The Victorian Government has secured the passage of the Building Legislation and Treasury Legislation (Tax Relief) Amendment Bill 2026, introducing a suite of reforms aimed at improving consumer protection and confidence in the apartment market.

Resilience Insurance, Australia’s leading Latent Defects Insurance (LDI) provider, has welcomed the move.

The LDI elements of the Bill passed with bipartisan support and now moves to the Legislative Council where debate and passage are expected later this month. It represents a significant milestone in the national shift toward stronger, longer-term protection for apartment buyers.&nbsp;

The reform would deliver practical benefits across the housing system. Apartment owners will have stronger protection if major defects emerge, developers and builders will have a clearer quality framework to work within, and the State will reduce the risk of serious building failures becoming a long-term financial and social burden for households, communities and government.&nbsp;

LDI helps support apartment delivery while providing stronger protection for buyers and encouraging better construction outcomes.&nbsp;

Resilience LDI provides apartment owners with 10 years of insurance-backed cover for major structural defects from completion, with direct claim access to the insurer. This means owners are not required to first pursue developers or builders through costly legal action before accessing protection.&nbsp;

Resilience Insurance has been operating in Australia since 2022 and has already insured hundreds of development projects covering many thousands of apartments across Australia.&nbsp;

At approximately 1.8 per cent of build cost, it is a cost-competitive alternative to the traditional two per cent Strata Bond, bond while delivering significantly broader and longer protection.&nbsp;

“The Victorian Lower House vote shows that reforms like this succeed when they are practical, evidence-based and supported by industry," says Corey Nugent, CEO of Resilience Insurance.

"Victoria is moving quickly on a reform that will make a real difference for apartment buyers, while supporting better building outcomes and greater confidence in apartment delivery.

“This is step one. We look forward to the Bill completing its passage through the Legislative Council and to working with government and industry to implement the framework effectively.”&nbsp;

Fast Facts: What is Resilience LDI?&nbsp;

<ul>
	<li>Resilience Latent Defects Insurance (LDI): Covers major structural defects for 10 years from completion.&nbsp;</li>
	<li>Consumer-first: Direct claim access, no need for lengthy legal action.&nbsp;</li>
	<li>Cost advantage: At approximately 1.8% of build cost, LDI is typically priced below the traditional 2% Strata Bond while offering broader protection.&nbsp;</li>
	<li>Market leader: Resilience Insurance is the first approved LDI provider in NSW.</li>
</ul>

The Building Legislation and Treasury Legislation (Tax Relief) Amendment Bill 2026 has passed the Victorian Lower House, putting Victoria on track to become the first state to legislate an industry workable LDI framework as a formal alternative to the Strata Building bond. 

Joel Robinson

10-year Latent Defects Insurance for new apartment buyers set to land in Victoria

Just a few months after acquiring a prime Broadbeach site on the corner of First Avenue and Surf Parade, family-run developer <a href="https://www.apartments.com.au/developers/raptis">Raptis</a> has filed fresh plans for a new apartment development.

Raptis is seeking to deliver a <a href="https://www.apartments.com.au/new-apartments/17-19-first-avenue-broadbeach-qld-4217">29-storey tower with 73 apartments</a> on the 818 sqm site. It will be the developer's seventh project in the suburb, as they are approaching completion of The Sterling on George Avenue.

There will be a pool, barbecue and outdoor dining area, residents lounge and dining, sauna and steam room, gym, and a Yoga and Pilates studio.

<img alt="Raptis" data-entity-type="file" data-entity-uuid="b554da3f-7344-49aa-b1c9-44cf459af0d7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%2010.41.45%E2%80%AFAM.png?VersionId=zzjWu1iO1wnuYv4EV4fyOyf5nSXjGYut" />

Raptis Joint Managing Director, Evan Raptis, says they remain&nbsp;committed to developing quality infill sites across the Gold Coast in the lead-up to the 2032 Brisbane Olympics.

"This project continues our long track record of delivery in Broadbeach, and we look forward to bringing another premium development to this thriving precinct."

The announcement follows strong delivery momentum for Raptis, with The Sterling Broadbeach nearing completion and construction well underway on the final stage of the Waterpoint community adjacent to Harbour Town. The developer's continued investment in the Gold Coast reflects confidence in the region's apartment market fundamentals, underpinned by sustained Southeast Queensland population growth.&nbsp;

The outlook for the region is further bolstered by infrastructure investment tied to the Brisbane 2032 Olympic Games, which is expected to drive continued economic and population growth across the SEQ corridor.&nbsp;

Subject to a favourable response from Gold Coast City Council, construction on the new First Avenue tower is targeted to commence before the end of 2026.&nbsp;

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/it-s-all-in-the-family-four-decades-later-raptis-continues-to-shape-the-gold-coast-skyline">It’s all in the family: Four decades later, Raptis continues to shape the Gold Coast skyline</a>

Read more: <a href="https://www.apartments.com.au/news/qld/raptis-secures-prime-surf-parade-site-for-next-broadbeach-apartment-development">Raptis secures prime Surf Parade site for next Broadbeach apartment development</a> 
&nbsp;

Gold Coast developer brings seventh Broadbeach project to market, targeting construction commencement before year end

First look: Raptis lodges plans for new 29-storey Broadbeach tower 

Brisbane development veteran Kevin Seymour's Seymour Group is set to deepen its presence on one of Brisbane's most tightly held riverfront addresses, lodging revised plans for a luxury apartment development on Oxlade, just a few doors down from The Oxlade, which it completed in 2024.

The <a href="https://www.apartments.com.au/new-apartments/70-72-oxlade-drive-new-farm-qld-4005">new project at 70-72 Oxlade Drive</a>, directly north of The Oxlade, will have 27 apartments across a seven-storey building&nbsp;overlooking the Brisbane River and Merthyr Park. It's a revision from a 2021-approved design.

Designed by bureau^proberts, the project has evolved from the previously approved 26-apartment scheme, introducing an additional penthouse level while maintaining a low-density, boutique character. The development will comprise 26 three-bedroom apartments and a single four-bedroom penthouse, supported by two basement levels with 86 car spaces and 34 bicycle spaces.

The architectural response is centred around two distinct building forms separated by a landscaped open-air atrium.&nbsp;"This dual composition captures and embraces Brisbane’s subtropical environment whilst breaking down built form and scale," the submission to the Brisbane City Council noted.

<img alt="First look: Seymour Group returns to Oxlade Drive with revised riverfront apartment plans in New Farm" data-entity-type="file" data-entity-uuid="c12d84d0-bc11-4067-b46f-5bd2d786a34d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/new%20farm%20landscape.png?VersionId=YEPc2k5CAdh6aAPlu4uVpgZadh4MEfRd" />

A defining feature of the design is a deep landscaped void running through the centre of the building, creating what bureau^proberts describes as a "natural ravine" that enhances airflow, daylight penetration and resident amenity. The design report notes that the separation of the two building volumes is intended to maximise natural light, cross-ventilation and outlook while strengthening connections to the surrounding riverfront setting.

Curved balcony edges, integrated planting and extensive landscaping throughout the façade reinforce the subtropical design approach. The building's façade is softened by elevated gardens and planter beds, creating a green edge that complements the established landscape character of Oxlade Drive and neighbouring Merthyr Park.

New Farm has become one of Brisbane's most sought-after suburbs for developers delivering premium downsizer-focused apartments.

GRAYA has been particularly active in the precinct, completing both Chalk and York in recent years, while construction of Moray House, being delivered for Spyre, is now nearing completion. Architect-turned-developer Joe Adsett recently launched <a href="https://www.apartments.com.au/new-apartments/arcilla-new-farm-by-joe-adsett-28-maxwell-street-new-farm-qld-4005">Arcilla on Maxwell Street</a>, an exclusive collection of just nine apartments.

First look: Seymour Group returns to New Farm's Oxlade Drive with riverfront apartment plans

A new residential tower will be the first piece of a broader mixed-use precinct set to reshape a prominent Newcastle West site, with local developer <a href="https://www.apartments.com.au/developers/gwh">GWH</a> bringing its <a href="https://www.apartments.com.au/new-apartments/cambridge-quarter-newcastle-west-12-denison-street-newcastle-west-nsw-2302">Cambridge Quarter</a> vision to market.

The first release, Tempo, will introduce 87 apartments across a 24-storey tower, marking Stage 1 of the residential component of a larger urban regeneration project planned for the western end of Newcastle's city centre, encompassing the former Cambridge Hotel site.

Positioned on Denison Street, Tempo has been designed as the inaugural building within Cambridge Quarter, a precinct that will ultimately combine apartments, retail activation and revitalised public spaces including the revamping of the Cambridge Hotel.

[smartcode_project:default project_id=135876 project_image_fid=368853]

The tower will comprise a mix of one, two and three-bedroom apartments, including layouts with multipurpose rooms, catering to a broad cross-section of owner-occupiers. Apartment sizes range from around 60 sqm to 192 sqm, with a number of residences oriented to capture views across Newcastle Harbour, the city skyline and coastline.

GWH has emphasised liveability in the design, with open-plan layouts extending to generous balconies and terraces. Residents will have a choice of two interior palettes, while specifications include engineered stone benchtops, SMEG appliances, full-height bathroom tiling and secure building access. Premium upgrade packages will also be available.

Multiple rooftop resident retreats will provide communal outdoor space overlooking the harbour and city, offering an elevated amenity layer above the activity of the precinct below.

[smartcode_project:default project_id=135876 project_image_fid=368851]

The broader Cambridge Quarter vision extends beyond the residential tower itself. Ground-level retail activation and landscaped public areas are planned throughout the precinct, creating a walkable neighbourhood environment connected to the surrounding renewal of Newcastle West. The Cambridge Hotel is also earmarked for future redevelopment into a family-friendly hospitality venue integrated with the new precinct.

The project is strategically positioned within walking distance of Newcastle Interchange, providing access to light rail, regional rail services and direct connections to Sydney. Residents will also be close to Honeysuckle, Newcastle Harbour and the city's beaches and coastal walkways.

[smartcode_project:default project_id=135876 project_image_fid=368852]

For GWH, Cambridge Quarter represents one of its most significant Newcastle developments to date. The locally based developer, which has operated in the Hunter region since 1995, describes the project as a new chapter in the ongoing transformation of Newcastle West.

GWH Executive Director Jonathan Craig said the project had been shaped by a focus on creating lasting community connections.

"We take pride in creating places that last. Spaces where people feel connected, comfortable and a genuine sense of belonging," Craig said.

"Cambridge Quarter is something we are truly proud of, a place shaped by local knowledge, built with care and designed to be part of Newcastle's next chapter."

[smartcode_project_cta:default project_id=135876]

GWH unveils first release at landmark Cambridge Quarter precinct in Newcastle West

<a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Projects</a>,&nbsp;Rainbow Bay's busiest developer,&nbsp;has officially lodged plans for the largest development in its booming local portfolio, seeking approval for a further 88 apartments on Boundary Street.

The proposal&nbsp;at <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">209–213 Boundary Street, Coolangatta</a>,&nbsp;marks the next chapter in the developer's transformation of the southern Gold Coast beachside precinct. It will be its fifth in the area, having already delivered Flow, Awaken and Esprit, while construction continues on the 38-apartment Radia. The new project would rise 57 metres above a consolidated 1,518 sqm site, on the same street as Radia and Esprit.

&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, the proposed development comprises 88 two and three-bedroom apartments across a contemporary podium-and-tower form that integrates extensive landscaping from street level through to the rooftop.

The tower would be delivered above a basement and multi-level podium accommodating resident and visitor parking, with the residential component commencing from level three. The design incorporates cascading planting throughout the façade, landscaped podium edges, and deep planting zones along the Boundary Street frontage.

<img alt="First look: S&amp;S Projects lodges plans for 88-apartment wellness tower at Coolangatta's Boundary Street" data-entity-type="file" data-entity-uuid="677e6615-b5c0-4b6c-b4f9-efb14fcde1a6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ss%20da%20pers.png?VersionId=YOnPKQm7IFXv0M5H326djEpxk80500Hi" />

A key feature of the development is its expansive rooftop wellness and recreation precinct. Plans reveal a resort-style pool deck, gymnasium, sauna, steam room, hot and cold plunge pools, rooftop terraces, barbecue areas and landscaped relaxation spaces positioned to capture views across the southern Gold Coast coastline.

The rooftop wellness focus builds on the vision S&amp;S Projects first outlined when it acquired the site for $20.25 million last year.

"We are taking every advantage to create a truly unique rooftop wellness experience with a natural feel for residents, offering stone features throughout and an underlying theme that emulates a botanical garden," S&amp;S Projects founder and director Paul Gedoun said at the time.

The proposal seeks a 57-metre building height, representing a 50 per cent uplift on the site's mapped 38-metre height limit. Planning documents argue the additional height is consistent with recently approved and emerging towers in the immediate Boundary Street and Rainbow Bay precinct.

Urbis, acting as planning consultant, said the development would provide "88 dwellings, comprising a mix of two and three-bedroom apartments, contributing to housing choice and supply within an established medium to high-rise coastal urban neighbourhood."

The scheme has undergone extensive pre-lodgement consultation with the City of Gold Coast, with the design refined following feedback relating to architectural expression, landscaping, traffic access and podium treatment.

<img alt="S&amp;S" data-entity-type="file" data-entity-uuid="0a2d70fd-62ac-4b83-97c6-b798fc1243dd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%209.16.31%E2%80%AFAM.png?VersionId=yHmghUwKM3IVGpBktQU1mE.0Lpf3WimG" />

The architectural team is led by Brisbane-based Cottee Parker, one of Australia's most active residential design studios, with landscape architecture by Dunn + Moran. The consultant team also includes ADG Engineers, Windtech and Acoustic Works.

S&amp;S Projects has become one of the most influential private developers operating on the southern Gold Coast. Since entering Rainbow Bay in 2022, the company has assembled a portfolio exceeding $1 billion in end value, establishing itself as a key player in the area's evolution into a premium apartment destination. Pezet Matheson will again handle the sales for S&amp;S.

Coolangatta is entering another wave of apartment development, following the delivery of several prominent residential projects in recent years.

John Kearney's Immerse Projects will launch&nbsp;<a href="https://www.apartments.com.au/new-apartments/kaiya-kirra-beach-5-haig-street-coolangatta-qld-4225">Kaiya on Haig Street</a>&nbsp;soon, meanwhile, Palm Beach-based Sherpa Property Group is preparing to bring its debut Coolangatta development, <a href="https://www.apartments.com.au/new-apartments/flourish-viver-87-griffith-street-coolangatta-qld-4225">Flourish Viveré</a>, to market later this year, subject to approvals.

First look: S&S Projects proposes 88-apartment wellness tower at Coolangatta's Boundary Street

Purplebricks

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Real estate disruptor Purplebricks has been fined $20,000 fine by the Queensland Office of Fair Trading.
It was over misleading customers about how it charges its fixed fees in agreements with clients between November 2016 and June 2017 that did not properly disclose the fee terms.
It avoided possible court action after it entered into two enforceable undertakings with the OFT for alleged breaches of the Australian Consumer Law and the Property Occupations Act.
"Between November 2016 and June 2017, Purplebricks Australia Pty Ltd, entered into agreements with consumers who were not made aware of the terms of the fees charged.
"Consumers were also misled about additional services offered by Purplebricks, despite the agency advertising 'low, fixed fees' for their services when selling property," the OFT said.
Purplebricks launched its fixed-fee offering in Australia in September 2016.
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<div class="cq-article-content-paras section">
The Queensland consumer watchdog said it had received "several complaints from consumers alleging false and misleading representations on the Purplebricks website and advertising regarding their fees, particularly that the fixed fees were payable regardless of whether a property was sold, or their services were cancelled".
Purplebricks was ordered to pay a penalty of $20,000 and enter into two enforceable undertakings for a three-year period to ensure claims about the agency, its services and its fee structure are not misleading.
The OFT said that Purplebricks has already amended both its advertising as well as its contracts and processes to ensure consumers are fully aware of the fee structure before signing an agreement.
Purplebricks Australia CEO Ryan Dinsdale said Purplebricks had positively collaborated with Queensland OFT.
</div>
<div class="cq-article-content-media section">"Understanding that in many cases traditional real estate agents do not publish their fees and terms of business, our rates are prominently disclosed on our home page and we will always act on feedback to ensure we display everything as clearly as possible.</div>
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"Accordingly we have agreed to make some adjustments to wording to improve clarity and understanding," he said
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j.ballantyne1990-6AQqhLzZaK

Purplebricks fined by Queensland Fair Trading over misleading fees

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Purplebricks sold around 2200 homes in its first 14 months of operations in Australia.
It represented $1.1 billion of residential real estate sales.
The UK fixed fee company has disclosed the sales as part of its latest interim results to its London shareholders.
Its revenue from its Australian business rose to £6.8 million ($11.9 million) for the six months to October 31, up from £400,000 in the prior corresponding period, after it had been trading for two months.
However, Australian interim losses more than doubled to £5.1 million amid high staff turnover as the company marketing was ramped up especially on 7Mate and 9Gem television.
Purplebricks now has 105 estate agents who charge an average fixed-fee of $5282, put from $4500 for private treaty offerings. 
Its Australian website has 1348 properties currently for sale, claiming its marketing makes the property available to "millions of buyers."
It has eight listings for sale priced above $2.5 million. 
</div>
<div class="cq-article-content-media section">The company launched in September last year with the Purplebricks CEO Michael Bruce again telling Fairfax Media the Australian business was "on track" and performing ahead of expectations.</div>
<div class="cq-article-content-paras section">
"Our market share in Australia is greater than our market share was in the UK at the same time in its evolution," he said again.
Purplebricks claims it is the third most recognised real estate brand in Australia, behind Ray White and LJ Hooker.
Total group revenue more than doubled to £46.8 million with its UK business posting a £3.2 million operating profit. 
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Purplebricks Australian rollout still in the red

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Purplebricks now claims it is the third most recognised real estate brand in Australia, behind Ray White and LJ Hooker, says its CEO.
After just a year in operation, the low-cost estate agency is now the third most recognised real estate brand, according to its UK chief executive Michael Bruce.
Mr Bruce cited brand awareness research it commissioned in May through market research firm PHD which found that one in 10 people mentioned Purplebricks when asked: "If you were thinking of selling your home, what companies would you think of contacting first?"
This was up from just four per cent in March. It spent over $6 million in its first-year in Australia promoting the brand through television, radio and online.
Since then Purplebricks has leapfrogged well-known Australian brands including McGrath, Hocking Stuart, Century 21 and Raine &amp; Horne, according to the PHD research, following its expansion into Sydney, Perth and Adelaide
Ray White ranked first with 27 per cent spontaneous awareness and LJ Hooker second with 24 per cent.
<div>"We're at 10 per cent spontaneous awareness in Australia and are now the third most well known real estate brand in Australia. And we have achieved that in eight months," Mr Bruce told The Australian Financial Review, which has been pushing the low commission website through its editorial articles.</div>
<div>
"Australian people are taking to Purplebricks quicker here than the UK," the AFR reported.
"We're growing quicker on every key performance indicator (KPI): revenue, local property experts, listings and sales. All of those things we are ahead of where we were in the UK," he said.
</div>
<div>According to its Australian website, Purplebricks has sold about 1100 properties in Australia and won more than 2000 listings since launching. Vendors pay between $4500 and $5500 to sell their home through a Purplebricks "local property expert".</div>
<div class="cq-article-content-paras section">
Australia accounted for 7.4 per cent of Purplebricks' full-year revenue in 2017 of £46.7 million when the company reported its results recently.
The agency secured a <a href="https://www.realestate.com.au/sold/property-house-nsw-oyster+bay-126258198" target="_blank">$3.1 million Oyster Bay riverfront weekend sale</a> for property developer David Fam after it was passed in at its one registered bidder auction.
Agent Joshua Singer told AFR he had sold 35 properties since joining Purplebricks in January from traditional agency Century 21. 
 
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jchancellor-FAypfDUnLy

Purplebricks claims higher recognition than the 134 year old Raine & Horne group

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The low-cost estate agents Purplebricks has reported its first full-year profits in the UK, with its expansion into Australia keeping the group in the red.
Full-year annual results show Purplebricks accelerated its revenue from property sales for the year to April 2017 - up 151% to £46.7 million ($78 million) of which £3.5 million ($5.9 million) came from its Australian business.
Purplebricks launched in Australia in September last year and to date it has sold about 800 homes and secured 1600 listings.
It listed in the UK in December 2015 worth £250 million ($423 million) and is now valued at more than £1 billion ($1.69 billion), the Australian Financial Review noted.
Full-year annual results show Purplebricks's Australian business generated a £6.1 million ($10 million) loss with revenues exceeded by a big marketing spend (£3.8 million or $6.42 million) and administration costs (£3.9 million or $6.6 million).
Co-founder Michael Bruce expressed satisfaction with the Australian business performance to date.
"With the UK business now in profit it is encouraging to see Australia following a similar growth trajectory," Bruce said.
Purplebricks forecast full-year revenues to reach £80 million ($135 million) in the UK over the next 12 months and to grow to £12 million ($20 million) in Australia. The company recently announced plans to expand into the US.
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Purplebricks reports $10 million losses in Australia

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A studio apartment at Melbourne has been sold for $187,700, the most affordable sale in Melbourne over the weekend.
Located at <a href="https://www.realestate.com.au/property-apartment-vic-melbourne-124745378" target="_blank">7/9-13 Anthony Street</a>, the property is near the Queen Victoria Markets.
The 25 sqm offering has been fully renovated.
Set on a quiet leafy city street, it was marketed as suitable for investors or someone looking for a private and edgy city base.
It has stained floor boards and white walls throughout the area with a New York loft style bed.
Kitchen features brand new appliances including modern cabinetry, ample storage and French doors that separate the kitchen from living quarters.
<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/2017/03/12/7_9-13%20Anthony%20Street-2.jpg" alt="">
The updated bathroom in the 1995 complex has modern tiles with neutral tones throughout.
Trams, Melbourne central shopping precinct, Queen Victoria Markets and other amenities are all within close proximity.
It last sold in 2007 for $120,000 and $95,000 in 2002.
The property was offered through Purplebricks agent Andrew Leung who had a price guide of $175,000 to $185,000.
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Purplebricks sell Melbourne studio apartment for $187,700

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Purplebricks, an online property platform that claims to have a unique low-cost model, will likely replicate its losses revealed in its home country, Britain, according to a leading Australian property industry executive. 
"Since its August 2016 launch, when more than a quarter of a million properties were listed for sale with Australian agents, Purplebricks has sold little more than 150 properties and currently has just 310 properties listed," said First National Real Estate chief executive Ray Ellis.
“By any measure, that represents a rejection of its ‘low cost’ model and a market share smaller than 0.1 percent,’ he added.
Purplebricks says it is the third biggest agent in Britain by client instructions with a market share of 5 percent. 
The ABC’, however, reported in September 2016 that just one in four UK customers give it a rating of one star out of five on its Facebook page. 
In contrast, First National says 82 percent of its member agents in Australia achieve 5-star reviews.
“Australians have an entirely different view of property ownership and are focused on building wealth through property investment. They understand the extra value that a professional agent brings to the marketing, negotiation and sale of property, and therefore continue to choose agents to maximise their sale price," said Ellis.
In 2016, Canstar Blue researched customer experiences with Australia’s major real real estate brands and announced that First National Real Estate was number one with the most satisfied customers.
It was the only brand to achieve 5 star ratings, doing so in six separate categories, one of which incorporated value for money.
Purplebricks, which opened its Sydney office late in 2016 after securing a toehold in Victorial and Queensland, is being led by Ryan Dinsdale in Australia, a former marketing director of Virgin Money. It recently selected law firm lawlab as a preferred conveyancing partner in Australia.
The firm made its market debut in London in December 2015 with a valuation of £240 million after being founded only in 2012 by brothers Michael and Kenny Bruce. However, it booked a loss of £12 million in the year to April 30, up from £5.4 million in 2015.
Purplebricks chief executive officer Michael Bruce, however, reckons Australia's "infatuation" with real estate but dislike of the way traditional estate agents operate will fuel the success of his company.
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jonathanchancellor-7SQnKwU6yx

Purplebricks low-cost model not working in Australia: First National CEO

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The disruptive proptech company, the British real estate agency Purplebricks has set up office in Sydney, though its business is pitched currently elsewhere.
It has secured a short-term lease for a 300sq m office to use as its first headquarters in the the Coca-Cola building on Macquarie Street. 
Cadigal Office’s Nicholas Mulcahy and Knight Frank’s Jessica Roberts negotiated a gross annual rent of $550 a square metre.
Given its is set to be converted into luxury apartments, the group's lease is for six months to March 2017.
It reportedly could not find suitable larger premises in a tight Sydney office market.
The company will seek about 600 square metre space next year. 
After establishing a presence in Melbourne and Brisbane, Purplebricks will be rolled out to Sydney and the other capital cities 
The Australian business is being led by Ryan Dinsdale, the former marketing director of Virgin Money.
London-based Purplebricks chief executive officer Michael Bruce reckons Australia's "infatuation" with real estate, but dislike of the way traditional estate agents operate, will fuel the success of his company.
The British estate agency, which operates a fixed-cost, high-tech model, was recently launched with 50 "local property experts" and a $17.2 million marketing budget to spread the word among home sellers.
They will be charged a flat $4500 fee to sell their home through Purplebricks.
For those selling a $614,000 median-priced home (according to the ABS), this will be $11,500 cheaper than if they used a traditional estate agent charging a 2.2 percent commission.
Home sellers will also get access to Purplebricks' bespoke online platform
It grew to 300 local property experts in the UK in less than two years. 
</div>
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