(Reuters) - Australia's McGrath Ltd, the country's biggest listed real estate agency, reported on Monday a loss in the first half of the fiscal year and said market conditions were expected to remain soft during 2019.
McGrath posted a loss of A$9.6 million in the six months ended Dec. 31, 2018, compared with a loss of $A25.5 million in the previous corresponding period.
The New South Wales-based firm attributed its performance in the first half of the fiscal year to the "continuing subdued property market conditions".
The company said it expected its underlying earnings before interest, tax, depreciation and amortization for the second half of full-year 2019 to be affected by ongoing difficult trading conditions, with the New South Wales and federal elections potentially further affecting performance of the property market as well as the firm.
"Trading over the first two weeks of February 2019 has
been below those expectations, with generally lower listing volumes and average sale prices than expected," the company said in a statement.
Tighter lending, higher taxes on non-Australians and an apartment glut have driven the steepest price drops in a generation in Australia.
Real estate classifieds firms REA Group Ltd and Domain Holdings Australia have reported lower listings in the first half of the financial year, particularly in the key Sydney market.
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Peter Cooney)
