REA Group chief executive Owen Wilson has blamed the banking regulator and state governments for intervening in the property boom and causing the most difficult market for real estate sales in decades.

The News Corp controlled property listings portal’s first quarter trading update on Friday revealed a 9 per cent decline in revenue after broker commissions fell to $202.3 million and a 14 per cent fall in earnings before interest, tax, depreciation and amortisation to $114.9 million.

The boss of REA has described current conditions in real estate as the worst he has ever seen. Credit:Graham Tidy

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.