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The CEO of property listings portal, REA Group, has lambasted APRA’s macro-prudential curbs and state governments’ foreign buyer stamp duty surcharges for causing a “manufactured” collapse in property sales:
The News Corp controlled property listings portal’s first quarter trading update on Friday revealed a 9 per cent decline in revenue after broker commissions fell to $202.3 million and a 14 per cent fall in earnings before interest, tax, depreciation and amortisation to $114.9 million…
“It’s about as bad as it can get … It’s the worst market we’ve ever seen,” Mr Wilson said…
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.