It's unclear what spooked investors in the results, but in his presentation to analysts, Mr McGrath highlighted a number of short-term challenges to the housing market including APRA regulatory changes, a slowdown in Chinese buying activity, the volatility in the stock market and concerns about possible changes to negative gearing.
He also threw in a caveat to the group achieving its full year prospectus forecast, saying they were "subject to challenging market conditions".
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http://www.afr.com/real-estate/mcgr...ng-bubble-fears-20160223-gn20ci#ixzz41H6PgsXY
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