PHOTO: Domain

Domain has slumped to a $156.4 million first-half after Sydney and Melbourne’s stumbling property markets forced a large impairment due to a drop in listings.

The real estate classifieds business made a $178.8 million non-cash goodwill impairment after lower listing volumes that meant that, even stripping out the one-off hit, profit for the six months to December 30 dropped 14.2 per cent.

Domain – which lost $6.2 million in the last full financial year – said listing volumes had continued to fall in the first six weeks of the second half, and that the late timing of Easter would affect the autumn selling season.