July 28, 2022

Coposit enters Queensland market

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.

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.