McGrath Estate Agency shares trading at record low

Shares in high-profile real estate agency McGrath are trading at new lows.

The Thursday close was 59 cents, having traded at 58 cents.

Real estate agent McGrath, whose shares plummeted to a record low, has dismissed reports that it was facing an exodus by its franchisees.

McGrath shares fell on Thursday to 58 cents, after rumours spread about five franchisees leaving the company, prompting a compliance query from the Australian Stock Exchange.

They opened 2017 at 90 cents, then fell in January this year after it signalled weak revenues.

The company has previously blamed the summer defection of a number of high-profile agents in part for for its woes.

McGrath also said the "unprecedented low volumes of listings" had emerged as high prices had discouraged some sellers from putting properties on the market, fearing that prices could rise too far before they could acquire their next property.

The shares were $2.10 when it went public.

In December 215 McGrath, Australia's first real estate agency to list on the stock exchange, fell 8.6 percent from its initial public offering price on debut.

The shares have never traded above $2.10.

The latest share price movement comes as CoreLogic foreshadowed April housing market results will show regulatory measures have had a dampening effect on housing market conditions.