A Junee home could become the first ever property in Australia to be sold with bitcoin.
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Number 6 Vaughan Street went on the market for $349,000 with a note explaining the “vendor will trade in bitcoin.”
By today’s calculations, that asking price would equate to about 25 bitcoins.
Paul Irvine, director of Professionals Real Estate, said it was unlikely bitcoin would become the way of the future for the property market.
“This is certainly a good marketing technique, and it’ll definitely draw some eyes to that listing and have tonnes of people talking about that property,” Mr Irvine said.
“But we’re pretty bricks and mortar people down here, we love our money, and we want to be able to touch it.
“The problem is that bitcoin is such a volatile industry – it’s dangerous in that it fluctuates every day – so I don’t think this will be taking off in Wagga any time soon.”
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For example, the last seven days alone have seen bitcoin prices soar as high as $18,811 and fall as low as $13,205 – a fluctuation of over $5000 in just one week.
These numbers seem abysmal in comparison to this time last month, when bitcoin reached a record high of $25,694.
Mr Irvine said he had heard of vendors who have been open to accepting offers in bitcoin in the past, but he had never seen one actually receive an offer in the cryptocurrency.
“There are a few properties in Sydney at the moment where the vendors are also willing to deal in bitcoin,” he said.
“Just recently, they even had one property on the market where buyers had no option but to pay with bitcoin.”
While there certainly have been vendors willing to accept bitcoin for their properties in the past, there is no record of a bitcoin property exchange ever occurring in Australia.
RE/MAX Elite real estate agent Jenna Pollard represents the owner of 6 Vaughan Street and said he just wanted to keep his options open.