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REA is still a housing short

David Llewellyn-Smith
Friday 9 November 2018
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Yesterday REA released a good result:

17% top line growth is a little ahead of consensus but the warning does not bode well. Macquarie is in raptures today:

It is hard to fault the trajectory of the business at the moment, despite the macro trends,” they said in the note.

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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.