Property listings website REA Group has made 60 staff redundant in a restructure that comes as Sydney and Melbourne house prices bounce back after interest rates were cut to record lows.

The lay-offs represent a relatively small cut to a business that has grown its workforce every year since 2015 and more than doubled its staff in this period to about 1600 people. Sources close to the real estate website said that 15 people affected were being found new jobs within the business and there had been another 15 new hires in other roles.

The job cuts come after recently appointed chief executive Owen Wilson released strong resultsfor REA for the 2019 financial year amid tough market conditions. He said he believed the conditions were ripe for a recovery in the property market and further interest rate cuts. The Reserve Bank of Australia board meets on Tuesday to decide whether to cut interest rates again to a record low below 1 per cent.  The market is tipping the RBA will leave rates on hold.