Can’t afford a mortgage? Investment scheme offers shares in a Mosman apartment for as little as $141

INVESTORS who have been priced out of the lucrative north shore market now have the chance to own a piece of a Mosman property for just $141.

Everyday investors have the chance to buy a “brick” in a Mosman unit for just $141.

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INVESTORS who have been priced out of the lucrative lower north shore market now have the chance to own a piece of a property in Mosman for as little as $141.

Residential property platform BRICKX, which allows buyers to buy and sell “bricks”, or units in residential property trusts, has recently expanded its platform to allow all Australians to buy a share of their five Sydney and Melbourne properties for between $68 and $141.

Initially only available to “wholesale customers”, BRICKX CEO Anthony Millet said strong demand from everyday buyers following their launch nearly two years ago prompted the company to pursue the necessary legal and regulatory requirements to expand.

“There is a lot of frustration around housing affordability and we had more than 2000 everyday Australians tell us they wanted this product,” Mr Millet said.

Each of the BRICKX properties are divided into 10,000 bricks which are initially sold at purchase cost through brickx.com.

Investors can monitor their potential capital returns and at the end of every month receive their share of the net rental income.

One of the five properties on offer is 18/5 Parriwi Rd, Mosman. The current yield is 3.65 per cent and it now has over 300 investors, having grown from 62 at the start of September, Mr Millet said.

“It certainly is one of our more popular properties on the website,” he said. “The property is very desirable and easy for investors to relate to. It’s on a well-known road in Mosman, has ocean views, modern refurbishments and a car park.

BRICKX CEO Anthony Millet.

“With BRICKX, (investors) can get exposure to Mosman for a fraction of the price ... we are getting great traction with the under 35s who are largely frustrated at how inaccessible the property market has been. But interestingly, nearly half of our customers are over 35 and assumed property owners who are looking to get more exposure to property.”

For UK native Rob Older, BRICKX offered a way to invest in property without having to overcome the hurdles associated with getting a home loan before he receives his permanent residency.

Attracted to Mosman’s desirability, value and capital growth, he snapped up about half a dozen bricks in the unit just three weeks ago and has already seen a return in his investment.

“I’d basically been looking at property investment opportunities and I came across BRICKX on Google ... and the idea (seemed) quite exciting,” Mr Older said.

“I really liked it from a tech (point of view); it jumped out at me as being very innovative ... the platform is very modern, the UX behind it is really well done and it’s very professional.”

Mr Older noted that it was a great way to get into the market given the price of property in Sydney, adding that when he does buy a property outright, it will likely be somewhere like Brisbane due to affordability.

“For somebody that can’t just go out and buy a whole property I think it’s a really good way (to invest) because you can take your money out very easily, you’re not locked in which I find great,” he said.

“To say I’ve invested in a property in Mosman already — it’s a very prestigious place and when I share that with friends it definitely gets them interested.”