Online estate agency Purplebricks has launched in Australia.
The company will initially offer services to clients in Brisbane and Melbourne before rolling its platform out in Sydney, Perth and Adelaide later this year.
The group will invest £10m in the Australian business over the coming two years.
Chief executive Michael Bruce said: “Australia is a natural second market for us to target. It is a large and fiercely competitive real estate environment, but one where sellers are currently receiving poor value for money.
“We will offer the Australian public far greater transparency and a fairer way to sell their homes. We are very excited about the size of the market opportunity there, and believe that the expansion outside of the UK provides both additional returns for investors and the benefit of diversified income streams.”
Purplebricks’ Australian team will be led by chief executive Ryan Dinsdale, along with national sales director Luke Pervan and chief marketing officer Joby Russell, who is relocating from the UK.