The Future of Luxury Holiday Home Ownership is Paradoor

Property ownership has become one of the most hotly debated topics in Australia.  Owning a holiday home has become further and further out of reach with limited supply and prohibitive price growth in high demand markets like Noosa and Byron Bay.  Coupled with crippling government restrictions on short term rentals (including a 60-day cap on short term rentals in Byron Bay), interest rate cliffs, skyrocketing inflation and oppressive land taxes, owning a beautiful holiday home has become nearly impossible for the majority of Australian families.

Co-founders Oliver Howard and Tom Ormerod set out to revolutionise the Australian property market. Backed by investment from former Airbnb country manager, Sam McDonagh, the Paradoor team is uniquely positioned to solve these problems.Ormerod is co-founder of Luxico, Australia's leading luxury accommodation provider with over $1b in property under management and having serviced over 50,000 guests from across the world.  Howard, a former lawyer, has a long history of working with start-ups as both founder and investor, in venture capital. 

After over a decade shaping the luxury holiday market, Ormerod puts it simply "It just doesn't make any sense to own a holiday home on your own any more. The costs are prohibitive, an avalanche of new regulations restrict short term rentals and usage is declining."

Paradoor, whose name was inspired from a 100 year old system of luxury property sharing in Spain, is a co-ownership model designed to make owning a holiday home more accessible, more affordable and more enjoyable than ever before. We allow owners to have access to luxury lifestyle and homes at a fraction of the cost.

"The beauty of the Paradoor model is that it allows owners to pay proportionately to the time that they have access to the property," says Howard. "Holiday homes are on average only used 35 nights per year - why would anyone want to pay 100% costs for only 10% usage".  

Shared ownership of lifestyle assets is already familiar to many and has been commonplace across yachts, ski lodges and jet planes for a long time. But it has recently expanded rapidly across the broader US property sector with start-up, Pacaso, reaching a 'unicorn' US$1b valuation within only 5 months.

And unlike timeshare models where you only have a right to use a property, Paradoor is a genuine asset ownership structure under a unit trust, allowing ownership rights and the benefit of any capital appreciation upon exit.

How it works 

• Paradoor offers a curated group of up to 8 owners the opportunity to share the legal ownership of a holiday home under a co-ownership specific unit trust structure. 
• Each owner enjoys exclusive access to their home during stays they have booked seamlessly via the Paradoor technology platform which ensures fair usage allocation.  A single share annually gives the owner 44 nights, including one guaranteed peak period (eg, Christmas, NYE, Easter). 
• Buyers may be able to access up to 100% debt financing from a panel of Australia's most trusted financial institutions including Macquarie Bank, ANZ, NAB, Westpac and Commonwealth Bank, through a partnership with PFK Australia.

Paradoor has partnered with Luxico for property management and concierge services, making ownership hassle free and the owner experience world-class. Each Paradoor property is designed and styled by the award-winning interior design team at MCM House.  

"It's about freedom and luxury. Want a bottle of champagne on ice when you arrive, just ask. It's a walk-in walk-out holiday home, but actually owning the underlying asset," says Howard.

The first collection of luxury properties that will be offered to the public in September are in Byron Bay, Noosa & Daylesford, with plans to expand to other prime locations.

For more information, please visit www.paradoor.com. 

For further information, photography and interviews: sophie@wanderlustunion.com.au