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Purplebricks Launches in Australia

The UK’s fastest growing online real estate agency has launched in South East Queensland and Melbourne.

Purplebricks has launched in Australia, to offer homeowners a proposition of a cheaper method of sale for their home.

The “virtual” service provides the support of a licensed and dedicated ‘Local Property Expert’, a flat rate fee, an accessible and transparent online technology platform 24-hours a day, and access to real-time information on the sale of their property.

Purplebricks is one of the UK’s fastest growing and most positively reviewed online agencies. In 2015 the company sold and settled $7 billion in property.

CEO and Co-Founder Michael Bruce says Australia was a natural next step for the business. “With such an obsession for property here and the traditional real estate model being the only way to sell a home, the time is right to offer sellers a fairer, more transparent and cost effective way and replace unfair high-cost commissions.”

The company reported a loss in the last financial year to April 30, 2016. Year on year Purplebricks Group PLC had net income fall 118.95% from a loss of 5.44m to a larger loss of 11.90m despite a 448.06% increase in revenues from 3.39m to 18.60m. An increase in the cost of goods sold as a percentage of sales from 40.75% to 43.07% was a component in the falling net income despite rising revenues.
Source: Financial Times


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