Proptech start-up Coposit is attracting plenty of property developer interest in its new app which offers buyers to purchase a house with as little as $10,000 in savings.
The innovative platform has caught the attention of several nationwide residential property developers including Geocon and Thirdi Group.
Coposit aimed to provide a solution to the deposit barrier, enabling buyers to purchase a new property with $10,000 and pay the remainder of the deposit over weekly “coposit” payments during the property’s construction with no interest or fees.
The app also allows buyers and developers to browse property listings, enquire on a property, pay/manage deposits and digitally exchange contracts.
Read more: Could 2022 be the year that the deposit hurdle is broken for young people?
“We could see how increasingly difficult it was for people to get into the property market, especially in Sydney where real estate prices have been dramatically rising at $1,000 a day in some suburbs and outstripping wage growth,” said Coposit CEO and founder Chris Ferris (pictured).
“Reports have shown it now takes at least six years for young people to save a deposit for their first home, and increasing prices continue to keep home ownership out of reach for thousands of people – most of whom can easily afford the repayments.”
Coposit now has over 500 individual properties for sale across NSW, ACT and Victoria, with plans to expand to Queensland in coming months.
Canberra property developer Geocon has welcomed the start-up to assist buyers at WOVA, a two-stage release based in Woden, Canberra, involving 802 apartments across four buildings due for completion in 2024.
“Part of our vision is to create homes and wealth for everyone,” said Geocon sales manager Adam Morgan. “Coposit’s focus on the end-user delivers a unique edge for people new to the property market, providing an advantage on their home ownership journey.”
Read more: Higher interest could add $100,000 to loans
International property development and investment company Thirdi Group has also joined Coposit, listing its proposed Dairy Famers Towers project in Newcastle West.
The project is designed to transform the iconic Dairy Farmers Corner into a mixed-used development of 190 units with five floors of enterprising commercial space.
“It’s exciting to come on board as a Coposit pioneer developer and be part of the deposit revolution. Recently, we have seen an increasing need to help buyers across the line with deposits and it is great to be able to offer them a proven solution,” said Thirdi Group director Luke Berry.
Coposit was initially trialled at Civic Properties’ in the western Sydney suburb of Seven Hills, currently under construction and due to be completed at the end of 2022.
It will comprise of more than 400 apartments across four separate buildings with rooftop entertainment areas and private gyms.