On today’s episode of “No, You Still Can’t Afford A House In Today’s Market”: Singaporean crowdfunding firm CoAssets has announced plans to bust into Australia, offering the youngin’s a chance to sling smaller amounts of cash into real estate investment.
Piggybacking off the success of Uber and Airbnb, (and let’s be honest, who isn’t these days), the platform allows people to part with a small chunks of their change in exchange for a slice of that sweet, bubbly real-estate pie.
If a project gets enough funding, bam! Welcome to the future, you’re now an investor.
The company wants to nab a license allowing Aussie crowdfunders, but foreign investors have already used the platform to snap up stakes in a $1.5 million project in Sydney.
Of course, the firm’s chief exec Getty Goh has already cottoned on to the fact regular plebs could just/will probably use it to rustle up some dollars for their own place, saying “at the juncture, yes, some of the people who are looking to crowd-fund for their homes, this could be a way for them to do it.”
(Fuck knows how foreclosures would work, though. If you go busto, will a hundred-strong mob rock up and take exactly $1,500 worth of bricks? The mind boggles.)
Accounting heads reckons similar platforms could make a go of it, and the banks are watching their moves closely. If the firm gets the go-ahead down under, maybe you too could be the proud (part) owner of a $1.2 million house with no kitchen.
Story via ABC.
Image: Auscape via Getty.
