Opportunity in Auckland bitcoin house sale

Friday 10 May 2019

Investors keen to convert some digital currency into a hard asset should check out New Zealand’s first official bitcoin house sale

By The Landlord

A large architecturally-designed family home in Unsworth Heights on Auckland’s North Shore is now up for sale for 66* Bitcoin and $612,500 NZD.

Century 21 Unsworth Heights principal Liam Collet says that if the sale goes ahead in bitcoin it would probably be New Zealand’s first cryptocurrency property transaction.

The vendors, Rachel and Dean, who are only willing to make their first names public for security reasons, have lived in the property with their children since it was built about 16 years ago.

Collet says they are both very familiar with blockchain-based cryptocurrency like Bitcoin and see a great opportunity in marketing their beloved property for Bitcoin.

“Not only is Bitcoin a widely respected global currency, they admire how it has managed to disrupt the traditional international banking system,” he says.

“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.”

That’s because the purchase could enable a buyer to convert their digital currency into a hard asset and help spread their risk exposure.

Collett says the sale would also showcase the utility and power of bitcoin within New Zealand.

“What’s more, New Zealand remains an attractive place to own property for the many offshore investors who are exempt from the recent foreign buyer ban.

“When you marry that proposition with a very popular global currency, we'd expect enquiries from all over the place, which we’re getting already.”

The property itself is a spacious 219sqm multiple-bedroom home, which is in a good location and also has an office with separate access which could be an additional bedroom.

Collett says that because Bitcoin mortgages don’t exist the vendors are happy to sell with a 50/50 split of Bitcoin and NZD. “What’s more they’d sell the property at the current property valuation of $1,225,000, representing exceptional value.”

He told media that they are working with lawyers to make sure any sale also complies with new laws on money laundering.

*Actual amount of Bitcoin required for the sale will be based on its market price at the point of transaction.

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