In a world first, Australia is set to host a live property auction where prospective online buyers and bidders are being asked to pay for their purchase in cryptocurrency, not cash.
“It’ll be the first of its kind for a live bidding,”
stated listing agent, Nick Witheriff, from LJ Hooker Kingscliff.
The property, which is being dubbed the “Jetsons House” due to its futuristic architecture, is a beachfront home located in the northern NSW town of Casuarina.
With bidders already registered, both internationally and locally the property will go to auction online on the 8th April 2019, and is expected to go under the hammer for 700-800 Bitcoins (BTC), or $3.5 million. Paying in Binance Coin (BNB) is also an option.
Witheriff further explains,
“I’ve had calls from Switzerland, the US, Canada, Asia and from various investors who are in the cryptocurrency scene. Its been generating a lot of buyer attention”.
This never before seen style of auction has been made possible through the collaboration between Australian Real Estate giant, LJ Hooker, auctioneer James Pratt and Blockchain company NuYen. This partnership is paving the way for borderless property transactions which we can expect to see become more popular in the very near future.
Dr Brendan Markey-Towler, of The University of Queensland’s School of Economics believes that buying houses with cryptocurrency will only become more common,
“Especially as the next generation of Blockchain consensus algorithms allow for greater processing speeds and scalability. That will almost certainly allow Cryptocurrencies a new burst of growth as they become more efficient to use”,
he told The News Daily.
Yes, the Casuarina beachfront mansion is the first property to be sold via live auction, but it is not the first property to be bought with Cryptocurrencies.
In 2014, a villa in Bali sold for 800 BTC, equating to $500,000 at the time. In the same year a property in Kansas City sold for the same amount. There have been many more properties across the globe that have been purchased using Bitcoin in countries such as Portugal, Spain, Panama, Indonesia, Germany, Thailand, Argentina and Australia.