The house at 5 Elizabeth St, Fannie Bay. Image: Equipped
In what’s believed to be a Territory first, a luxurious Darwin house has been listed on the market for $2.85m – or the equal in Bitcoin.
The totally renovated house at 5 Elizabeth St, Fannie Bay, hit the market on Sunday, simply days after the ‘Jim Beam Home’ was listed for $10m across the nook.
Seth Chin, promoting agent and managing director of Chin Property Group, mentioned providing Bitcoin as an accepted type of fee broadened the pool of potential consumers.
“There’s a rising variety of Territorians and Australians investing in crypto, and it’s extra widespread than many realise,” he mentioned.
“Roughly one in 5 Australians personal cryptocurrency, with the Australian crypto market valued at round $50 billion to $70 billion.”
Mr Chin mentioned the legitimacy of cryptocurrencies was solely growing.
“For the reason that approval of Bitcoin ETFs within the US in January final yr, and with main monetary establishments equivalent to BlackRock and Vanguard getting behind Bitcoin, crypto has now been firmly established as an actual asset class,” he mentioned.
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The house sits on a leafy, personal 1090 sqm block. Image: Equipped
The house is a mix of authentic and trendy character. Image: Equipped
Architect, builder and vendor, Randal Ashford mentioned he was “all for” accepting Bitcoin as fee for his Fannie Bay house.
“(With Bitcoin on the desk), the sale could possibly be of curiosity to each nationwide and worldwide consumers searching for a possibility to place their cash into bricks and mortar in one in every of Australia’s capital cities,” he mentioned.
Mr Ashford mentioned he was no stranger to cryptocurrency, having owned Bitcoin for years.
“I do plenty of investing round Australia and internationally, and having Bitcoin provides me that flexibility,” he mentioned.
Mr Chin mentioned the $2.85 million asking worth for the Fannie Bay property was equal to about 16 Bitcoins as of Monday.
“For anybody holding Bitcoin, this represents nice shopping for,” he mentioned.
“Bitcoin is at the moment priced round $180,000 AUD per coin.”
Mr Chin mentioned if somebody had bought 16 Bitcoin in August 2018, they might have paid round $150,000 AUD.
“At the moment, those self same 16 Bitcoin … might purchase you a $2.85 million property in one in every of Darwin’s most sought-after suburbs.”
The kitchen is totally new. Image: Equipped
The house’s three loos are additionally new. Image: Equipped
Mr Chin mentioned a Bitcoin transaction might additionally profit the seller, as the worth of the cryptocurrency had appreciated a lot sooner than the Australian greenback.
“Bitcoin is more and more seen as digital gold,” he mentioned.
“Persons are utilizing it not as foreign money, however as a retailer of wealth.
“Analysts predict that Bitcoin might attain $1 million throughout the subsequent 5 years.”
The house as 5 Elizabeth St was constructed within the Nineteen Seventies and bought by Mr Ashford in 2023 for $1.1m.
“It was a totally rundown property with squatters dwelling there, graffiti in locations and overgrown timber,” he mentioned.
“It hadn’t been lived in for years after we purchased it.”
Mr Ashford mentioned he purchased the 1090 sqm property for its location and “good, robust bones” with loads of pure gentle and air flow.
“It was an architecturally designed home … and all business development with concrete columns and slabs,” he mentioned.
“We discovered heaps of little gems – little architectural options and particulars – all through.
“There was a twin brick characteristic wall and the steps had been cantilevered off the brick wall.
“There have been all of the curved planters outdoors and even the best way the roof ventilated spoke of architectural design.”
Polished concrete flooring characteristic all through the downstairs space. Image: Equipped
There’s simple stream between the indoors and out. Image: Equipped
Mr Ashford mentioned he saved the constructing envelope however every little thing else was new, from the roof by way of to the electrics, airconditioning, kitchen and loos.
The house has 5 bedrooms, three loos, a brand new pool, photo voltaic system with batteries, Sonos sound system and excessive finish finishes.
Downstairs there may be open plan dwelling, flowing out to the entertaining space, whereas upstairs is additional dwelling area, a balcony and bedrooms.
Mr Ashford mentioned he liked the distinct zones within the house, which had been properly suited to household dwelling.
“Downstairs is the place the chaos occurs and upstairs is the place we sit back,” he mentioned.
“Downstairs is admittedly industrial, the place our children can go loopy with out having to fret about damaging the home.
“The polished concrete flooring imply the youngsters can trip their bikes by way of, and you may actually hose all of it down.
“Upstairs, we put in actual American oak flooring.
“The youngsters calm proper down after we go up there, and I feel that’s due to the supplies, the finishes and the tones.”
The property sits throughout the street from a park and Fannie Bay outlets, and across the nook from East Level Rd.
“You get all the ocean breezes and you may see the ocean from the balconies, however you even have privateness,” Mr Ashford mentioned.
