Australia's No 3 estate agent gives earnings downgrade

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 cent of Australia's fragmented residential real estate listings market, the warning is feeding into fears that Australia's property market is set to flatline, or even fall, after years of double-digit growth.