A new partnership has brought a US and European-style model for holiday share homes in Australia, offering buyers a chance to own luxury properties at a fraction of their original price.
The model will enable Aussies to have shared ownership in domestic holiday home locations by buying a one-eighth stake in the property.
Co-ownership platform Ko and buyers’ agency Propertybuyer expect the fractional ownership model for luxury holiday homes to take off in Australia just as hybrid working styles and the shared economy become popular post-COVID, realestate.com.au reported.
One property listed on Ko’s platform was the two-level residence of 27 Shirley St in Byron Bay – a five-bedroom, three-bathroom property with a separate studio and parking space for six vehicles – that has been last listed in 2006 with a $5.2 million price guide but was now available for $1.218 million per one-eighth unit.
Ryan Fritsch, Ko CEO and co-founder, said lifestyle destinations, such as in Byron Bay, the Northern Beaches, and Southern Highlands, will be on offer at a more accessible price tag.
“We expect to roll out our first 20 properties in other holiday hotspots around Australia over the next few months and anticipate significant uplift across the summer holidays, as people traditionally focus more on travel and lifestyle during that period,” Fritsch said “Co-ownership makes the dream of owning a holiday home attainable. People want access to holiday homes, but these are only used 10 to 20% of the time – so why tie up all your money in one when you can share ownership?”
Rich Harvey, Propertybuyer CEO and founder, said the team-up’s objective was to find luxury properties for buyers looking to share homes with friends and family.
“We’ve been given the exclusive mandate to source luxury holiday homes with ‘wow factor’ in the $4 million to $14 million range and are targeting properties with stunning, beachfront locations, country retreats, resort style inclusions, and plenty of space to relax,” Harvey told realestate.com.au.
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