Home builder Catapult Homes is helping low-deposit buyers and investors realise their homeownership dreams sooner by offering a house and land opportunity in Queensland via property-buying platform Coposit.
“We’re thrilled to be working with Coposit on making our exceptional house and land offerings available to a whole new range of buyers,” said Tim Fowler, Catapult Homes director of project sales.
Coposit’s property-buying platform fast-tracks homeownership by allowing buyers to purchase a new-build property for just $10,000 then pay down the deposit in interest-free weekly instalments, called “coposits,” until the house is built.
“Being able to offer Australian property buyers house and land for the very first time in Queensland, with as little as $10,000, is quite the achievement,” Chris Ferris, CEO of Coposit, said. “We hope to offer many more house and land projects in the sunshine state as 2023 continues.”
The first of Catapult’s projects on offer through Coposit is North Harbour – a residential development that has received accreditation for its environmental sustainability, located in the fast-growing suburb of Burpengary East in the Moreton Bay region.
Situated along 9km of the Caboolture River, this breathtaking natural setting is currently home to a community of 1,400 families, some of whom have resided in the greater Moreton Bay area for generations.
Data from industry experts RPM Group showed that housing supply remains a challenge in Queensland, despite construction in the state approaching record levels, with a total of just 17,583 lots registered in 2022, well below the 10-year average of 22,517.
“With the cash rate continually rising for property buyers and reducing their borrowing capacity, in particular, for house and land purchasers in South-East Queensland, the market is a challenging place,” Fowler said. “We want to give home buyers every possible advantage to overcome these rate rises.”
North Harbour is a standout estate in the region due to its ideal ratio of 90% owner-occupiers to 10% investors. The region has an incredibly low vacancy rate of only 0.3%, where one can expect a return of nearly 5% from day one.
Catapult Homes said it is offering to match the Coposit $10,000 minimum deposit requirement, with a “price lock” to 2024. That price lock means buyers can rest assured that their sale price is locked in once they sign their contract, giving them the opportunity to spend on upgrades or a whitegoods package of their choice, to the value of $10,000.
Catapult Homes said it will extend its offering at three other Queensland developments in Deception Bay, Toowoomba, and Heathwood in the coming months.
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