Bitcoin enters the New Zealand property market

A plot of land in New Zealand's most iconic tourist destination will be going up for sale in digital currency.

Century 21 First Choice Realty from Wellington is selling a section in Kaiuma Bay, Marlborough Sounds, for approximately NZ$200,000 and for the first time they will be accepting payment in Bitcoin.

Owner of First Choice Realty, Joe Lupi, told NZME that he didn't think he'd have any problem selling the property for regular currency, but was interested to see the response to a possible Bitcoin sale.

"It's a beautiful spot and we're having no problems selling them in normal dollars... we just thought it'd be cool to see what the interest would be like."

Mr Lupi said to not expect a surge in Bitcoin sales, as they can still not be used to secure mortgages.

"You've got to have a mortgage-free property to be able to do it. So it's not going to be a regular occurrence.''

The section is 3000sqm with views of the water and is approximately 50 minutes drive from Nelson.

Bitcoin's value has soared this year, and at time of writing sits at over NZ$22,725.