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Australia's No 3 estate agent gives earnings downgrade

McGrath expects pre-tax earnings of A$26-27 million for the year to June 30, down a sixth from Nov forecast

Sydney

AUSTRALIA'S No 3 residential real estate agent McGrath Ltd blamed fewer than expected home listings for a profit downgrade on Monday, sending its shares tumbling and sparking concerns about growth in the country's red hot property market.

Although McGrath has just 3.2 per

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