Western Sydney home could be first Australian property bought with Bitcoin

A home in Sydney’s west could become the first property in Australia to be paid for in Bitcoin, but finance experts are warning the crypto-currency’s wild price movements could drastically devalue the sale.

The Mt Druitt home is expected to sell for more than $800,000 - or about 45 Bitcoin.

Sky Property Blacktown’s Riza Kamerakkas said “a lot of people have Bitcoin wallets”.

This Mt Druitt home could be Australia's first to be sold for Bitcoin. Source: 7 News

“No one knows who has what - so we may be surprised,” he said.

But not everyone is keen to use Bitcoin to purchase a home.

“I'd just rather deal in just in dollars, Aussie dollars I think,” one man said.

Finance experts are also warning those who wish to purchase homes in cryptocurrency to be careful.

Finance experts have warned against using Bitcoin to buy a house. Source: 7 News

Bitcoin expert Nicholas Steiger said the currency’s value change meant it didn’t have “sustainable growth”.

A buyer and seller can negotiate any form of currency or asset when purchasing a home, including Bitcoin.

But there are strict rules in place regarding the payment of stamp duty, which can only be paid for in Australian dollars. 

The owners are asking 45 Bitcoin for the home. Source: 7 News

“We've also got our conveyancer and solicitor ensuring we do the right thing,” Mr Kamerakkas said.

There are several Bitcoin-friendly homes on the market, including one in regional Victoria, but it is yet to go under the hammer.

If the home in Mt Druitt sells, it means Sydney could take out the title of the first home in Australia to be purchased with Bitcoin.