And my guest in this episode is Mark Macduffie, managing director and one of the founders of Downsizer.com, a very brand new proptech that's launching in March this year that tackles the shared problems faced by couples wanting to sell the family move and move into something smaller. Mark has an impressive background in technology in the banking sector having worked in senior technology roles at CommBank for 11 years, as well as experienced building technology for banking, insurance, and not-for-profits across Australia and globally.
According to the ABS, there's more than seven million Australians over the age of 55 and a significant proportion of them own their own homes, many outright. And over the past 25 years, property values have risen by more than 400%. So that makes downsizers a highly valuable property sector, but they can still find it difficult to coordinate the financial hurdles required to purchase a new home even though they pose a very low default risk and even though the property they currently own that they will be selling is highly desirable. And at the same time, there are credit rules for new developments that are getting tougher.
02:16 - Mark gives the Downsizer elevator pitch and goes into more detail about the problems that Downsizer solves
07:52 - How big of an issue is it anyway?
11:37 - How does it work? How do I cash in a property?
16:04 - Mark tells us about his background18:40 - What’s the business model?
23:13 - Why and how does blockchaining in Downsizer? And people talk of reverse mortgages and schemes like that as dodgy, What is Mark’s response to that?
27:02 - What does older age and older property ownership look like?
31:08 - Downsizer are building out their MVP, three founders, what does launch day look like? How many properties are we going to see in Downsizer? What's Downsizer’s goals for that?
35:50 - What does the next 5 years hold for the industry?