A US and European-style model for partially owned holiday homes has arrived in Australia, offering the chance to buy luxury properties at reduced prices.
The model is being launched via a partnership between co-ownership platform Ko and independent buyers’ agency Propertybuyer.
Buyers would have a shared ownership in domestic holiday home locations by acquiring a one-eighth stake in the property.
The two partners anticipate the fractional ownership model for luxury holiday homes to take off in Australia in the same manner that hybrid working styles and the shared economy grew in popularity post-Covid.
One property includes the two-level residence of 27 Shirley St in Byron Bay, which has previously been listed with a $5.2m price guide.
The five bedroom and three bathroom property is situated metres away from Main Beach and has a separate studio and parking space for six vehicles.
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It is now listed on Ko’s platform for $1.218m per one-eighth unit.
According to Ko CEO and co-founder Ryan Fritsch, lifestyle destinations such as Byron Bay, the Northern Beaches and Southern Highlands are expected to be delivered with a more accessible price tag.
“We expect to roll out our first 20 properties in other holiday hot spots 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,” Mr 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 per cent of the time – so why tie up all your money in one when you can share ownership?”
A farmhouse at 22 Nero St in Mittagong has also been listed and features five bedrooms with a self-contained one-bedroom guest studio.
The property includes a swimming pool overlooking Mittagong and an alfresco lounge area with outdoor fireplace.
Propertybuyer CEO and founder Rich Harvey said the partnership aims to find luxury properties for buyers looking to share homes with their friends and family.
“We’ve been given the exclusive mandate to source luxury holiday homes with ‘wow factor’ in the $4m to $14m range and are targeting properties with stunning, beachfront locations, country retreats, resort style inclusions and plenty of space to relax,” Mr Harvey said.
The partnership aims to also target other locations including Port Stephens, the Central Coast, beaches in Sydney’s eastern suburbs, the Mornington Peninsula and Margaret River.
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Originally published as Holiday share homes: Bold plan between Ko and Propertybuyer introduces co-ownership for luxury properties