REA Group CEO Owen Wilson will retire from the News Corp real estate media business after serving at the helm for the past six years. The REA Board has initiated a process to select a new CEO, considering both internal and external candidates.

The news comes as REA Group publishes its first half results, reporting a 20% increase in revenue to $873 million for the half-year ending 31 December 2024. EBITDA, excluding associates, rose by 22% to $535 million, while net profit increased by 26% to $314 million. The company declared an interim dividend of $1.10 per share, fully franked, marking a 26% rise year-on-year.

REA Group's Australian revenue saw a 19% increase, reaching $809 million. Meanwhile, REA India reported a 46% increase in revenue, amounting to $64 million.

"It has been a privilege to lead REA Group for the past six years and I am proud of all our team has accomplished. The business is in excellent shape as evidenced by the results we have announced today," said Wilson. "We have an exciting strategy and a talented and committed team to deliver it. I want to thank them wholeheartedly for all the tremendous support I have received over the years. REA’s future is undeniably exciting. I would also like to thank the REA Board, Robert Thomson, and Lachlan Murdoch for entrusting me with such a great company and incredible business."

REA Group Chairman, Hamish McLennan, said Wilson's "stellar leadership" had left the company "exceptionally well positioned". "Our board and staff sincerely thank Owen for his contribution in building an incredible organisation under his outstanding leadership."

CEO of News Corp, Robert Thomson, said: "Owen has shown extraordinary leadership in building a global success story at REA, which has become the gold standard for digital platforms. He has fashioned a dynamic, talented team and cultivated a competitive, empathetic culture. Owen’s positive influence will resonate for many years to come."

REA Group also reported a gain of $151 million from the sale of its 17.2% stake in PropertyGuru Group Limited. Following this sale, the company repaid all external debt. As of 31 December 2024, REA Group's balance sheet shows a cash balance of $338 million.

"REA’s exceptional first half result was driven by strong yield growth in a healthy listings environment. Vendors remained confident during the half with sales volumes consistently higher than the prior year, demonstrating the depth of demand, while buyers benefitted from more choice and some moderation in price growth," said Wilson.

REA Group holds a controlling interest in REA India Pte. Ltd. and a 20% shareholding in Move, Inc. The company anticipates continued strong performance in the Australian property market, supported by strong employment and high immigration levels.

"Realestate.com.au is the premier destination for customers to connect with Australia’s largest audience of buyers and sellers. More people turned to our platform in the half than ever before, with 5.1 million more Australians visiting realestate.com.au every month on average compared to our nearest competitor. Our personalised consumer experiences supported a 13% year-on-year increase in our unique audience lead and helped drive exceptional year-on-year growth in the number of seller leads delivered to customers," said Wilson.

"Following sustained listings growth, the Australian property market has reached a more balanced level of supply and demand. Continued strength in underlying fundamentals and the expectation of at least one interest rate cut before the end of FY25 should further support the health of the market. REA continues to invest in the next generation of consumer experiences and the delivery of further value to our customers."