This article is from the Australian Property Journal archive
TECH start-up Coposit is expanding into Queensland, bringing its weekly home deposit app with its Gold Coast development partner Hirsch & Faigen’s $200 million Yves Mermaid Beach.
The app enables prospective home buyers to purchase an off-the-plan property with just $10,000 in savings, before paying off the remainder of their deposit in weekly payments throughout the construction phase.
“Coposit is a major advancement for the Queensland property sector. It opens the door to more buyers being able to enter the property market at a time when many are being left behind by escalating prices,” said Matt George, sales director at Hirsch & Faigen.
The scheme is designed to see the home buyers pay off their full deposit by the time the property reaches completion, without any interest of fees.
“It’s an exceptionally rare chance for buyers to secure an impeccable quality home on the doorstep of the Gold Coast’s most exclusive residential enclave, with just a $10,000 deposit. We are very excited to be paving the way for the future of the Queensland property market in which home ownership isn’t relegated to being a distant pipedream for the younger generation,” added George.
The start-up will launch its Queensland platform with Melbourne-based developer Hirsch & Faigen’s 145 apartment Yves Mermaid Beach project, with the 24-level building to be built at 7-9 Mermaid Avenue.
“It now takes the average Australian nine years to save a 10% deposit for a property, while house prices continue to climb. We devised Coposit to remove a barrier to home ownership and give hope to a generation,” said Chris Ferris, CEO and founder of Coposit.
Recent data also found that even with fall home prices, 90% of Australian first home buyers are stressed about their chances of saving enough for a home deposit, as the cost of living and house prices continue to eclipse wages.
This latest expansion into the Sunshine Coast follows the successful launch of Codeposit in late 2021 in NSW, before expanding into Victoria shortly after.
Codeposit’s maiden project, Civic Properties’ The Hills Village in Seven Hills, saw 85 of the 97 apartments offered sold via the app, in addition to the recent partnership with Third.i’s Dairy Farmers Towers mixed-use project in Newcastle’s West End.
“Given how well Coposit has been received by the Victoria and New South Wales markets, we are delighted to be introducing it to the Queensland market. The Gold Coast in particular has emerged a hot spot for developers and lifestyle seekers alike post-covid, underpinning the need for a game changing innovation too allow more Gold Coasters to unlock the coastal dream,” concluded Ferris.
