PROPERTY STARTUP PAYS HOME BUYERS

FIRST home buyers could crack into the market years earlier thanks to this Gold Coast startup.

Property platform ReValu8 offers a free tailored platform allowing users to research, rank and purchase properties online from across Australia, as well as receive thousands of dollars in incentives and fees that would otherwise be paid in advertising and commission.

Launched last month, ReValu8 is a first of its kind platform providing unparalleled access to a wide selection of properties listed for sale and market research.

The startup wants to redistribute $10 billion spent on real estate commission and advertising in Australia each year. It says it's working on the same side as consumer advocate agencies, at the other end of the spectrum to property spruikers and rogue agents, by allowing buyers to claim a fair share just by purchasing through the platform.

ReValu8 chief operating officer Chris Wisbey says the benefits were slanted towards first home buyers.

"The current real estate system does not provide enough focus on looking after first home buyers rather its primary attention is directed principally at owner occupiers buying their second or third home to live in," says Wisbey.

"Using ReValu8, first home buyers are able to search, view and buy new properties from across Australia, with each property listed on the platform containing detailed information to help with their decision-making process.

"Mr Wisbey says ReValu8 offered first home buyers substantial and transparent home buying assistance when purchasing a property through the platform, including the buyer's share of available commission and advertising fees, on top of available government grants and transfer duty exemption, which vary state to state.

"ReValu8 has the potential to get a majority of first home buyers into a home years earlier than previously possible," says Wisbey.

"Current listings on the platform now total almost $500 billion in properties, plus over $8 million in what we call our buyer incentive, which is a share of the advertising and agent commission that a buyer receives when they purchase a property through ReValu8.

"In combination with the state based First Home Owners Grants (FHOG), plus the buyer's share of commission, the amount of deposit assistance available could be as high as $40,000 depending on which state they buy in."

Several Brisbane homes currently listed on the platform provide first home buyers with between $30,000 and $35,000 in fully transparent buyer incentives, including Queensland's recently raised FHOG of $20,000 for new properties under $500,000, which came into effect this month.

ReValu8 is a member-based platform and is free to join. Members can view property data Australia-wide, even if the property isn't listed on the platform, and can tap into things like weekly after-tax costs, potential 10-year profit forecasts and price to valuation discrepancy.

Read about another Gold Coast startup building a business where housing is more affordable for all.