An Australian real estate pundit says the industry is set for a shake-up, but it won’t be disrupted by an agency such as Purple Bricks, reports realestatebusiness.com.au.
The UK portal launched in Melbourne and south-east Queensland last month with 50 "local property experts" and a $17.2 million marketing budget to spread the word among home sellers.
The CEO of real estate agency Starr Partners, Douglas Driscoll, dismissed the UK portal’s entry into Australia saying the company was “getting a bit too much airplay and agents shouldn’t be worried about it taking over the world”.
Driscoll told realestatebusiness.com.au change was on horizon but the industry was unsure as to who the disruptor would be.
“The short answer is we don’t know. Either it doesn’t exist yet or more likely, it is still in its embryonic stage,” he said.