Australian residential listings volumes

Research evidence excerpt

Australian residential listings volumes

Macquarie Equity Research

14 May 2026

Media & Entertainment

AustraliaAustralian residential listings volumes

April 2026

David Lachlan

Key Points Fabris Elliott

• Australian residential listings volumes were +19% yoy in April 2026, as

outlined in the 3Q26 result. FY26 YTD = 1% decline. Stock ratings, A$/sh

• Sydney and Melbourne were +25% and +20% respectively in April 2026, MQ rating Shareprice Targetprice returnPrice

and have largely outperformed the market through FY26. REA Neutral 171.00 190.00 11%

• REA reiterated 1-3% FY26 volume decline guidance at the 3Q26 result, Source: FactSet, Macquarie Research, May 2026

but with softening into May, and uncertainty on the Federal budget. Note: Share price as at last close

Valuation multiples

FY26E FY27E 12m fwd.• PropTrack released the April 2026 Australian Listings Report, which is EV / EBITDA 20.6x 18.1x 18.4x

broadly consistent with volumes reported by REA: EV / EBIT 24.4x 21.0x 21.4x

P/E 35.4x 30.3x 30.9x

Discretionary free cashflow yield, % 2.8% 3.1% 3.1% Þ Australian residential listings volumes were +19% yoy in April, with Dividend yield, % 1.7% 2.0% 1.9%

the report noting a benefit from Easter / ANZAC Day timing; REA

Source: FactSet, Macquarie Research, May 2026

management has also suggested uncertainty around the Federal

Budget as a potential driver. FY26 YTD = 1% decline. Recent research:

Þ Sydney and Melbourne were +25% and +20% respectively in April

2026, and have largely outperformed the market through FY26. More caution than optimism, 8 May 2026

Classifieds – 1H26 result wrap, 9 March 2026

New Australian residential listings growth, yoy Are we being too dismissive of AI risks too soon?, 29

January 2026

30%

25% ACCC investigation – David & Goliath, 27 May 2025