The 30 Day Home Co-ownership Challenge, by Home Addressed, is designed to inform and teach first home buyers to take a creative approach to home ownership and to shrug off the ‘generation rent’ tag.
Buyers wanting to participate will need to find a suitable co-buddy with whom to team up and buy a property. The co-partners have 30 days to meet on the Home Addressed site, get to know each other, fulfil the challenge criteria and submit their entries to go in the running for some life changing prizes and opportunities, the main one being the very real probability of owning a home. They can either buy as investors or live ins.
Di Ferrara, owner of Home Addressed, believes that one of the most powerful ways to catapult over the home ownership barriers is to team up with others who share your vision of home ownership and to galvanise resources to buy a property. This is an extension of the ‘sharing economy’ driving so many enterprises and being embraced by a population looking to leverage people power to make things happen. Uber, Airbnb and so many other social enterprises have changed the way people respond to challenging tradition and problem solving. The 30 Day Home Co-ownership Challenge is a response to the vexing question of home affordability and providing fair opportunity for young Australians.
A new report on Household, Income and Labour Dynamics in Australia (HILDA) reveals that rising property prices and flat wages growth are preventing young people from entering the property market. The HILDA report shows that just over half, or 51.7%, of Australians aged 18 and over currently own a home, down sharply from the 57% recorded in 2002.
“The recent HILDA report has confirmed what many of us suspected; fewer than half of Australian adults will own their own home by next year and this is a modern day tragedy in the land of plenty. This is why Home Addressed has created the 30 Day Home Co-ownership Challenge as a mark of defiance to these disheartening statistics and a creative way forward for the disillusioned first home buyer,” said Di Ferrara, owner of Home Addressed.
Home Addressed encourages first home buyers to start thinking strategically about overcoming challenges they face as first time buyers by taking part in the 30 Day Home Co-ownership Challenge.
The launch date for the 30 Day Home Co-ownership Challenge is 30th September. Aspiring first home buyers can visit www.cobuychallenge.com.au to download all the relevant information and register. The Challenge closes October 31st and winners announced in November. An Early Bird draw for a trip to Broome WA valued at almost $10,000 is on offer for all Challengers who register before October 20th courtesy of Hope Financial Solutions.
