The platform splits properties into fragments known as “bricklets”, which give purchasers a direct stake in the property and a place on the land title.

Bricklet founder Darren Younger said it was an affordable way for aspiring property investors to own real estate in suburbs they couldn’t afford on their own.

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“The best way to think of it is independent part ownership,” Mr Younger said. “It’s an alternative to saving the big deposit and mortgage you’d normally need to purchase property.”

Mr Younger said bricklet holders were able to sell their stakes in properties whenever they liked in a similar way to how shares are traded on the stock market.

Properties are usually split into about 30 bricklets worth $25,000-$35,000 each, depending on the market value of the property, but there is no limit on how many an investor can own.

Investors benefit from any of the capital gains on the property as its value increases and rental income is split proportional to the size of each bricklet holder’s share.

Stamp duty and upkeep costs are also split on a pro rata basis.

The model was recently used for the sale of units in a new housing estate in the northern beaches suburb of Avalon. The over 55s development was split into 281 bricklets costing $31,885 each.

The majority of the bricklets sold out within four weeks.

Sam Jourdan, 24, bought three bricklets and said being registered on the land title sealed the deal for him as it meant his ownership of the property was independent of the new platform.

“I liked that I could actually buy something that could grow in value instead of just waiting to save a big deposit and get a massive mortgage,” he said.

“I could have a bit of flexibility if I wanted to travel because I wouldn’t have debt and, having my name on the title, I own (the property share) even if the company goes bust.”

Mr Younger said the fact bricklet owners were on title made it the same as conventional property ownership.

It also meant the platform was different to fractional ownership models such as BrickX which sell units or “bricks” in trusts that own the property.

“If you joined forces with other investors to purchase something together, you’d need a legal agreement in place and lawyers involved. This takes the complexity out of it,” Mr Younger said.

Century 21-Eastern suburbs agent Nick Papas is selling units in a Sans Souci development that’s been split into bricklets ranging from $25,000 to $40,000.

“We’ve sold six in the last two weeks,” Mr Papas said. “Most of the interest has been from experienced investors but we’re getting questions from younger buyers trying to crack the market.

“Some people have a bit of savings but can’t borrow much money or just can’t afford to take out a mortgage at this time so this is an appealing option.”

The Sans Souci development includes a mix of one-, two- and three-bedroom units with water views.

“The biggest question I get is ‘what if something goes wrong?’ but it’s simply a different method for buying property,” Mr Papas said.

“You’re still on the land title and you own a share of the property. Like any investment you need to make your own decision and decide where you see value.”