PHOTO: Domain Group
Domain is confident it can ride out the Australian property downturn and emerge a stronger company despite poor performance in the three months of the year and uncertainty caused by the federal election.
“I, like most Australians, just wish they’d called the election earlier,” chief executive Jason Pellegrino told the Macquarie conference on Tuesday, noting the May 18 national ballot was likely to weigh on volumes in the second half for the online property classifieds company.
“Not knowing [about the] election was always going to have a muting impact but I would point out May and June volumes tend to be lower [anyway],” he said.
Domain noted total new market listings were down nationally, with auction volumes down 30 per cent in Sydney and 36 per cent in Melbourne. Mr Pellegrino acknowledged the weakness in the third quarter, saying there was “substantial head room to increase our performance”.
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