PHOTO: McGrath said auction clearance rates and the number of properties taken to auction were well below the previous year.
The parlous state of Sydney’s housing market, where the most recent auction clearance rate is at a decade low of between 38-40 per cent, has led the listed real estate agency McGrath to report a $1.9 million loss for the September quarter.
The agency, which is focused on the Sydney and Brisbane housing markets, has flagged its full-year result will be “in at least a break-even position”, boosted by an expectation of some improved sales in the coming spring and summer months.
But investors took flight with the share price being sold down 3 per cent to 32.5¢.
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