Coposit enters the Queensland market – Real Estate Business

Coposit enters the Queensland market

The proptech startup has headed north into the Sunshine State as it lists a new Mermaid Beach project via an emerging boutique developer.

Although it was only launched in September last year, Coposit has found success with property developers and buyers for its ability to remove the deposit barrier.

Allowing buyers to climb the property ladder with as little as $10,000 in savings and pay the rest in weekly “coposit” installments, with no interest or fees, Coposit first kicked things off in Sydney and in Newcastle before expanding to Canberra and then Victoria in April 2022.

Hirsch & Faigen are the boutique developer behind the Yves project at Mermaid Beach in Queensland, with director Daniel Faigen saying the group is “extremely privileged to have the first opportunity to introduce Coposit to the Queensland market”.

“Across the country, it is evident that it is becoming increasingly difficult for people to save deposits to buy homes, and we believe Coposit presents a great opportunity for buyers to enter the housing market. housing,” he commented.

Chris Ferris, Managing Director and Founder of Coposit, echoed Faigen’s sentiment, also noting that prices have “increased significantly and outpaced wage growth in recent years and rising interest rates are causing even more pain”.

Regarding the brand’s entry into the Queensland market, Mr Ferris said the proptech was “excited to cross the border and bring Coposit to the people of Queensland”.

From his perspective, “residential development space has always been vibrant and exciting in Queensland and is particularly robust post-COVID-19, fueled by interstate migration and tourism.”

With over 600 individual properties now up for sale across NSW, the ACT, Victoria and Queensland, the CEO expects rapid growth in his new state.

He said interest was already coming from developers of apartments, houses and land in the Gold Coast, Brisbane and Sunshine Coast markets.

Sharing that the market has been quick to accept Coposit, Mr Ferris said it “further highlights the hurdle of deposit and how critical it is to help buyers at this critical early stage of the buying process. “.

“For this reason, we launched our interstate expansion faster than expected, and it was organic and fueled by developer demand for Coposit,” he said.

Coposit enters the Queensland market

lawyers weekly logo

Last update: July 27, 2022

Posted: July 28, 2022

Grace Ormsby

Grace Ormsby

Grace is a reporter for real estate and investment brands Momentum. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communications (Journalism) from Newcastle University. She is passionate about providing easy-to-digest, relevant information and content for her key audiences and stakeholders.


Source link

Comments are closed.