Online real estate outfit Purplebricks has announced it will quit the Australian market after a tumultuous six months.
The Australian arm of the British-founded company will close its operations after two and a half years of attempting to crack the property market down under.
Purplebricks Group chief executive Vic Darvey said it was a difficult decision to close the Australian business.
"Unfortunately, we have been unable to make the progress in the Australian market that we've wanted, despite the tireless efforts of our employees," Mr Darvey said in a statement.
"This is not a decision we have taken lightly, but with market conditions becoming increasingly challenging, we do not believe that the prospective returns in Australia are enough to justify continued investment."
In a statement, the company said: "With hindsight, our rate of geographic expansion was too rapid and as a result, the quality of execution has suffered. We have also made sub-optimal decisions in allocating capital. We will learn from these errors and will not make them again."
The company has been marred with negative reports about its agents' fixed fees, allegations of pressuring vendors to lower their asking prices and of a toxic culture within the business, and its share price crashing to a two-year low.
Mr Darvey said the company would take no further listings in Australia but intended to engage with its current customers to finalise all existing agreements.