The owner of realestate.com.au says the previous month was its best September for listings in nine years, predicting the additional stock on the market should moderate house price growth.

REA Group chief executive Owen Wilson told the property group’s annual general meeting that for the first quarter of 2024/25, national listings were up 7 per cent from a year ago.

Sydney and Melbourne have been driving that growth, with listings for the three months of July, August and September up 11 per cent in Sydney and 9 per cent in Melbourne, compared to the same time in 2023.

There were also higher quarterly listings in Perth, Brisbane and Adelaide, Mr Wilson told the meeting on Wednesday.

Despite the additional stock available, properties were continuing to sell, indicating robust demand, he said.

“With more stock on the market, buyers now have a lot more choice and this should result in the moderation of house price growth,’‘ Mr Wilson said.

REA Group will announce its first-quarter results on November 8.

All items put to a vote at the AGM passed easily, with fewer than one per cent of ballots cast against REA Group’s remuneration report.