Goldfields and Coposit join forces in Brisbane to make home ownership more accessible

A new partnership between one of Australia’s leading developers, Goldfields, and rapidly growing property-buying platform Coposit is opening doors for Brisbane homebuyers keen to get a foot on the ladder in a challenging market.

Diversified national property development group Goldfields, alongside development partner Icon Developments, has joined forces with Coposit at 33 Manning in Milton, its first built form project in the booming Brisbane apartment market.

33 Manning – an 18-storey, 131-apartment development designed by Rotheloweman – is the first Milton project to feature on the platform.

Coposit allows purchasers to buy a new home off-the-plan for a deposit of just $10,000, with the remainder of the deposit paid down in weekly, interest-free instalments while it’s being built.

“The opportunity for home ownership is becoming increasingly hard for everyday Australians to achieve,” Goldfields CEO Lachlan Thompson says. “Coposit makes entering the property market more achievable without needing a full 10% deposit immediately.”

According to new research from the Property Council of Australia, a survey of 1500 Australians found one third of all renters believe they will not be able to purchase their own home in the next five years. 52% rent because they have no other option and 72% can’t overcome the deposit gap – more than seven in 10 citing excessive deposit costs as the reason they won’t be able to buy a home.

At the same time, the time it takes the average Australian to save a 20% deposit is now more than 10 years, up from an average of six years in 2001. In Greater Brisbane, it almost doubled to 10.1 years in the two decades to 2022.

And new research from Domain has found that despite housing prices cooling, Australians saving a deposit need to have tens of thousands of dollars more than they did just three years ago. In Brisbane, a 20% deposit on a median priced home ($801,449) in the December quarter 2022 equated to $160,290 – up from $116,730 in the same period in 2019. “With no cost to purchasers, the free Coposit app assists individuals to secure property at today’s prices whilst utilising the construction period to pay down their deposit,” Mr Thompson says. “It gives complete visibility to the purchaser allowing them to track and manage their weekly ‘co-posit’ payments whilst preparing them for future homeownership commitments.”

Coposit CEO and founder, Chris Ferris, says the need for his company’s innovative property-buying platform in 2023 is greater than ever.

“We believe we can close the gap between property and ownership for everyone, playing a pivotal role in solving declining property ownership rates to make the dream of owning property a reality once again for more Australians,” Mr Ferris says.

“In a market where interest rates are rising and cost of living pressures are higher than they’ve been in four years, people are looking at their cash flow and looking at ways to save. Coposit is an option for them to be able to do things differently and maybe keep some money with them for a rainy day, maybe keep in an offset account or to pay other unexpected bills.

“It really is hard to save that full 10% deposit up front these days. In fact, it’s always been the issue. Before you can even consider affordability, it’s the deposit barrier that you need to overcome and that’s what Coposit does. A lot of people just feel trapped, they can’t get ahead.”

Mr Ferris says the Goldfields partnership was a natural fit, with the developer’s forward-thinking vision and strong track record for delivering innovative projects across Australia.

“From the very first discussion we had with the Goldfields team it was very obvious that the goals we have in terms of our purchasers and customers aligned,” he says. “Goldfields doesn’t want to just build apartments, but really try and help people get into the property market and that is really something special.”

Andrew Scriven, Colliers’ Director of Residential, says 33 Manning is already generating strong early interest from a mix of owner-occupiers, including both upgraders and downsizers, as well as investors.

“Milton is well located in close proximity to an abundance of amenities, lifestyle attractions and transport options, and provides sweeping views of the CBD, Brisbane River and mountains,” Mr Scriven says. “33 Manning has been well designed to appeal to a diverse range of buyers, and we are confident we will see continued interest from owner-occupiers and investors alike in 2023. We will also potentially see increased interest from foreign buyers as the year progresses.

“The new partnership with Coposit will broaden the appeal even further, making it easier for a bigger group of prospective buyers to get their foot in the door of a high-quality project that brings the scale and function of a traditional Queensland home to an apartment building.”

Located 2km from the Brisbane CBD, 33 Manning is a collection of homes that intrinsically connect to their surrounds within Milton, an evolving area nestled between the established suburbs of Paddington, West End and South Brisbane.

The result is an effortlessly sophisticated selection of one, two and three-bedroom homes and penthouses designed to enhance inner-city living, with exceptional 180-degree views from the luxurious rooftop pool point from Mount Coot-tha to the Brisbane CBD.

manage their weekly ‘co-posit’ payments whilst preparing them for future homeownership commitments.”

Coposit CEO and founder, Chris Ferris, says the need for his company’s innovative property-buying platform in 2023 is greater than ever.

“We believe we can close the gap between property and ownership for everyone, playing a pivotal role in solving declining property ownership rates to make the dream of owning property a reality once again for more Australians,” Mr Ferris says.

“In a market where interest rates are rising and cost of living pressures are higher than they’ve been in four years, people are looking at their cash flow and looking at ways to save. Coposit is an option for them to be able to do things differently and maybe keep some money with them for a rainy day, maybe keep in an offset account or to pay other unexpected bills.

“It really is hard to save that full 10% deposit up front these days. In fact, it’s always been the issue. Before you can even consider affordability, it’s the deposit barrier that you need to overcome and that’s what Coposit does. A lot of people just feel trapped, they can’t get ahead.”

Mr Ferris says the Goldfields partnership was a natural fit, with the developer’s forward-thinking vision and strong track record for delivering innovative projects across Australia.

“From the very first discussion we had with the Goldfields team it was very obvious that the goals we have in terms of our purchasers and customers aligned,” he says. “Goldfields doesn’t want to just build apartments, but really try and help people get into the property market and that is really something special.”

Andrew Scriven, Colliers’ Director of Residential, says 33 Manning is already generating strong early interest from a mix of owner-occupiers, including both upgraders and downsizers, as well as investors.

“Milton is well located in close proximity to an abundance of amenities, lifestyle attractions and transport options, and provides sweeping views of the CBD, Brisbane River and mountains,” Mr Scriven says. “33 Manning has been well designed to appeal to a diverse range of buyers, and we are confident we will see continued interest from owner-occupiers and investors alike in 2023. We will also potentially see increased interest from foreign buyers as the year progresses.

“The new partnership with Coposit will broaden the appeal even further, making it easier for a bigger group of prospective buyers to get their foot in the door of a high-quality project that brings the scale and function of a traditional Queensland home to an apartment building.”

Located 2km from the Brisbane CBD, 33 Manning is a collection of homes that intrinsically connect to their surrounds within Milton, an evolving area nestled between the established suburbs of Paddington, West End and South Brisbane.

The result is an effortlessly sophisticated selection of one, two and three-bedroom homes and penthouses designed to enhance inner-city living, with exceptional 180-degree views from the luxurious rooftop pool point from Mount Coot-tha to the Brisbane CBD.