REA Group (ASX: REA) chief executive officer Owen Wilson is stepping down after leading the property sales platform for the past six years, leaving the company on a high following a strong performance in the first half of FY25.

The company, which is majority owned by News Corp (ASX: NWS) and operates the realestate.com.au website, today reported a 26 per cent increase in underlying net profit to $314 million for the six months to the end of December, with the result boosted by a healthy increase in property listings.

The bottom line was driven even higher as the company posted a profit of $441 million, up 246 per cent, largely thanks to one-off gain from the sale of the group’s investment in PropertyGuru.

Group revenue for the period surged 20 per cent to $873 million.

“REA’s exceptional first half result was driven by strong yield growth in a healthy listings environment,” says Wilson.

“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.”

REA Group forecasts continued strength in the property market over 2025 led by high immigration levels and expectations for interest rate cuts in the first half of 2025.

An increase in listings has helped temper price growth with listings up 3 per cent year on year, led by a 5 per cent lift in Sydney and despite a 2 per cent fall in Melbourne.

Wilson notes that realestate.com.au maintained its dominant position in the market with 11.9 million people visiting the site on average each month, aided by a 17 per cent year-on-year increase in active members.

“Our personalised consumer experiences supported a 13 per cent 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,” he says.

Wilson has given no reason for his departure, which is expected to occur in the second half of 2025, after 10 years with REA Group.

“It has been a privilege to lead REA Group for the past six years and I am proud of all our team has accomplished,” says Wilson.

“The business is in excellent shape as evidenced by the results we have announced today. We have an exciting strategy and a talented and committed team to deliver it.”

Wilson describes REA’s future as “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,” he says.

REA Group has already begun a “comprehensive process" to find a replacement for Wilson and the company says its board is looking at both internal and external candidates.

Chairman Hamish McLennan says Wilson leaves the company after “more than 10 glorious years at REA Group”.

“His stellar leadership leaves the company exceptionally well positioned and REA is one of the best home-grown technology companies which has flourished into being a global leader,” says McLennan.

“Our board and staff sincerely thank Owen for his contribution in building an incredible organisation under his outstanding leadership.”

News Corp CEO Robert Thomson commended Wilson’s “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 is paying an interim dividend of $1.10 per share fully franked, up 26 per cent from a year earlier.

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