More and more Aussies are using cryptocurrencies to put down deposits or to pay off a large portion of their mortgages altogether.
Marvin Coleman, from Mortgage Choice in Oakleigh, Victoria, revealed this week that at least 5 percent of his clients have crypto, and it’s becoming a common practice to cash out crypto savings to either fund a deposit or pay off an overall mortgage.
We’re obviously at a very embryonic stage of this. Around 5 percent of my clients have crypto, so the obvious question is, ‘can I use it to demonstrate I can complete my property purchase?’Marvin Coleman, Mortgage Choice
Crypto and Real Estate Booming in Australia
Real estate and cryptocurrencies are considered alternative investments for Australians, but it seems the crypto wave is getting more attention than ever – especially in 2021, which has become one of the most tumultuous years for Bitcoin.
There’s a lot of FOMO [Fear of Missing Out] in both the crypto and the property markets, and lots of people still want to ride the crypto wave. But I think right now there’s slightly more nervousness around crypto and huge FOMO in the property market.Marvin Coleman, Mortgage Choice
The global property market boom has elevated house prices to astronomical levels across Australian capital cities. The number of Aussies seeking home loans has increased tremendously in the past few months, and some of these homebuyers have holdings in cryptocurrencies as high as A$300,000, Coleman noted.
It’s also worth noting that some real estate agents are accepting cryptocurrencies as payment for properties. The biggest crypto real estate purchase to date was a luxury penthouse in Miami, Florida, which was bought anonymously for US$22.5 million using an undisclosed cryptocurrency.
Over a Million Millennials Will Buy Crypto Next Year
While the property market booms in Australia, so does the number of Aussies investing in crypto. As reported this week, at least 40 percent of Millennials and 31 percent of Gen Zs prefer crypto over real estate, according to a recent survey by cryptocurrency exchange Kraken.
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