Purplebricks plots further expansion in Australia
AIM-traded online estate agency Purplebricks has launched its service in Australia and plans to expand further in the country.
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The company, which floated in December 2015 raising £240m, is now operating in Melbourne, Brisbane, the Gold Coast and the Sunshine Coast, Sydney and parts of the Central Coast, with plans underway to extend into Perth and Adelaide.
Purplebricks said that that momentum in Australia, which has a property market worth some £3.3bn, continues to build ahead of Britain’s.
Chief executive Michael Bruce said that the company has delivered an estimated $1.7m in savings back with its 24/7 hybrid model, which meant that it was even selling homes in Australia on Christmas Day and Boxing Day.
He said: "We are confident that our proven success in auction and private treaty sales in the country is setting us apart from traditional real estate offerings and will make a substantial and positive difference for homeowners across Australia."
Purplebricks has funding from major investors, including Neil Woodford, founder of Woodford Investment Management, and Wonga founder Errol Damelin.
In December 2016, the company announced that revenue for the six months ended 31 October surged 159% to £18.7m year-on-year, even though the UK housing market experienced a slowdown in the wake of June’s EU referendum.
Shares in Purplebricks were up 3.97% to 163.75p at 1453 GMT.