McGrath Estate Agents has warned its second half profit is unlikely to meet analysts' forecasts.

Though the company did not provide a profit forecast for the 2016-2017 financial year, it said second half "results will be materially weaker than the first half", leaving analyst forecasts that "look high".

The company reported that the disappointing second half was due to "unprecedented low volumes of listings" and "the recent net departure of 36 sales agents".

McGrath Chief Executive Officer, Cameron Judson, said the loss of staff was "more than we usually see, and we believe it prudent to alert the market to the likely impact."

The trading update said that during 2016, McGrath opened 18 new offices, three company owned and 15 franchises. It plans to open more new offices over the next 12 months.

At the time of writing, the company's shares were down 11 per cent to 76 cents.

See also:

Turn in property market hits McGrath

McGrath shares fall on first day of trade

2016 - The year that was