A family home in Unsworth Heights on Auckland’s North Shore has been put up for sale for approximately 66 bitcoin and $612,500. If the sale goes through, it will become the first property in New Zealand to be sold for cryptocurrency.
Century 21, the realtor responsible for the transaction, says the purchase could allow a cryptocurrency investor to trade their currency for a hard asset and help spread their risk exposure, as well as “showcase the utility and power of Bitcoin within New Zealand.”
Bitcoin transactions for property are almost non-existent, though an Australian owner put a “spaceship-like” beachfront home up for sale in northern New South Wales for 700-800 Bitcoin – equivalent to approximately A$3.88 million – earlier in March of this year. The exclusively Bitcoin-based auction was said to be a world first.
“Because Bitcoin mortgages don’t exist, the vendors would be happy with a 50/50 split of Bitcoin and NZD,” Century 21 Unsworth Heights owner Liam Collett said.
“What’s more they’d sell the property at the current property valuation of $1,225,000, representing exceptional value. What’s more, New Zealand remains an attractive place to own property for the many offshore investors exempt from the recent foreign buyer ban.”
Collett says Century 21 will be utilising its international reach to help find a buyer, and that it expects a healthy amount of enquiries for the unique transaction.
The property was built approximately sixteen years ago, and the family – which includes seven children – has lived there ever since. Collett also says the owners are “well-initiated and familiar” with blockchain-based cryptocurrencies, and are well placed to handle the unique intricacies of a half-Bitcoin transaction.
“The vendors see a great opportunity in marketing their beloved property for Bitcoin,” Collett said. “Not only is Bitcoin a widely respected global currency, they admire how it has managed to disrupt the traditional international banking system. The vendors are keen to promote the property to early Bitcoin investors who’ve had Bitcoin in their digital wallet for some time. They could do well, but so could people who may have got into Bitcoin last year when it was worth much less.”
“Regardless, this property, set in a wonderful location, is seriously for sale and someone is going to do very well indeed,” he concluded.