McGrath Ltd says it expects a full year core earnings loss of $6 million to $6.5 million due to continual headwinds across the nation's housing market.
The ASX-listed realtor said on Friday market conditions for FY19 had been challenging with transaction volumes and property values in Sydney, Brisbane and Melbourne further subdued in the 12 months to May.
"While we have seen a general improvement in interest and enthusiasm in the market, we are yet to see this translate to an increase in listings," chief executive Geoff Lucas said in a statement.
Tighter lending conditions, higher taxes on foreign buyers and an apartment glut have driven the sharpest property downturn in a generation in Australia.
McGrath said it expected an improved performance in the following financial year following last week's cut in the benchmark interest rate and the prudential regulator's decision to lower mortgage assessment criteria for new loan serviceability.
McGrath shares have continually slipped from its $2.10 listing price in December 2015 and were worth 27 cents before trade on Friday.
The company's stock has dipped 8.47 per cent so far in 2019.
In a separate announcement on Friday McGrath revealed the appointment of Howard Herman as chief financial officer, effective June 24.
Former CFO Glynn Wright had resigned after just 18 months with the company.
