By Ben Hill For Daily Mail Australia
Published: 01:57 GMT, 7 November 2017 | Updated: 03:11 GMT, 7 November 2017
Sydney real estate mogul John McGrath has felt the effect of Sydney's cooling property market hard in the pocket – losing a mammoth $3.5million in just one day.
The value of his stake in the McGrath real estate company has dropped from $78million to $19million since December 2015 and the share price slumped $3.5million on Monday, according to the Daily Telegraph.
Property experts say the Sydney property market is expected to continue declining after the boom which saw the harbour city dubbed the 'New York of Australia' by Mr McGrath, such was the exclusivity of home ownership.
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Sydney real estate mogul John McGrath has felt the effect of Sydney's cooling