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PodProperty Pty Ltd
Company typePrivate
IndustryCo-Ownership Services
FoundedApril 2006
Founder
Headquarters
Sydney, Australia
ProductsCo-Ownership Guide
ServicesCo-Ownership Agreements
Websitepodproperty.com.au

PodProperty is an Australian online legal service provider that specializes in co-ownership agreements for tenants in common.[1]

History

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Jeremy Levitt and Jonathan Stambolis co-founded PodProperty in April 2006.[2][3][4][5] Stambolis is a director of PodProperty, and Levitt is the company's chief executive officer (CEO).[6][7] The business is built around the legal arrangement of co-ownership of houses, apartments or real estate in Australia.[4][8] The company was established during Australia's housing affordability crisis when there were soaring property prices and rising interest rates on home mortgages.[2][9]

It was reported in November 2006 (six months after PodProperty was established) that the company was receiving 30-40 enquiries a day for its co-ownership guide.[2] In June 2007, PodProperty made a submission to the New Zealand Parliament Commerce Select Committee Inquiry into Housing Affordability in New Zealand.[10][11] Its submission "focuses on shared equity schemes and, in particular, co-ownership as a means of improving the affordability of housing in New Zealand, based on the success of this initiative in Australia".[11] The company said in a report in February 2010 that the estimated number of people it has assisted with their co-ownership plans grew 51 percent and it attributed the growth to the effects of the 2007–2008 financial crisis and people wanting to spread mortgage risk.[12][1]

Services and products

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PodProperty facilitates co-ownership agreements and offers legal advice for individuals interested in purchasing property together as tenants in common.[13][14][12][9][15][16] Their Co-Ownership Agreement caters to various relationships, including friends, family members, and de facto partners, allowing them to address property-related matters.[3][14][17] The company provides a free Co-Ownership Guide and also offers a service to assist homeowners and real estate investors in selling part of their investments.[14] They charge for their co-ownership agreements, with fees based on a "per person" basis.[3][5][8][17][18][19]

Affiliations

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PodProperty has a strategic partnership with the Commonwealth Bank and Mortgage Choice which has PodProperty listed as their preferred source of co-ownership agreements.[20][6][17][21][22] It launched a co-ownership initiative with Wizard Home Loans in 2007 to provide specialised services for single first home buyers looking to purchase property together.[9][15][23]

In 2007, PodProperty organised the co-ownership of a holiday property in Queensland involving five Australian couples living in Indonesia, the Northern Territory and Victoria and assisted another group to buy in Niseko, Japan.[5] They arranged a co-ownership agreement for two friends who pooled their deposits to buy an apartment in Surry Hills in 2008.[24][25] The company also assisted a brother and sister in 2008 to buy an apartment in Sydney's North Bondi and helped them to look for a second one too.[16] In 2013, PodProperty drew up a co-ownership agreement for the sales of a five-bedroom house in Cottage Point waterfront on Sydney's Pittwater.[7]

Recognitions

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The company's chief executive officer (CEO), Jeremy Levitt, was nominated as a 2007 SmartCompany Idol.[9]

See also

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References

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  1. ^ a b Staff Reporter (7 November 2007). "Wizard, PodProperty launch initiative to facilitate co-ownership". www.theadviser.com.au. Retrieved 8 December 2023.
  2. ^ a b c "Great Australian dream on line". The Daily Telegraph. Sydney. 20 November 2006. Retrieved 13 September 2013.
  3. ^ a b c Majella Corrigan (4 August 2007). "Collective ownership". The Australian. Retrieved 13 September 2013.
  4. ^ a b Robert Mowbray and Nicholas Warren (July 2007). "Shared-equity home-ownership: welfare and consumer protection issues". Shelter Brief 33. Shelter NSW: 24. ISSN 1448-7950. Retrieved 13 September 2013.
  5. ^ a b c Janet de Silva (8 July 2007). "He ain't heavy, he's my co-owner". Sydney Morning Herald. pp. 1 & 2. Retrieved 13 September 2013.
  6. ^ a b Catriona Montalvo (28 November 2012). "Protecting yourself when going halves in a mortgage". Living Space. Commonwealth Bank. Archived from the original on 3 November 2013. Retrieved 13 September 2013.
  7. ^ a b Jonathan Chancellor (1 March 2013). "No sharing so Notting Lane, Cottage Point set for March 28 auction". Property Observer. Retrieved 13 September 2013.
  8. ^ a b "One stop home co-ownership shop". SmartCompany. Retrieved 13 September 2013.
  9. ^ a b c d Amelie Mills (4 March 2009). "Jeremy Levitt – Podproperty". SmartCompany. Retrieved 13 September 2013.
  10. ^ "Submission to New Zealand Parliament Commerce Committee Inquiry into Housing Affordability". Submitted by PodProperty (NZ). New Zealand Parliament. 15 June 2007. pp. 1–7. Retrieved 13 September 2013.{{cite web}}: CS1 maint: others (link)
  11. ^ a b New Zealand Monetary Policy and the Residential Housing Market – A Scoping Study Working Paper (PDF). Prepared by PricewaterhouseCoopers. Centre for Housing Research, Aotearoa, New Zealand (CHRANZ). May 2009. p. 192. ISBN 978-0-9864505-2-5. Retrieved 13 September 2013.{{cite book}}: CS1 maint: others (link)
  12. ^ a b Katherine Jimenez (24 February 2010). "Groups pool resources to buy a home". The Australian. Retrieved 13 September 2013.
  13. ^ Crystal Ja (3 November 2007). "Teaming up to enter the market". News.com.au. Retrieved 13 September 2013.
  14. ^ a b c Larry Schlesinger (9 November 2012). "Buy with friends rather than miss out on a good property opportunity: John Symond". Property Observer. Retrieved 13 September 2013.
  15. ^ a b Raquel De Brito (4 November 2007). "Real estate Perth, Western Australia". PerthNow. Retrieved 13 September 2013.
  16. ^ a b David Potts (23 November 2008). "Prenups not just for the Hollywood types". Sydney Morning Herald. p. 5. Retrieved 13 September 2013.
  17. ^ a b c "Partners > Co-Ownership agreements". Mortgage Choice. Retrieved 13 September 2013.
  18. ^ Wendy Mason (14 April 2008). "Avoid aches in the joint". Herald Sun. Retrieved 13 September 2013.
  19. ^ Cispin Hull (September 2006). "Help for investors in strife". All Homes. Retrieved 13 September 2013.
  20. ^ "Property Share Fact Sheet" (PDF). Commonwealth Bank. p. 1. Retrieved 13 September 2013.
  21. ^ "What is co-ownership?". Mortgage Choice. Retrieved 13 September 2013.
  22. ^ Tian Yang (24 November 2009). "Jeremy Levitt, 2009 Anthill 30under30 winner". Australian Anthill. Retrieved 13 September 2013.
  23. ^ "Wizard, PodProperty launch initiative to facilitate co-ownership". The Adviser. 7 November 2007. Retrieved 13 September 2013.
  24. ^ Mercedes Maguire (20 April 2008). "Roads to the big dream". The Daily Telegraph. Sydney. Retrieved 13 September 2013.
  25. ^ Vikki Campion (18 July 2009). "Proof that mortgages and mates can mix". The Courier-Mail. Retrieved 13 September 2013.
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