Darwin Luxury Home Listed for $2.85m – or Bitcoin

A luxury Fannie Bay home in the Northern Territory is listed for $2.85 million or the Bitcoin equivalent.
About 20% of Australians own cryptocurrency, with the market valued between $50 billion and $70 billion.
Internationally, places like Dubai have clear crypto real estate laws, enabling Bitcoin and stablecoin property purchases.

A luxury residence in Fannie Bay has become what is believed to be the first property in the Northern Territory to be marketed with the option to pay in Bitcoin. Listed at $2.85 million, the home’s seller will also accept the equivalent value in cryptocurrency, currently around 16 Bitcoin at $180,000 per coin.

Seth Chin, managing director of Chin Property Group, said the move caters to the increasing number of Australians with significant cryptocurrency holdings. About one in five Australians now own digital assets, with the domestic market valued between $50 billion and $70 billion, according to Chin.

He added that Bitcoin’s profile has been boosted by developments such as the US approval of exchange-traded funds in early 2024 and adoption by major global investment firms.

Owner Randal Ashford, who designed and rebuilt the house, said he has been involved in Bitcoin investment for years and is open to payment in the currency. He purchased the 1,090 sqm block in 2023 for $1.1 million and transformed the previously derelict structure into a high-spec family home.

Related: US Real Estate Agent Launches $100M Tokenised Multifamily Fund on Blockchain

Global Rise of Crypto in Real Estate Deals

Internationally, crypto property transactions are on the rise, with US brokerages overseeing sales worth tens of millions of dollars in digital assets. In Dubai, a clear legal framework overseen by the Virtual Assets Regulatory Authority and the UAE Central Bank enables buyers to purchase real estate with Bitcoin, Ether, and stablecoins.

In Australia, cryptocurrency is legal, recognised as property, and subject to capital gains tax on disposal. Chin said buyers who acquired 16 Bitcoin in 2018 for roughly AU$150,000 could today exchange a luxury property in Darwin, showing how Bitcoin’s appreciation has outpaced the Australian dollar.

Bitcoin is increasingly seen as digital gold… People are using it not as currency, but as a store of wealth.

Seth Chin, Managing Director of Chin Property Group