Ann: Change of Director's Interest Notice, page-51

It's funny how much emphasis the market puts on the short term profit outlook of a company.
The property market has been in decline for around past 6 months and still REA was able to increase profit by 20%.
Sure, the property market is probably going to decrease further before we hit the bottom, and who knows perhaps REA will have a stinker of profit next year and perhaps 0% profit growth (although I doubt this because management still expect costs to reduce greater in % terms that revenue).
But there is no more certain thing that at some stage, the real estate market will turn and we will look back at this as a very abnormal downturn for the real estate market i.e. when was last real estate decline - sometime in the eighties I believe. And when the property market does eventually turn, I don't believe you will be able to buy REA shares at these prices. 
Don't forget this stock's share price has increased 36% per annum for last 10 years. It would be difficult to find another major stock on ASX that has generated this kind of wealth for their share holders.