The Queensland property sector has been quick to embrace prop-tech start up Coposit, with emerging boutique developer Hirsch & Faigen the first in the State to commit, listing its new 144 apartment Yves project in Mermaid Beach on the innovative deposit app.
Coposit has had rapid initial success since launching its revolutionary new platform in New South Wales late in 2021, fast-tracking its interstate expansion into Victoria and now Queensland, in response to increasing developer demand.
Coposit now has over 600 individual properties listed for sale across New South Wales, ACT, Victoria, and Queensland. Over 2,000 aspiring home owners have downloaded the app and more than100 sales transacted using Coposit.
Developer listings on Coposit read like a “who’s who” of the residential property sector and include high-profile developers such as Geocon, Thirdi Group, Pace Development Group, 94 Feet, Orion International, FormQuip, and Eastern Pacific.
“Having seen the success of Coposit through fellow developers, we are extremely privileged to be given the first opportunity to present Coposit to the Queensland marketplace. Across the country it is evident that it is becoming increasingly difficult for people to save deposits to purchase homes, and we feel Coposit presents a great opportunity for purchasers to enter the housing market,” said Daniel Faigen, Director of Hirsch & Faigen.
Presenting a true solution to the deposit barrier, Coposit enables buyers to purchase a brand-new property with as little as $10,000 in savings and pay the remainder of the deposit over weekly payments called ‘coposits’ during the property’s construction with no interest or fees.
“We are excited to cross the border and bring Coposit to Queenslanders. The residential development space has always been dynamic and exciting in Queensland and is particularly robust post-COVID-19, fuelled by interstate migration and tourism,” said Chris Ferris, CEO and Founder of Coposit.
According to Ferris, Coposit anticipates rapid growth in Queensland with interest from developers of apartment stock and house and land across the Gold Coast, Brisbane and Sunshine Coast markets.
The app was developed to help fast-track home ownership, particularly for young people and first home buyers who were, until now, being left behind in the wake of escalating real estate prices and interest rate increases.
“Coposit really is a lifeline for many young Australians to help them attain their home ownership dreams. It has been increasingly difficult for people to get into the property market, with prices dramatically rising and outstripping wage growth over recent years and now interest rate rises are causing further pain. These factors combine to keep home ownership out of reach for thousands of people – most of whom can easily afford the repayments,” said Chris Ferris, CEO and Founder of Coposit.
“The market has been quick to accept Coposit, which further highlights the deposit obstacle and how essential it is to help buyers at this critical early stage in the buying process. Because of this, we have embarked on our interstate expansion faster than we anticipated, and it has been organic and fuelled by developer demand for Coposit.”
The Coposit app presents potential buyers and developers with a holistic offering where they can browse property listings, submit an enquiry for a property, pay and manage their deposits and even exchange contracts digitally from anywhere in the world.
Labelled a ‘game-changer’ for property developers, Coposit effectively unlocks a whole new market of potential buyers and also streamlines the sales process with a suite of customised back-end tools that simplify sales, manage inventory, and maintain buyer engagement.
Coposit was initially trialled at Civic Properties’ The Hills Village in Sydney’s western suburb Seven Hills. When complete in 2022, it will be the first planned community in Seven Hills with 400 plus apartments across four separate buildings. It features extensive landscaping, community facilities and resident facilities such as rooftop entertaining areas and private gyms.
Overwhelmingly, 85 of 97 apartments were sold using the app in just under five months since being trialled at The George Apartments in The Hills Village.
Importantly, 78% of buyers elected to make weekly Coposits while 23% would not have been able to purchase without the innovative app.