On an underlying basis revenue declined 6 per cent,while earnings before interest,tax,depreciation and amortisation fell 9 per cent.
"It’s about as bad as it can get ... It’s the worst market we’ve ever seen,"Mr Wilson said.
National listings fell 15 per cent over the three months to September 30,with a 22 per cent drop in Sydney and a 21 per cent decline in Melbourne.
"That quarter,the fact the residential and development and mortgages[declined],to have that kind of a perfect storm ... we haven’t seen that within 30 years,"he said. REA’s share price dropped 2.8 per cent to $103.72 by 10.29am on Friday.
However,Mr Wilson said that to have kept revenue relatively stable in the current environment was a good outcome that met the expectations of most analysts.
"This was a manufactured downturn,"he said.
REA Group,which is majority owned by News Corp,laid off 60 staff as part of a restructure in September.