Australian roll-out continues with Sydney launch

16 January 2017

Australian roll-out continues with Sydney launch

Purplebricks Group plc ('Purplebricks' or 'the Company'), the leading hybrid estate agency providing a new way to sell, buy or let property, today announces that it has expanded its targeted roll-out across Australia, with the launch into Sydney, and New South Wales. Plans are now progressing for the launch of Perth and Adelaide.

Momentum in Australia, a real estate market worth some £3.3bn1, continues to build and track ahead of the UK at the same point in its evolution, with hundreds of homeowners now choosing Purplebricks to sell their home each and every month.

Commentating on the news, Michael Bruce, CEO, said:

"In such a short time, we have delivered an estimated $1.7m in savings back to sellers and received some incredible reviews and feedback, which speaks volumes about the Australian public's interest in the Purplebricks offering. Our 24/7 hybrid model means that we were even selling homes in Australia on Christmas Day and Boxing Day, much to the delight of our customers.

"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 is now operating in Melbourne, Brisbane, the Gold Coast and the Sunshine Coast, Sydney and parts of the Central Coast, with plans underway for extension into Perth and Adelaide."

*1 Source - IBIS Real Estate Services in Australia Industry Report

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Notes to Editors

Purplebricks, established in April 2014 by co-founders Michael and Kenny Bruce, is the leading next generation estate agency in the UK, combining highly experienced and professional Local Property Experts and an innovative use of technology to help make the process of selling, buying or letting so much more convenient, transparent and cost effective. Purplebricks is transforming the way people perceive estate agents and estate agency.

Unlike traditional agents, where customers only pay upon the sale of the property, which effectively means that those that do sell pay more in order to cover the costs of those that do not sell, Purplebricks believes it is more equitable that everyone should pay, charging a flat fee at instruction. This helps to avoid the industry issue of timewasters and those that are merely 'testing the water' and underpins the low, flat fee model.

Purplebricks listed on the Alternative Investment Market (AIM) of the London Stock Exchange in December 2015, raising £25.0m of growth capital before listing costs at 100p per share.