Is REA the ideal housing bust short?

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Is realestate.com.au the ideal housing bust short? It’s certainly come off hard recently, printing what can only be described as a monstrous technical chart with the double-top from Hell:

REA makes 90% of its dough in Australia and most of that from real estate listings so its exposure to the bubble is exceptional.

Yet despite the falls, it’s financials still look very stretched with forecast top line growth for 2019 at 14% in a shrinking market:

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.