The seller of 32 Locher Avenue, Reservoir is open to accepting Bitcoin.
Cash or Bitcoin?
That’s the option facing prospective buyers of a Reservoir house, with the vendor declaring he’s open to accepting the cryptocurrency.
The renovated four-bedroom pad, featuring a four-car garage crowned by a man cave, has hit the market with a $880,000-$950,000 price guide.
This equated to about 67-73 Bitcoin at the time of publishing, when one Bitcoin was worth a touch above $13,000.
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A man cave — featuring a bar and flat-screen TV, and sitting above the garage — is part of the package.
Vendor Jim, who’s owned 32 Locher Avenue for about 13 years, said he considered the currency “better than cash”.
“Bitcoin, tomorrow, could jump to $20,000,” he said.
“There is no other better asset class that has outperformed Bitcoin in the last 10 years.”
He said while property deals using Bitcoin hadn’t “been done very much here in Australia”, it had cropped up overseas, including in the US.
Dubai’s £250m ($445m) Aston Plaza and Residences also recently became the first major real estate development to accept the currency.
The vendor installed a new kitchen as part of a comprehensive reno.
The property has a $880,000-$950,000 price guide, which at the time of publishing was in the vicinity of 70 Bitcoin.
A handful of other Victorian homes have been listed with the payment option, including in 2017, a $2.5m Mount Macedon property and a house in The Basin that ultimately fetched $885,000.
A spaceship-like mansion in seaside New South Wales town Casuarina was also sent under the hammer in what the selling agents claimed was one of the world’s first live-streamed cryptocurrency auctions last year, passing in at $3.5m or 457 Bitcoin.
And properties have been offered for the currency on the Gold Coast, in the Cairns region, in Hobart and South Australia’s Point Lincoln.
The alfresco and barbecue deck is a highlight.
A top spot to kick back in summer.
Jim, who didn’t want his surname published, conceded the sale of his Reservoir house to a Bitcoin owner would be “logistically … a little difficult for settling, deposits and things like that”.
“It’s not going to be straightforward, but it’s possible,” he said.
“There may be some people here who have a lot of Bitcoin.”
Jim described his home as “unique to the area”, thanks to its big garage with space for at least four cars and a loft level he’d used as a man cave, featuring a mounted flat screen and a bar.
“I’m into cars and bikes, so I spend a bit of time there,’ he said.
The house features four bedrooms.
The updated bathroom.
The 575sq m block also features a pool, a barbecue deck, and a renovated Spanish villa-style house with a new kitchen and bathroom.
Ian Reed vendor advocate Michael Collins — who has the listing in conjunction with Ray White Preston’s Ian Dempsey — said it was the first property he’d marketed for Bitcoin.
“This is a little out of the box,” he said.
“(If someone made an offer in Bitcoin), we’d have to work out the exchange rate for it at the time, there would be a monetary value based on the exchange rate, and put some other legal paperwork in place to define that.“
Mr Collins described the property as a “great entertainer” with a quality renovation.
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