Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Coposit enters Queensland market

By Grace Ormsby
28 July 2022 | 1 minute read
Chris Ferris 2 reb

The proptech start-up has headed north into the Sunshine State, as it lists a new Mermaid Beach project through an emerging boutique developer.

Despite only launching in September last year, Coposit has seen success with developers and property purchasers alike for its ability to remove the deposit barrier.

Enabling buyers to get on the property ladder with as little as $10,000 in savings and pay the remainder over weekly “coposit” instalments, without interest or fees, Coposit first kicked things off in Sydney and Newcastle before expanding into Canberra and then Victoria in April 2022.

Advertisement
Advertisement

Hirsch & Faigen is the boutique developer behind the Yves project in Queensland’s Mermaid Beach, with director Daniel Faigen stating that the group is “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,” he commented.

Chris Ferris, the chief executive and founder of Coposit, has reiterated Mr Faigen’s sentiment, noting too that prices have been “dramatically rising and outstripping wage growth over recent years and now interest rate rises are causing further pain”.

As for the brand’s move into the Queensland market, Mr Ferris said the proptech is “excited to cross the border and bring Coposit to Queenslanders”.

From his perspective, “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”.

With more than 600 individual properties now listed for sale across NSW, the ACT, Victoria and Queensland, the CEO is expectant of rapid growth in its newest state.

He indicated interest is already coming from developers of both apartment stock and house and land across 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 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,” he said.

Coposit enters Queensland market
Chris Ferris 2 reb
lawyersweekly logo

Tags:

ABOUT THE AUTHOR


Grace Ormsby

Grace Ormsby

Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.

Rankings
rankings
JUST RELEASED
May 09, 2022

REB Top 50 Women in Real Estate 2022

REB is thrilled to present the Top 50 Women in Real Estate 2022 ranking, which sets t ... LEARN MORE

rankings
JUST RELEASED
May 04, 2022

REB Top 100 Agents 2022

Now in its second decade, the REB Top 100 Agents 2022 rankings are the most revered s ... LEARN MORE

rankings
JUST RELEASED
May 02, 2022

REB Top 50 Agents NSW 2022

Even a pandemic has not put the brakes on the unstoppable property market in NSW, whi ... LEARN MORE

rankings
JUST RELEASED
April 27, 2022

REB Top 50 Agents VIC 2022

The COVID-19 crisis has not deterred the property market in Victoria, which has been ... LEARN MORE

rankings
JUST RELEASED
April 25, 2022

REB Top 50 Agents QLD 2022

As the property market continues to roar in Brisbane and Queensland, the REB Top 50 A ... LEARN MORE

Coming up

rankings rankings
Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.