For the medium term to long term investor this represents a buy...

For the medium term to long term investor this represents a buy forget for a year to eighteen months.
The bad news which has been disapointing has all but seen this share hit its lows.
Yesterday has seen it clear the decks and get the bad news out of the way.
The value in house prices wont drive this stock its turnover and volume .
People will still buy and sell its up for macgrath to keep up its share.
Cut priced real estate agents represent in my view only a small threat to the established real estate agents..who most people prefer to sell their properties.
So in short i can see this recovering but its a long road back..
The new direction and cost cutting will take a bit more time to flow through to positive sentiment in the coming months.