Hobart property owner will accept Bitcoin payment for land
THE owner of a residential block of land in Hobart’s northern suburbs has put it on the market, and he is willing to accept Bitcoin as payment.
Should a sale be finalised in this way, listing agent Nina Burton, from Petrusma Property, believes it would be a first for Tasmania.
No.17 Nathan Street at Berriedale is 942sqm and has views across the suburb towards the river and Mona. It is listed at “Offers over $175,000”.
The property owner said the goal was simply to sell his block, be that to a cash buyer, or with a payment that included a percentage of Bitcoin.
He bought the block five years ago, and selling it now will enable him and his partner to pay down some debt.
The owner said he had an interest in cryptocurrencies and had spent a couple of years researching it.
“I am very confident and comfortable with the concept,” he said. “I think it is inevitable that cryptocurrencies will become more prominent in society.”
Nina said that in the real estate industry people often talked about “throwing the net as wide as you can” when marketing a property for sale.
“With any sale you want to get the word out there, and by including cryptocurrency hopefully we can open this listing up to a wide group of potential buyers,” she said.
Nina said one of the first things she and her vendor did was look into the legalities, to see what was and was not possible.
She spoke to a few solicitors before finding one in Launceston who accepts Bitcoin as payment for invoices herself.
“She has used it and has a good understanding of it,” Nina said.
“In the end I think it will be straightforward. The sale price will be the same, written in Australian dollars, but we will have a clause that covers Bitcoin.
“The exchange rate will be determined at the time of settlement.”
At the time of writing, the Bitcoin price in Australia was $15,361.
Around the world Bitcoin has been used to buy property, pay for higher education, airfares, even a Tesla vehicle.
Locally, Boat Sales Tasmania is an example of a business that accepts a few varieties of cryptocurrency payments.
The property owner said that in Australia there was a lack of merchants — online or physical stores — that currently accept cryptocurrencies.
However, this does not bother him at all.
He said Bitcoin was a store of value, an investment strategy.