Regional News

Purplebricks set to shake up Australia’s property sector

By Editor 2 Comments NEWS, Regional News

Dissatisfaction with traditional real estate agents will fuel the success of flat-fee, high tech UK agency Purplebricks in Australia, reports The Australian Financial Review

Purplebricks will charge a flat fee of $4500 – including marketing costs – to homeowners which can save thousands on real estate agent fees but also allow sellers access to a bespoke online platform to track the sale of their home, ask questions of potential buyers, respond to queries and receive offers the moment they are made.

Purplebricks CEO Michael Bruce told AFR says Australia's love of real estate, but dislike of the way traditional estate agents operate, will fuel the success of his company.

"Australians are infatuated with real estate,” he said. “For us, it's great because it means they will embrace our model as they have done in the UK.

"We grew to 300 local property experts in the UK in less than two years; it could be a lot quicker in Australia.”

Bruce said he was confident of mimicking the rapid success achieved in Britain, where London-listed Purplebricks has grown to be the third-largest estate agency in less than two years and has successfully floated with a market value of £300 million ($520m) – three times bigger than ASX-listed McGrath.

Purplebricks will launch in Melbourne and south-east Queensland on Monday with 50 "local property experts" and a $17.2 million marketing budget to spread the word among home sellers.

Read the full story here.

Comments

  • Marcia & Hank de Groot
    August 29, 2016

    We saw the story of PURPLEBRICK on Channel 7 – Sunrise and would appreciate more information regarding the selling of our home on the Fraser Coast, Queensland.

    Thanking you in advance, I remain

    Marcia and Hank de Groot

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