Australian turnover is roughly 500k so taking 0.44% market share is not a bad start. The UK market share is 10% so its got a lot of growth ahead of it. If it gets there it’ll make a material dent in realty listing business revenues.
Via the AFR:
UK fixed-fee disruptor Purplebricks sold $1.1 billion of residential real estate – around 2200 homes – in its first 14 months of operations in Australia, the company has disclosed as part of its latest interim results.
Revenue from its Australian business surged to £6.8 million ($11.9 million) for the six months ended October 31 – up from £400,000 in the prior corresponding period, when it had only been trading for two months – with full-year revenue forecast to hit £12 million.
However, Australian interim losses more than doubled to £5.1 million as the company ramped up its marketing budget to promote the brand to Australian home sellers and local estate agents.
The group’s interim results show that Purplebricks has recruited 105 Australian estate agents who charge an average fixed-fee of $5282. Its Australian website shows 1340 properties currently for sale.
The company launched in Australia in September last year with ambitions to mirror its meteoric rise in the UK where after just three-and-a-half years it now sells more than £9 billion of property a year and claims to be the UK’s biggest estate agency by listings.
