Shares in News Corp majority-owned REA Group, the operator of property classified site realestate.com.au, surged in early trade on the ASX.
At the close, the shares were 4.14% higher at $91.350, after earlier being up more than 7%. Over the last week, the REA has added about $10 to its share price.
There was no immediate news to explain today's rise. The market generally is higher, following the Coaition win at the federal election. The ASX200 index was about 1.5% higher.
However, REA shares have been trending higher since a trading update earlier this month showing a 7% revenue lift to $198.6 million in the third quarter.
Analysts at Morgans describe REA Group as "defying the odds" in a challenging market with significant declines in residential listings.
"REA continues to deliver revenue and earnings growth despite the worst residential listings environment in decades," they wrote in a note to clients.
"The continuing switch of residential agents to Premiere All subscription plans more than offset the sharp fall in new listings
volumes in the March quarter."
Listings in the national Australian residential market fell 9% over the three months to March led by an 18% drop in Sydney and 12% in Melbourne.
Competitor Domain last month reported a 6% drop in total revenue for the March quarter. Domain shares were up almost 2% this morning to $3.15.
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