Purplebricks has announced that it will exit the Australian market.
After creating a stir and much controversy since opening its doors in Australia, the fair fixed-fee network will wind up its business in this country.
Purplebricks Group CEO Vic Darvey said that, after much consideration, the business has 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.
“Our present intention is that, over the next few months, we manage the process of closing down the Australian business in an orderly way, attempting to minimise disruption for both our people and our customers.”
Mr Darvey said that Purplebricks will take no further listings in Australia, but it intends to engage with its customers to finalise all existing agreements.
“This is not a decision we have taken lightly, but with market conditions becoming increasingly challenging, we do not believe that the prospective returns in Australia are enough to justify continued investment.”
More to come.