Purplebricks leaves Australia

Online real estate company Purplebricks will cease operations in Australia after announcing the founder will down as chief executive.

Michael Bruce will step down immediately and the company’s Chief Operating Officer Vic Darvey will take on the top job.

The company has been in Australia for about two and a half years but says the investment is not proving profitable.

Real Estate Institute of Australia Deputy President Hayden Groves tells Ross Greenwood the “exit from Australia is great news”.

“Really, they were a dressed up private seller platform that was purporting to be something else.”

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