In the face of Australia’s housing challenges, proptech startup Co-operty aims to redefine home ownership, introducing a unique co-ownership model to help Australians achieve their property dreams sooner. Founded by finance industry leaders Lynda Coker and Liz Rochaix, Co-operty draws inspiration from the established tradition of co-tenancy, seeking to address the hurdles faced by first home buyers.
Unlike informal family lending, Co-operty’s co-ownership approach involves all parties placing their names on the legal title, along with their respective ownership percentages. This innovative model aims to enhance the concept of the “bank of mum and dad,” offering a more secure avenue for financial assistance without jeopardizing the family home or retirement savings.
Beyond aiding first home buyers, co-ownership through Co-operty offers additional contributors an asset they can resell individually or leave as an inheritance. Ms. Coker emphasizes that co-ownership is an ideal solution for extended families, supporting various living arrangements such as duplexes, granny flats, and shared spaces.
However, the founders caution that successful co-ownership requires clear legal and financial agreements. Ms. Rochaix advises co-owners to establish a contractual co-ownership agreement outlining property occupancy, management, and exit plans. Co-operty’s online platform is designed to simplify this process, providing digital documents and brokering services for easy accessibility.
Scheduled to launch in beta testing early next year, Co-operty will initially focus on intra-family co-ownership and groups of established flatmates looking to transition from co-renting to co-owning.
As home ownership affordability remains a pressing issue, Co-operty presents a promising alternative, tapping into the trend of combining purchasing power with others. A NAB survey reveals that purchasing property with someone outside of a romantic partnership is a top compromise for many young Australians, with four in 10 expressing interest in joint property ownership.
In light of the sacrifices made by potential first-time buyers, including cutting back on essential services and working additional hours, Co-operty emerges as a beacon of hope, pioneering a shared path to homeownership in the evolving landscape of Australian real estate.
