Kohab: The answer to Australia’s housing affordability problem?
A new digital platform for the co-ownership of housing has launched, making it easier for friends, family and others who want to share the cost of home ownership to do so.
Parts of Australia are among the most expensive places to live in the world. Indeed, Sydney and Melbourne respectively rank second and fifth in terms of the most unaffordable cities on earth, and housing plays a huge part in this.
Much has been made of rocketing real estate prices in Sydney, with residential land in the NSW capital now worth more than $1,000/sqm after increasing by 9.8% in the 12 months to June 2017.
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Kohab allows multiple people to purchase a home together, connecting them with properties, real estate agents, legal, mortgage and insurance providers all in one place. Platform partners include the likes of Sparke Helmore and National Australia Bank.
Kohab Founder and CEO David Dawson said: “We believe that co-ownership is an often-overlooked method of owning property and may hold the key to that dream being reignited, allowing many Australians to take the first step on the property market ladder.”
Research carried out by Kohab suggests that deposit costs and the unaffordability of desirable areas are the main barriers to home ownership. It also found that 27% of people would consider buying a home with someone else.
Dawson added: “The phenomenal growth of brands such as Uber and Airbnb have clearly demonstrated that the share economy is alive and thriving. These types of concepts have created a seismic shift in how society views co-sharing in general. As such, Kohab aspires to be the global platform and marketplace for property co-ownership.”
Already in development and coming soon, the platform will also enable existing property owners to unlock equity and sell a portion of their property, providing another option for potential co-owners.