Homeowner is ready to accept payment in bitcoin for property

Homeowner is ready to accept payment in bitcoin for property

Homeowner is ready to accept payment in bitcoin for property

The homeowner of the property in Surry Hills values the property at $5 million, and that's not all, bitcoin payment can be made for the property.

Despite the volatility of bitcoin in the past twelve months, some somewhat bullish investors still consider cryptocurrency as a viable option of payment rather than Australian Dollars when it comes to the sale of their properties.

At current price, one bitcoin trades at $US6448 as compared to a high of $19,535.70 as of December 2017. With a bitcoin now valued at $A8786, a premium real estate property is willing to accept payment in bitcoin.

The move is rather risky as no property deal has been struck in the country using cryptocurrency, this is despite the fact that several properties have been put up on sale in the previous year, with owners accepting cryptocurrency payment.

The latest property to go up on sale with bitcoin as part of its payment option is an aesthetic house in Surry Hills. The home located at Albion Street is both a residence and an art gallery. The valued price is at $5 million, and that's about 570 bitcoins in current estimates.

Joshua Charles, the selling agent, said " although it is a bit unconventional to see vendors accept payment in bitcoin, we are positive that we will attract buyers who are into this form of payment. There is no sell as is clause on the property. The property is flexible and would be ideal for advertising agencies and even tech startups."

Peter Madison, the owner of the property, is an advocate of cryptocurrencies, and he has been fully involved in the cryptocurrency world, so he is unfazed by the volatility of bitcoins at the moment.

He said "Even though it is fluctuating at the moment, it will stabilize with time. As for me, I see it as just another form of currency."

The current challenge

Paul Hosking in September 2017 was one of the first property owners living in Australia that was ready to accept payment in bitcoin for his house. The house was valued at $2.5 million in Normal currency

"I couldn't sell it, and the people that came around weren't really interested in buying the property, but they were more interested in asking me about bitcoin. At that time, bitcoin was on a high level of $US20,000 for a bitcoin, and that's about $A30,000. That would have been a dream for me if I had sold the property." Hosking said

As it stands, there are still complexities involved with transacting with bitcoins, and as John Garnett, a selling agent puts it "Because of the complexities involved and the small buyer pool dealing with cryptocurrency, purchasing properties in bitcoin will still be difficult to achieve for some time."

For more information on Selling your home fast

Get paid in CASH for your house TODAY!