PHOTO: Purplebricks Australia 

Purplebricks Australia CEO Neil Tavender has said the estate agency is not leaving Australia, after a new report surfaced warning that poor global management has meant the network’s Australian and US businesses will be forced to close.

Investment bank Berenberg said the flat-fee network had flown “too close to the sun” in the UK market and might have to exit Australia and the US just to survive. At the same time, the bank cut Purplebricks’ share price target to 80p from £4.70 and switched its rating from “buy” to “sell”.

The Australian Financial Review reported: “Online estate agent Purplebricks has hit back at warnings it may have to abandon its struggling Australian operation, saying it is still looking to boost the business Down Under.”

Australian CEO Neil Tavender confirmed that Purplebricks is committed to the Australian market.