A $1,000 beachfront property in Sydney, NSW for $1M worth of cryptocurrency
A beachfront estate in Sydney has sold for a record $1.1 million in bitcoin.
Key points:The property, on a parcel of land near the Port of Sydney, is one of two that have sold in Australia this yearBitcoin has soared from $7,000 to more than $1 million a day in 2017In August, it was valued at $3.5 millionIn October, it jumped to $4.5mA property on a property near the port of Sydney has become one of the most expensive in Australia, with a record-breaking price of $1m in August.
Key facts:The parcel of property was previously a beach house with an attached cottage.
The property has been on the market for nearly three months and is a “key to future growth” for the developer, who has applied for a licence to build on it.
A statement on the property’s website said it had been purchased by a “specialist property agent” from Sydney developer Nick Rizzo, who “is keen to move forward with the sale”.
“He is keen to provide a secure investment opportunity for the residents of the property and the wider community,” the statement said.
“This property is one such opportunity.”
The property is about 400 metres from the port, but it has been sold on a peninsula to make way for the redevelopment of the Portlands.
“We are proud to have built a world-class property that has been developed to suit the lifestyle of the owners and their friends,” the property agent said.
It was bought by Rizzio in August, after he applied for an extension to the existing licence to buy the property.
In October the owner announced a new site for the property, saying it would “make an important part of our development plans”.
It is now the third property to sell this year in Sydney.
In November, the first one sold for $2.8 million.
And in December, a property on the outskirts of the CBD was sold for an average of $2 million.
It is the second time in 2017 that a beach property has sold in Sydney for a high price.
In May, a $1million beachfront home in the central Sydney suburb of Bondi sold for just over $3m.
In September, a home on the Darling Harbour waterfront for $3 million was sold by developer Richard Gough.