The “Old Fashioned Commission Collectors” have finally won out in the “Purple Bricks Vs Agents” war that’s waged since the disruptor came to Australia. Purple Bricks CEO Vic Darvey has confirmed to AFR that after less than 3 years, the company is to cease trading in Australia over the coming months, as it quits the Australian market.
Citing “market conditions becoming increasingly challenging,”, the London Exchange listed company appears to be bowing to pressures from shareholders amid advice from investment banks to “get out of the US & Aus to survive” and that the company would not break-even for several years.
The agency will not take on new listings, and the closure is expected to take several months as they assist in the transition of staff and listings.
Difficult Market Conditions
It’s now unclear exactly what will happen to the agents and administrative staff employed by Purple Bricks, and many may find difficult employment prospects given the depressed property market in Australia.
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