Auckland home could be first in New Zealand purchased with Bitcoin

A north Auckland home could become the first in New Zealand to be sold with Bitcoin in what is being billed as the "future of real estate".

The 16-year-old, architecturally designed family home in Unsworth Heights is currently on sale, with the vendors accepting $1,225,000 - or the equivalent in Bitcoin.

Due to the volatility of the cryptocurrency, the final Bitcoin amount would be calculated at the time the property sells.

While it's understood vendors in New Zealand have before offered to accept Bitcoin, no deals are believed to have been completed using the cryptocurrency.

The Century 21 real estate agent acting on behalf of the vendors, Liam Collett, said this could be an opportunity for a buyer to convert their Bitcoin into a hard asset and show the utility of the currency in New Zealand.

"The vendors see a great opportunity in marketing their beloved property for Bitcoin," he said.

"The vendors are keen to promote the property to early Bitcoin investors who've had Bitcoin in their digital wallet for some time.

"They could do well, but so could people who may have got into Bitcoin last year, when it was worth much less."

Being a global currency, accepting Bitcoin would appeal to offshore investors not excluded by the foreign buyer ban, says Collett.

The vendors are open to accepting a full Bitcoin payment or a 50-50 mix between Bitcoin and New Zealand dollars.

At current rates, the home would cost 131.18 Bitcoin.