{"id":18649,"date":"2019-05-08T09:17:01","date_gmt":"2019-05-07T21:17:01","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=18649"},"modified":"2019-05-08T09:17:01","modified_gmt":"2019-05-07T21:17:01","slug":"real-estate-agent-purplebricks-quitting-challenging-australian-housing-market","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/real-estate-agent-purplebricks-quitting-challenging-australian-housing-market\/","title":{"rendered":"Real estate agent Purplebricks quitting ‘challenging’ Australian housing market"},"content":{"rendered":"

PHOTO:\u00a0UK real estate company Purplebricks has announced it will quit the Australian housing after being met with touch challenges that led to a slump in its stock prices.\u00a0<\/strong><\/p>\n

Online real estate agent Purplebricks is quitting the Australian market, two and half years after entering it with a promise to shake things up.<\/p>\n

The UK fixed-fee company also said founder Michael Bruce would step down as chief executive immediately and it would review its US business.<\/p>\n

The company said it would remain committed to its current Australian customers but would not accept new business.<\/p>\n

“During the two and a half years that Purplebricks has been operating in Australia, market conditions have become increasingly challenging,” the company said in a trading update.<\/p>\n

“This, combined with some execution errors, has resulted in the business not delivering the progress the Board expected.<\/p>\n

“With hindsight, our rate of geographic expansion was too rapid and as a result the quality of execution has suffered,” chairman Paul Pindar said, as he apologised to shareholders for disappointing performance over the last year.<\/p>\n

READ MORE VIA NINE\u00a0<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

PHOTO:\u00a0UK real estate company Purplebricks has announced it will quitRead More →<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":18650,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478098730,478098512,478099322,478098521,478098513,478098579,478098510,478098514,478099365,478098511,478098705,478098533,478098509,478105052],"class_list":["entry","author-data123nz","post-18649","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-auctions","tag-australia","tag-australian-housing","tag-australians","tag-property","tag-property-market","tag-property-news","tag-propertynoise","tag-purplebricks","tag-real-estate","tag-real-estate-agency","tag-real-estate-agent","tag-real-estate-news","tag-uk-fixed-fee-company"],"yoast_head":"\nReal estate agent Purplebricks quitting 'challenging' Australian housing market - 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