Yes that’s right, a new real estate portal aims to use a tinder like system to connect first home buyers whom are willing to combine their buying power in order to break into the market.
The owner of the portal believes that one of the most powerful ways to catapult over the home ownership barriers is to team up with others who share your vision of home ownership and to galvanise resources to buy a property. This is an extension of the ‘sharing economy’ driving so many enterprises and being embraced by a population looking to leverage people power to make things happen. Uber, Airbnb and so many other social enterprises have changed the way people respond to challenging tradition and problem solving. The 30 Day Home Co-ownership Challenge is a response to the vexing question of home affordability and providing fair opportunity for young Australians.
A new report on Household, Income and Labour Dynamics in Australia (HILDA) reveals that rising property prices and flat wages growth are preventing young people from entering the property market. The HILDA report shows that just over half, or 51.7%, of Australians aged 18 and over currently own a home, down sharply from the 57% recorded in 2002.
Buyers wanting to participate will need to find a suitable co-buddy with whom to team up and buy a property. The co-partners have 30 days to meet on the Home Addressed site, get to know each other, fulfil the challenge criteria and submit their entries to go in the running for some life changing prizes and opportunities, the main one being the very real probability of owning a home. They can either buy as investors or live ins.
Like any portal, it’s success will be measured in its daily users and in a real estate market which is currently being inundated with ‘next big things’ seeming every day… We’all just have to wait and see.