Purplebricks closes its Australian operation with just 800 listings on its site

July 8, 2019
Share this Post: 

Only 800 listings remain on Purplebricks' property portal when it held 1,000 two weeks ago. This is due in part to vendors leaving Purplebricks for other local real estate agents.

The remaining 800 offerings range from around $2.9 million to $3.2 million at 30 Boundary Road, Narre Warren East (pictured above), a four bedroom, three bathroom house set on 6.47 hectares to $30,000 for Lot 30 Melvin Terrace, Pinery.

The 1012 square metre Pinery holding has been unsuccessfully offered to market multiple times over the past six years, with the asking price reaching $133,270 from 2014 - 2016.

According to their website, around 85 agents are still on deck.

In early May, Purplebricks Australia announced its intention to exit the Australian market.

Despite the newly-installed CEO Neil Tavender and Kenny Bruce having overhauled the pricing model, so that half the fee was paid upfront and half on completion of the sale, Purplebricks have been forced to abandon the Australian market.

The pressure on the Australian business was most clearly exposed when it reported an $18 million interim loss for the six months to October last year.

Vic Darvey, the Purplebricks Group CEO said in May that after much consideration it had "made the difficult decision to close the Australian business".

"We’ve been operating here for two and half years and, unfortunately, we have been unable to make the progress in the Australian market that we’ve wanted, despite the tireless efforts of our employees."

Read more here

Join us November 12-15 for the Property Portal Watch Conference Madrid 2019.

899 Limited Tickets

July 8, 2019

Subscribe to our mailing list to get news updates!

Enter your email address and get updates from Online Marketplaces.

Related News

Portal New Products
Property Portal New Product Roundup: Houza, Idealista and Housing.com

Three portal companies have launched new products or tools on their platforms this week. Here's all you need to know...

Read More
Aptuno Bogota
Latin American PropTech Aptuno Adds New Products

The Colombian headquartered end-to-end rentals specialist Aptuno has announced the launch of two new financing products designed to bring liquidity...

Read More
Yandex Bleak Houses
Yandex Reaches Settlement with Russian Classifieds Companies Over Competition Law Dispute

Russian search giant and online classifieds operator Yandex has reached a settlement with the country's Federal Antimonopoly Service (FAS) putting...

Read More
Otm British Street
OnTheMarket Performing 'Ahead of Expectations' as it Rapidly Approaches Breakeven

The majority agent-owned British portal OnTheMarket has released a trading update to the London Stock Exchange in which shareholders were...

Read More

Popular News