Cash, cheque or crypto: Luxury home sale invites Bitcoin buyers
The fully renovated home at 5 Elizabeth St, Fannie Bay, hit the market on Sunday, just days after the 'Jim Beam House' was listed for $10m around the corner.
Seth Chin, selling agent and managing director of Chin Property Group, said offering Bitcoin as an accepted form of payment broadened the pool of potential buyers.
'There's a growing number of Territorians and Australians investing in crypto, and it's more widespread than many realise,' he said.
'Approximately one in five Australians own cryptocurrency, with the Australian crypto market valued at around $50 billion to $70 billion.'
Mr Chin said the legitimacy of cryptocurrencies was only increasing.
'Since the approval of Bitcoin ETFs in the US in January last year, and with major financial institutions such as BlackRock and Vanguard getting behind Bitcoin, crypto has now been firmly established as a real asset class,' he said.
Architect, builder and vendor, Randal Ashford said he was 'all for' accepting Bitcoin as payment for his Fannie Bay home.
'(With Bitcoin on the table), the sale could be of interest to both national and international buyers looking for an opportunity to put their money into bricks and mortar in one of Australia's capital cities,' he said.
Mr Ashford said he was no stranger to cryptocurrency, having owned Bitcoin for years.
'I do a lot of investing around Australia and internationally, and having Bitcoin gives me that flexibility,' he said.
Mr Chin said the $2.85 million asking price for the Fannie Bay property was equivalent to about 16 Bitcoins as of Monday.
'For anyone holding Bitcoin, this represents great buying,' he said.
'Bitcoin is currently priced around $180,000 AUD per coin.'
Mr Chin said if someone had purchased 16 Bitcoin in August 2018, they would have paid around $150,000 AUD.
'Today, those same 16 Bitcoin … could buy you a $2.85 million property in one of Darwin's most sought-after suburbs.'
Mr Chin said a Bitcoin transaction could also benefit the vendor, as the value of the cryptocurrency had appreciated much faster than the Australian dollar.
'Bitcoin is increasingly seen as digital gold,' he said.
'People are using it not as currency, but as a store of wealth.
'Analysts predict that Bitcoin could reach $1 million within the next five years.'
The home as 5 Elizabeth St was built in the 1970s and purchased by Mr Ashford in 2023 for $1.1m.
'It was a completely rundown property with squatters living there, graffiti in places and overgrown trees,' he said.
'It hadn't been lived in for years when we bought it.'
Mr Ashford said he bought the 1090 sqm property for its location and 'good, strong bones' with plenty of natural light and ventilation.
'It was an architecturally designed house … and all commercial construction with concrete columns and slabs,' he said.
'We found heaps of little gems – little architectural features and details – throughout.
'There was a twin brick feature wall and the stairs were cantilevered off the brick wall.
'There were all the curved planters outside and even the way the roof ventilated spoke of architectural design.'
Mr Ashford said he kept the building envelope but everything else was new, from the roof through to the electrics, airconditioning, kitchen and bathrooms.
The home has five bedrooms, three bathrooms, a new pool, solar system with batteries, Sonos sound system and high end finishes.
Downstairs there is open plan living, flowing out to the entertaining area, while upstairs is further living space, a balcony and bedrooms.
Mr Ashford said he loved the distinct zones in the home, which were well suited to family living.
'Downstairs is where the chaos happens and upstairs is where we chill out,' he said.
'Downstairs is really industrial, where our kids can go crazy without having to worry about damaging the house.
'The polished concrete floors mean the kids can ride their bikes through, and you could literally hose it all down.
'Upstairs, we put in real American oak flooring.
'The kids calm right down when we go up there, and I think that's because of the materials, the finishes and the tones.'
The property sits across the road from a park and Fannie Bay shops, and around the corner from East Point Rd.
'You get all the sea breezes and you can see the ocean from the balconies, but you also have privacy,' Mr Ashford said.
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