One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

First look: Inca eyes Mona Vale with State Significant DA for Dawn apartments

Purplebricks

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Century 21 has announced a partnership with Seven West Media.
Century 21, which is set to rebrand with a more modern logo, will take over from the besieged <a href="/expert-insights/buying/secret-house-rules-rosebery-auction">PurpleBricks</a> in selling the homes on Channel 7's House Rules.
Jamie Durie, the celebrity gardener, joins the show as a new judge in 2019.
Their agency team will also feature on The Morning Show providing insights into the property market.
Charles Tarbey, chairman and owner of Century 21 Australasia, said it was important that the agency's new branding and message was promoted.
He said he was hoping to "generate buzz" around the new branding and to deliver our offices an advantage in the market," Tarbey said.
Century 21, which operates in 78 countries, <a href="https://www.underconsideration.com/brandnew/archives/new_logo_and_identity_for_century_21.php" target="_blank">unveiled a new logo last year</a>.
The Century 21 brand expanded to establish the Australian-owned arm in 1988.
Tarbey is also overseeing the emergence of the Better Homes and Gardens name as a real estate agency.
They are set to enter the Australian and New Zealand real estate markets after a master franchise agreement was completed between the Realogy Holdings Corporation and CT Investment Holdings Pty Ltd, the latter chaired and owned by Tarbey.
 
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jrobinson-rf4aSBido9

Century 21 takes over House Rules sponsorship from Purplebricks

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Purplebricks shares fell almost 13 percent on Thursday after the company reported its interim results in London overnight.
The Australian operating loss of A$10.2 million in the first half includes one-off costs in connection with the recent restructuring and re-positioning of the business. Some further one-off restructuring costs are also expected in the second half of the year, although it is now expected that second half losses will be below those reported in the first half.
Purplebricks said it had “experienced some challenges in Australia" that had "stunted growth."
Its investment in Australia to date was put at £28 million, almost $A50 million.
It was September 2016 when it officially launched in Queensland and Victoria. In January 2017 it launched in NSW, followed in March and April in Perth and Adelaide respectively.
It reported its Australian operations had experienced "a tough period driven by external and internal factors which stunted growth."
Despite this its revenue growth was 40 percent.
In October there was a 38 percent growth in new instructions compared with September in Australia.
"While reporting strong growth in Australia, the underlying performance was held back by market conditions and some operational issues, which we have taken steps to correct with changes to the team, customer proposition and business model," it told shareholders.
Overall first-half losses have more than doubled at the international online estate agent.
The UK operations of the company are profitable, but globally losses continue to mount, more than doubling from a year ago.
It noted that its international business now makes up 31% of Group revenue,
Purplebricks made a pre-tax loss of £27.3m in the six months to 31 October, up from £11.4m in the equivalent period last year. The company is listed on the AIM junior stock market.
The company said they anticipate profitability <a href="/news/purplebricks-australia-sees-profitability-within-next-year">within the next year.</a>
Click here <a href="https://www.propertyobserver.com.au/images/2018/12/14/Purple5.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/12/14/Purple5.jpg" alt="">
The real estate agency said international group revenue was up 75% to £70.1 million, compared to £40.1 million reported a year previously.
UK revenue increased 39% to £48.3 million, with UK ancillary revenue up 25% in the six months to 31 October.
The tough conditions in the UK market are already claiming casualties, with Purplebricks rivals Emoov and Tepilo going into administration earlier this month.
Michael Bruce, Group CEO, commented Purplebricks would "emerge stronger from the ongoing industry shakeout." 
“Purplebricks has led industry change and through our strategy of relentless innovation will continue to do so.”
Click here <a href="https://www.propertyobserver.com.au/images/2018/12/14/Purple6.jpg" target="_blank">to enlarge.</a>
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The company reported it makes an average of £1,209 in revenue for each instruction it receives from a UK home seller.
A spokesman said that against this figure are admin costs of 18.5 per cent of revenue, and marketing costs of 28 per cent. So for an average £1,209 coming in from a UK instruction at least £562 of costs would be incurred on average.
The online real estate agent was founded back in 2012. It debuted on the junior AIM market of the London Stock Exchange back in December of 2017.
The firm turned its first ever profit in December 2016, with earnings of £300,000 in the six months to October end.
Since then, Purplebricks has gone on to expand its operations to the U.S and Australia.
Shares in the company are currently trading -10.67% as of 13:06 PM (GMT).
The fall in Purplebricks’ share price has been of the order of 60 percent this year.
Purplebricks changed its business model in Australia its first overseas market, when raising fees and making half the figure payable only on completion of a sale which was a departure from its UK model, where vendors pay whether or not a house sells.
Shareholders were told the underlying Australian results "testify to the challenges in the first few months of the period but are too early to show the benefits of the recent changes in the customer offering and reward for LPEs."
"One such change has been the removal of the salaried position of Local Sales Assistants.
"Combined with other changes the number of monthly instructions required to reach breakeven has been substantially reduced."
Bruce said a similar change in the UK was “not on the agenda”.
Earlier this year Purplebricks said they were unhappy with the <a href="/news/purplebricks-lashes-out-at-negative-australia-media-reporting-as-unhappy-agents-keep-departing">negative reporting in the Australian media</a> leading to agents leaving. 
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Purplebricks Australian operations admit "some challenges" stunted its growth

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Purplebricks Australia chief executive Ryan Dinsdale has quit the struggling estate agency after just two-and-a-half years.
The departure was reportedly by "mutual agreement," Fairfax Media advised.
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Dinsdale (below) said he was "incredibly proud" of leading the Purplebricks brand over the past two-and-a-half years.
"The business has successfully disrupted the real estate industry in Australia, with over 4000 homes sold and saving sellers more than $45 million in traditional fees," he said.
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<div class="cq-article-content-media section">"I felt the time was right to pursue another venture," he said.</div>
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Earlier this year Purplebricks appointed of Neil Tavender to the role of chief operating officer in its struggling Australian outpost.
It is understood Tavender will replace him as CEO.
Purplebricks have advised agents Dinsdale "will leave the business to pursue new opportunities" but would support a period of transition until next March at the latest.
Other recent departs include chief financial officer Brad Rom who quit earlier this month to join the community healthcare group, Mable. The departures comes after leaked documents showed that <a href="/news/low-commission-model-under-scrutiny-as-purplebricks-defectors-leak-internal-sales-documents">NSW agents were departing after struggling to get vendors to sign up</a> despite the low commission policy.
The constant staff shuffle, and extraordinary media mismanagement, came as Purplebricks' struggled with dreadful headlines generated by aggrieved former staff claiming the startup was like a "sweatshop."
The non-traditional estate agency market is virtually non-existent in Australia, but Ryan Dinsdale said: “We would look to replicate our UK market share success in Australia.”
Dinsdale has hoped to recruit “high quality Australian estate agents with local expertise who may feel disenfranchised or disillusioned”.
Dinsdale did not have an estate agency background, but held various marketing roles, including being marketing director for Virgin Money Australia. He joined the British hybrid agency from CommSec.
“We are changing the way Australians sell real estate, giving them the best experience through incredible service and saving them thousands of dollars along the way.
“Purplebricks has been a huge success in the UK and we believe it is exactly what the Australian public have been waiting for,” he suggested in his early days in the post.
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The vacant role of national sales manager has now been filled by Sean Green who brings 20 years industry experience, most recently with LJ Hooker in its corporate office. Prior to this, Mr Green was with Century 21 and Raine &amp; Horne.
Since October, Purplebricks Australia has hired an additional 55 new agents and expect agent numbers to grow further before the end of the year.
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Neil Tavender in as Purplebricks Australia chief executive Ryan Dinsdale departs low commisery estate agency

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Revelations by the AFR that Purplebricks agents pushed clients into cutting their asking prices to win a prize from the low commission estate agency are being referred to the NSW Office of Fair Trading by the REINSW.
Its agents had clients cut their asking prices by as much as 20 per cent to potentially win a $5000 cash prize offered by its co-founder Kenny Bruce.
The Real Estate Institute of NSW president Leanne Pilkington said the vendor discounting competition left her "horrified and speechless". 
"Estate agents are paid to act in their clients' best interests by law. How can this be in their best interests?" said Ms Pilkington.
"This is an awesome opportunity to get our customers homes realigned with the market place and make sure we get the job done for them," said the Puplebricks email to agents.
The email advised agents with stock that had been on the market for more than 30 days "needed to realign pricing the most".
The company, founded by brothers Michael and Kenny Bruce, initially threatened to go to court to get an injunction to prevent publication of the newpaper's story about its "NSW Raffle", but has since defended its practices as "entirely normal".
More than 100 NSW Purplebricks vendors cut their asking prices. A seller in Panania agreed to cut their asking price from $1.2 million to $1 million. A Condell Park vendor cut their price from $1.4 million to $1.2 million.
Among the requirements of the NSW Property, Stock and Business Agents Act 2002 (the Act) and the Property, Stock and Business Agents Regulation 2014 (the Regulation) is that an agent "must act in the client's best interests always, unless it would be contrary to the Act, the Regulation or otherwise unlawful to do so".
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However the heightened perception that Purplebricks's fixed-fee model is not working in Australia assisted in its UK share price tumbling to an 18-month low of £2.226
They peaked at £5.145 in August last year.
However Anthony Codling from broker Jefferies International pinpointed last week's decision by Purplebricks to halve the immediately payable upfront commission fee and the rest on settlement as a major catalyst for its share dip.
It also came as major UK estate agency Connells shut down its own hybrid agency Hatched because it was not "economically viable".
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Purplebricks defends reduced asking price competition as working in vendors' interest

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Purplebricks is set to amend its offering in Australia so that half of the commission fees will be payable on sale, rather than all on signup.
Purplebricks Global COO Neil Tavender said the changes were a natural evolution of a business.
They have however raised their commission again, progressively from its initial flat cost of $4500.
Purplebricks has sold over 4,000 homes since its launch.
Kenny Bruce, its co-founder, toured Australia to speak with their listing agents.
“For customers, our new offering reduces exposure when a home isn’t sold whilst still offering a flat fee that side-steps large com
The new structures sees:
• An all-inclusive fee of $8,800 incl. GST when selling with Purplebricks. If the property goes to auction, an additional fee of $600 incl. GST is incurred by the customer.
• Only half of this fee is paid on listing ($4,400 incl. GST), although every customer can choose to defer this payment for six months or until settlement.
• The remainder of the fee is only payable when the home is sold following settlement.
• Access to a best-in-class marketing package that now includes ‘premiere’ listing on realestate.com.au, the cost of which would normally be paid by the seller and range between $1000 and $4000. This is coupled with professional photography, floor-plan, for sale board and other marketing and advertising as part of the overall package.
As part of the changes, Purplebricks agents will have the opportunity to more than double their income per listing, receiving an additional payment on the successful closure of the sale of the home.
“Our agents will continue to be highly motivated to achieve strong sale results and have the bandwidth to provide the highest level of service as we expand our footprint across the nation.”
“An entrepreneurial franchising model has always been at the heart of our business and is what has facilitated tremendous growth for Purplebricks across the globe." Tavender said.
Purplebricks Australia will honour terms and conditions in all existing contracts.
The offering will be in implemented from 1 October.
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Purplebricks evolves its offering in Australia so not all commission upfront 

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Purplebricks has appointed of Neil Tavender to the role of chief operating officer in its struggling Australian outpost.
Tavender is a former sales director at UK-based listings portal Rightmove, before he worked as commercial property director at propertyfinder.com.
“Neil Tavender has been appointed to the new position of group COO of Purplebricks to support the growth of the business," a spokesperson said.
"Neil has a wealth of real estate knowledge, combined with many years of Australian board-level sales, marketing and digital experience."
Mr Tavender was granted share options worth approximately $2.5 million on his appointment.
His appointment followed the recent departure of New South Wales-based Brent May, its national sales director.
May had joined "well positioned to draw on his 25 years of real estate experience."
"There is no doubt in my mind that Purplebricks is the smart way to sell property," May had suggested when he was at the low commission agency.
Leaked documents obtained by the AFR earlier this year showed that <a href="/news/low-commission-model-under-scrutiny-as-purplebricks-defectors-leak-internal-sales-documents">NSW agents were struggling to get vendors to sign up</a> despite the low commission policy.
Industry leader Hayden Groves says Purplebricks <a href="/news/purplebricks-arent-offering-proper-agents-hayden-groves">aren't offering proper real estate agents.</a>
The staff shuffle comes as Purplebricks' struggles continue to capture dreadful headlines from aggrieved former staff.
Its numbers have dipped to 90 from its 105 high late last year with many agents quitting because they could not make a living. Jason van Straalen, a former agent at Purplebricks in Australia, is the latest to have claimed the hybrid model will not work in a declining market.
van Straalen has said that he quit after earning less than half of what he was told he would earn.
He has also accused Purplebricks of a bullying culture, as agents struggled to reach targets.
He says he worked 80-hour weeks and secured 67 listings in 13 months, but only managed to sell 20.
van Straalen talked to the Australian Financial Review, which ran the interview originally under the headline: “Inside the Purplebricks sweatshop: former agent accuses it of toxic culture”.
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He also suggested that share options promised after six months did not materialise.
The UK-based Property Industry EYE website has noted the Purplebricks Australian boss Ryan Dinsdale emailed his team alleging that the recent Financial Review story gave it no opportunity to respond.
It was something that EYE did although Purplebricks did not take them up on the invitation.
“You may have seen that the AFR have published another article today," Dinsdale says in his email.
"Despite having a right to respond to such content we were sadly not given any opportunity by the AFR and the article was printed without any balanced, factual comment from Purplebricks.
"We have asked the AFR what their agenda is and why we were not respectfully given the opportunity to respond to this one-sided story.
“In any event, what is clear to me is this article simply highlights that there are a small number of former agents who don’t share our values as a business.”
An earlier email, dated June, from Dinsdale referring to another Financial Review story told staff that selling more than 3,500 homes in Australia indicate the agents were "excelling – this tells us we have a long term future in this market and we are a popular proposition amongst sellers and agents."
“To suggest that traditional agent models are better suited to a slowing market shows a lack of understanding of how Purplebricks works,” Dinsdale added.
van Straalen has now set up his own fixed-fee agency JVS Real Estate.
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Purplebricks lashes out at negative Australia media reporting as unhappy agents keep departing 

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The Australian division of Purplebricks has reported an EBITDA loss of £11.8 million ($21.1 million), but with average revenue per listing instruction being up 22% to £3,170 it expects to reach monthly profitability within 12 months.
The group says it was seeing a "seachange" in consumer acceptance.
It has have now facilitated the sale and completion of over $2.1 bn of properties in Australia, $1.76bn of which was in the latest financial year.
There were 4544 listings in the financial year.
The loss was bigger than expected, but the group surprised with fewer agents, that they call local property experts.
"We now expect that Australia will reach monthly profitability within 12 months," the company chairman Paul Pindar advised.
The disruptor claims to have saved Australian's over $36 million in traditional agents commission all the time <a href="/news/low-commission-model-under-scrutiny-as-purplebricks-defectors-leak-internal-sales-documents">meeting critical headwinds</a> from within and long established rivals.
"Our business in Australia continues to grow, having only recently completed its first full year in the five key target states.   
"We believe we can create a strong, market leading, profitable business in Australia and will continue to invest in growing our market share," Pindar advised.
The disruptor reported its Australian revenues rose 285% to £13.5 million ($24.1 million) in the year to April.
"Whilst the markets in the UK and Australia have been and continue to be challenging for the industry, with overall transaction volume and sentiment down year on year, we have managed to gain market share, increase revenues and grow customer engagement in all three countries in which we operate," its chief executive Michael Bruce noted. 
"We have made the progress we expected in Australia during this financial year. 
"Revenue has increased by 285% year on year to £13.5m ($24m) and the average revenue run rate has increased by 137%.  
"Average revenue per instruction has increased by 22% to £3,170 ($5680).  
The number of agents sat at 90 although there was a change in strategy during the year to introduce sales associates with a view to increasing the productivity of the lead agents.
A total of 88 sales associates have been recruited.
"Whilst the Australian market overall is challenging for the industry there remains a big opportunity for Purplebricks to capitalise on the significant sea-change in consumer thinking, as they move away from high cost traditional estate agency to saving thousands of dollars and getting great service with Purplebricks. 
"We are investing more in advertising, technology and the advancement of our service in Australia to grow our market share," Bruce said.
Its establishment investment as at 30 April 2018 came to a total of £19.3m ($34.5m) invested by the group in Australia.
Adjusted operating costs increased from £3.9m to £6.7m (70.7%) as the scale of operations increased. 
The loss from operating activities includes the charge of £0.6m (2017: Nil) arising from grant of share options to incentivise and retain Australian employees and agents. 
Marketing costs increased from £3.8m to £11.4m as the business invested in growing market share. 
"This increase of 198.4% compares favourably to the increase in revenue," the accounts noted.
Last December the UK disruptor reported some $1.1 billion of residential real estate – around 2200 homes – had been sold in its first 14 months of operations in Australia.
Australian interim losses more than doubled to £5.1 million as the company ramped up its marketing budget.
The company disclosed as part of its latest interim results that revenue from its Australian business surged to £6.8 million ($11.9 million) for the six months ended October 31.
It was up from £400,000 in the prior corresponding period, when it had only been trading for two months.
Its full-year revenue was forecast to hit £12 million. Its first results were announced <a href="/news/purplebricks-reports-10-million-losses-in-australia">last June</a>.
It suggested the percentage market share in Australia as at last October was higher than UK after first anniversary.
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It had 105 local property experts across five states. 
"We are fast building a brand, with unprompted brand awareness reaching 10%, a level which it took the UK two years to reach. 
"Our aim is to replicate the success that Purplebricks is having in the UK," he advised.
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The five states were New South Wales, Victoria, <a href="/news/queensland-ranks-as-purplebricks-listing-heartland">Queensland</a>, South Australia and Western Australia.
As at last December Purplebricks charged a flat sales fee of £2,708 ($4,500AUD) everywhere other than New South Wales where it charged £3,309 ($5,500 AUD) which includes professional photography, marketing and advertising on platforms Domain.com.au and RealEstate.com.au, as well as the Purplebricks Australia website. 
Given the role of auctions in the Australian property market, Purplebricks offers an additional auction facility with a top-up fee, which includes an auctioneer and all viewings held by a local agent or their experienced viewing assistant.
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Purplebricks Australia sees profitability within next year

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Queensland is the hotspot for the low commission estate agency Purplebricks, according to internal documents.
Some 40 percent of early June's listings came from Queensland.
It represented 71 fresh listings.
There were 42 new listings in NSW and 36 in Victoria.
WA had 16 and SA had 11, giving a national tally of 176 fresh listings.
The tally covered the period from June 1 -18 this year.
The tally represented just 27 percent of the target listings.
Internal reports obtained by The Australian Financial Review also showed sales numbers totalled 125 out of a target of 423.
The newspaper noted more than half way through June, 23 out of 85 agents had yet to secure a single listing, while 15 agents had secured just one listing and 17 agents two listings.
The numbers indicate how tough it was for many agents to earn a living and why many are quitting the disruptor, according to the newspaper in its fifth hatchet job article on the low cost agency so far this month.
The newspaper initially lauded the disruptor in its initial post-launch coverage.
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Purplebricks Australia CEO Ryan Dinsdale sent an email to all staff last week telling them they should "not to be distracted by criticism from those that seek to undermine us".
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<div>"Instead, have courage and take pride in the fact that we are doing something special and building great businesses together," Mr Dinsdale said.</div>
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<div>It has also faced a <a href="/news/purplebricks-arent-offering-proper-agents-hayden-groves">sustained critical campaign</a> for real estate institute leaders who have claimed they didn't offer "proper estate agents" and <a href="/news/no-motivation-for-best-result-as-reinsw-slams-upfront-fee-disruptive-agencies">didn't seek top price results</a>.</div>
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<a href="/news/low-commission-model-under-scrutiny-as-purplebricks-defectors-leak-internal-sales-documents">The Purplebricks low commission model</a> is premised on Australian agents being expected to list 10 properties a month by converting 40 per cent of appraisals.</div>
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Queensland ranks as Purplebricks listing heartland

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The Purplebricks low commission model - where Australian agents are expected to list 10 properties a month by converting 40 per cent of appraisals - has faced yet another hostile expose in The Australian Financial Review.
It was the fourth article in the past week by the paper which once lauded the Purplebricks model, which has the slogan, Full service. No commission. One fair fee: The most convenient and transparent way to sell a house.
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Purplebricks has certainly faced a exodus of its agents for various reasons.
Its most high profile agency listing came last December with the Vaucluse offering by socialite Lizzie Buttrose through estate agent Dean Emerson who also had the House Rules listing in Rosebery.
Emerson, now at Coastline Realty, was a Puplebricks territory owner between January 2017 and April this year. His new agency profile says his net turnover in the last 18 months saw over 40 properties sold for in excess of $60 million.
The newspaper concluded it was getting harder for most Purplebricks' suburban agents to convince vendors to sign up, despite the commission savings.
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Internal sales documents obtained by The Australian Financial Review covering the first two weeks of June highlighted underperformance by its NSW agents.
The documents indicated that 27 NSW Purplebricks agents secured a combined 26 listings.
Their NSW agents were converting around 20 per cent of the 123 home appraisals they conducted over the fortnight.
The conversion rate was down from 28 per cent of appraisals converted during February, March and April.
Its top agent over the fortnight had converted four out 10 leads.
Among the 27 NSW agents, nine were struggling to secure a listing in early June.
Some six agents secured two or more listings.
Agents who earn $1000 per instruction – with the remaining near $5000 of the upfront fee going to Purplebricks – require a high volume of listings to make a living.
The paper reported the Purplebricks agents with a backlog of unsold listings were having their capacity to list more "turned off" by head office, preventing them from earning income.
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The company provides some financial assistance in these instances, but at the discretion of Purplebricks.
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<div>Today Purplebricks defended the model and its culture amid claims of "toxic work environment" after current and former agents told the AFR they had been "bullied, threatened and undermined."<a href="https://www.afr.com/real-estate/residential/26-listings-for-27-agents-purplebricks-agents-struggle-to-win-new-listings-20180621-h11nzt"> </a>
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"Purplebricks rejects the serious allegation of a bullying culture," a Purplebricks spokesperson said after former Purplebricks Newcastle agent Steven Bashford claimed anyone who achieved success "gets chopped back".
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"It's appalling how they treat agents. Their behaviour is bullying," he said.
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<div>Bashford claimed Purplebricks' head office would call his vendors to "draw out any complaints" against him. Purplebricks can claw back money from agents if a customer complained.</div>
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Former northern Sydney agent Richard Mirosevich, who sold 41 properties in seven months after a 100 per cent conversion rate of appraisals to listings, has claimed he was fired.
"I was getting great results then they sacked me without notice because I was getting too big.
"They took over my area and replaced me with three to four other people," he said.
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Purplebricks' spokesman rejected these allegations.
"We work in partnership with our agents and are committed to investing resources to support them in changing market conditions."
Last week, the Financial Review revealed 27 agents had left the company since March with overall numbers falling to 88 from the 105 reported late last year.
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Purplebricks Australia CEO Ryan Dinsdale sent an email to all staff last week telling them they should "not to be distracted by criticism from those that seek to undermine us".
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<div>"Instead, have courage and take pride in the fact that we are doing something special and building great businesses together," Mr Dinsdale said.</div>
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<div>It has also faced a sustained critical campaign for real estate institute leaders who have claimed they didn't offer "proper estate agents" and didn't seek top price results.</div>
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<div>PRDnationwide released research claiming customers got a better result when they pay the full real estate commission rates.</div>
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<div>There was negative press when Purplebricks was fined $20,000 fine by the Queensland Office of Fair Trading over misleading customers about how it charges its fixed fees in agreements with clients.</div>
The newspaper claimed "broke" real estate agents were quitting the British based disrupter "in droves" as the fixed-fee agency's low-margin, high-turnover business struggles to achieve enough sales amid a slowing Australian housing market.
The Purplebricks territory owners (franchisees) and agents said the envisaged $100,000 to $180,000-a-year salaries had failed to materialise.
Internal sales figures show that 15 agents undertook a combined 768 home appraisals between February and April, securing 189 listings between them
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While two of these agents have 72 instructions between them, the remaining agents have won between zero and 18 new listings each over the three-month period.
"The concept is brilliant, but the business model is wrong for Australia," said former Purplebricks Newcastle agent Steve Bashford, who quit in May.
"There is a big difference between what they promised us and what we achieved."
Other current agents and franchisees, who asked not to be named, made similar observations.
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"There's no money in it. The business model is flawed," said a current franchisee.
"I've sold 50 properties in 18 months and I'm broke," another nameless agent who recently quit told the AFR.
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<div>Apart from the $1000 instruction fee, agents can earn additional fees if a customer arranges a Purplebricks home viewing or signs up for a mortgage with one of its partners.</div>
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<div>The Purplebricks are the only agents facing income challenges.</div>
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<div>The REI says the bottom 50 percent of agents nationally sell less than two properties to earn less than $30,000 annually.</div>
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<div>It is a far more competitive industry with NSW sales volume down 16 percent last year with agent numbers up by 20 percent.</div>
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Since launching in September 2016, Purplebricks has secured more than 5200 listings and sold more than 3600 homes. On selling 3,500 properties its suggested it had saved home sellers over $38 million in traditional commission.
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<div>It currently has 1500 properties for sale. Purplebricks recently raised its fees - raising the price in Victoria, for example, to $5999 from $4500. </div>
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Its UK headquarters reported a £5.1 million loss from its heavily marketed Australian business for the six months to the end of October 2017. 
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Purplebricks Australia CEO Ryan Dinsdale recently told the Financial Review more than 80 per cent of agents were earning a "good income".
"It's a new model in Australia with a new way of doing things so it won't suit everyone," Mr Dinsdale said.
"We are really pleased with how the business in Australia is going."
He confirmed franchisees and agents sometimes had to contribute to the cost of customer refunds because there was a "shared responsibility to provide exceptional service".
He also confirmed that Purplebricks had in "rare circumstances" stopped providing new appraisals to territory owners if they had a lot of unsold properties.
In an analyst piece in 2016 UBS's Mark Fielding and Heidi Richardson estimated that a UK Purplebricks agent needed to sell 12 times as many properties as a typical sales agent to achieve salary levels claimed by Purplebricks.
It has a $20 million Avoid Commissery marketing budget in Australia which has included a partnership with the renovation show House Rules on Channel Seven.  
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Equities analysts at Jefferies, Anthony Codling and Sam Cullen raised concerns that the model rewards listings over sales.
Being listed in the UK, the AFR reports have generated huge interest from the UK property press with a Purplebricks spokesperson indicating the Australian agency had hired 18 agents in the last two months.
“The net number of agents in the field in Australia is unchanged from March, despite some churn.
“We are winning market share in a declining housing market.
“Our growth allows us to continue to recruit while many traditional operators are making substantial redundancies.”
The spokesperson also said that the Australian Purplebricks business was set to at least meet full-year expectations.
“Market expectations are for year-on-year revenue growth in Australia of 250 percent," the spokesperson advised.
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Low commission model under scrutiny as Purplebricks defectors leak internal sales documents 

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Purple Bricks and agency groups like them are not “proper agents” as their television ads claim, industry leader Hayden Groves has claimed. 
"They are not properly negotiating the sale on behalf of the seller, taking on the risks nor managing the sale through to settlement because there’s no incentive for them to do so," he blogged this week.
"They’re not using ACCC approved contract documents either and if you want to use your own settlement agent, you’re forced to pay extra.
"That’s just weird," the Freemantle-based agent suggested on a blog which appeared on the REIA-funded website, the Real Conversation.
It renewed the campaign by the Deputy President of the Real Estate Institute of Australia who had previously attacked “pseudo agent” models.
Groves pointed out that “proper agents” are incentivised through the payment of a commission at settlement which ensures they work for their client from beginning to end to procure the best result possible.
"That is our responsibility by law."
Appropriately, an agent that fails to complete their task doesn’t get paid, he said.
"Comparatively, Purple Bricks charge no commissions but incentivises their agents to list your property for about $5,000 (including advertising), then effectively you’re on your own unless you pay for “extras”. 
The REIWA governing council re-elected Hayden Groves as the Perth institute’s president last October.
Groves claims WA Purple Bricks agents are not employees of the parent company and therefore must hold their own agent license.
He suggested of the 90 registered Purple Bricks participants in WA, "only three hold a license (sic) that enables them to act on a behalf of a seller; with the remainder (if not employees) breaking State laws." 
He pointed out Purple Bricks has fallen fowl of the Office of Fair Trading (OFT) in Queensland for alleged breaches of the Australian Consumer Law and Property Occupations Act (Qld 2004). 
Queensland’s regulator claim consumers were misled by Purple Bricks about additional services offered by them, despite the agency advertising ‘low, fixed fees’ for their services when selling property.
"Purple Bricks also failed to fulfill some of it's regulatory obligations around properly accounting for funds held in trust and some other technicalities that “proper agents” need to comply with."
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