Two Brisbane property developers will accept digital currency as payment for a mansion to be built by their company in the city’s affluent inner north.
Brothers Rob and Andrew Gray of Graya have revealed renders of the lavish new trophy home they are building on Hamilton Hill, overlooking the Brisbane River.
The Spanish-Greek styled home, dubbed Scorpia, will be built on Prospect Terrace next door to Larc, another Graya-designed mansion that sold off the plan last year for more than A$8 million.
According to Graya managing director Andrew Gray, prospective buyers can purchase the home using whatever their preferred mode of payment, but he says offering the alternative of cryptocurrency will open up the property to a wider market.
We want to market this property to all buyers, and many younger investors have a lot of their wealth tied up with cryptocurrency. Why limit the property’s selling potential? Bitcoin and ethereum have become reliable forms of investment and there is a whole market of buyers out there who are asset-rich in the crypto space. These are the buyers we want to connect with.
Andrew Gray, Graya
Real Estate Owners Are Increasingly Accepting Crypto
Gray offered the example of Miami, Florida as a market that has thrived since local real estate companies began accepting crypto as payment. “There are currently 16 oceanfront properties for sale in Miami that are accepting bitcoin and ethereum as payment. It’s only a matter of time until this becomes commonplace in Australia.”
Recently published Realtor.com data indicates that the number of people selling property for crypto assets is on the rise, with 14.3 crypto-accepting listings per 100,000 homes currently in the company’s database, up from 12.7 per 100,000 since 2018.
Last month, Crypto News Australia reported on the first-ever bitcoin-backed real estate refinance loan. And in April, American businessman and real estate manager Rick Caruso announced his company would allow tenants to rent his properties with bitcoin. Caruso Properties partnered with cryptocurrency exchange Gemini to handle all of its crypto payment operations and invested one percent of its treasury in bitcoin as a show of good faith.
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