In today’s economic climate in Australia, the property market often feels out of reach for young people. The thought of buying a house in Australia (without a ginormous mortgage) seems literally impossible and to be honest, it can be a little disheartening.
But before we get too cynical, there might be hope for us yet.
Australian-founded start-up, Proppie, is shaking up the real estate industry with the launch of a new and innovative platform that targets millennials. It’s basic premise is that it enables two or more users to share ownership of a property, meaning that you don’t have to go at the property game alone.
Proppie is a platform that provides a game-changing solution to the ongoing property affordability crisis, enabling both first-home buyers and experienced investors to enter the property market, with a little less financial pressure.
Obviously, this isn’t an impossible feat. It’s pretty common for multiple people to own a property. But legally, things can get a little complicated, which is where Proppie steps in. It also doesn’t just promote you going into property ownership with your friends, but strangers too. Think a dating app, for potential partners in owning a property.
Proppie matches two or more users based on their budget, property location and preferred “piece of the pie,” taking the hard work out of finding and purchasing a house, unit or apartment, with flexible contribution splits and the added security of a legally protected co-ownership agreement — so there are no awkward conversations or negotiations.
If you’d like to own a property, whether it be a house, commercial space or investment property, you can sign up and become a Proppie member, which not only matches you with potential partners, but allows you a variety of benefits:
- The freedom of rental security (no more requests to vacate) and long-term occupancy with a tenant who cares about the property as if it is their own (because it is!).
- The security and benefits of co-ownership with your partner, friends, siblings, colleague, child, or even a stranger without the tough conversations around finance arrangements and legalities.
- A legal framework for what happens if a payment isn’t met or a party wants to sell,
- Access a conveyancer for legal advice and to hold your hand every step of the way.
- The ability to work your way up the property ladder in half the time with half the risk.
Founded by boss female entrepreneur, Ayumi Uyeda, Proppie was established the platform to help millennials get into the property market.
“It wasn’t until my millennial stepdaughter confided in me that purchasing a property alone was near impossible that I realised I had to do something about it and build Proppie,” Ayumi said. “It seemed crazy that this hadn’t been done before.”
As the Australian market continues to see rising property prices, many Australian millennials are faced with deposit costs of six figures or more. Proppie aims to create a world where renters and owners are equal, helping millennials to get into the property market sooner.