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Australian real estate market allows crowdfunding

Australia is excited to welcome a crowdfunding concept to its property sector to help young investors and those in need of extra money to integrate further into the market.

This is a positive step forward for the market and encourages a "sharing economy" as commented by ABC Australia.

Crowdfunding sees small investors working together to make a project or development possible, a wider-world example is Kickstarter, which crowdfunds any project, anywhere.

Perhaps some of the biggest success stories for crowdfunded concepts include the Uber taxi service and the Airbnb holiday rental model.

The platform seeking to help the Australian property market is CoAssets, which is based in Singapore.

Getty Goh as the crowdfunding platform's chief executive has discussed the idea with companies in Perth as the place to expand CoAssets into Australia.

Speaking on the aims of CoAssets, Mr Goh, said: "We are really a platform that allows people to put their property deals on the site and reach out to funders."

The draw of crowdfunding is that anyone is able to fund a project for as little or as much as they like.

CoAssets is going to be working with projects that need funding from as small as $1, right up to $5 million.

So far, the Singapore-based company has done a lot of great work, having helped raise $39 million of crowdfunded money for projects all over the world.

One of these projects, which was located in Sydney, needed $1.5 million and CoAssets helped to raise the money in just one hour.

Most of the investors came from Singapore and pledged between $100,000 to $350,000 each.

So far, the only thing stopping CoAssets from helping the Australian property market is that it isn't licensed by the Australian Financial Services.

However, this is something Mr Goh and his company look to remedy quickly and he hopes that CoAssets will have its licence by 2016.

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