PHOTO: © Reuters
When online estate agent Purplebricks announced it was entering the Australian property market in 2016, its chief executive, Michael Bruce, said it would be “pushing against an open door”. Less than three years later, that door has swung firmly shut. This week the group ended its antipodean adventure — and Mr Bruce’s tenure. The U-turn has raised questions about Purplebricks’ aggressive growth strategy and the potential of the online agency model it pioneered, which has failed to gain significant ground in key markets despite heavy investment and marketing spend.
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