Posted on Thursday, 27 March 2014 by James Snodgrass
I have spoken about it in past newsletters. We are very excited about this new initiative: Forsyth Real Estate is believed to be Australia’s first real estate agency to accept Bitcoin, through a partnership with Bitcoin payments provider CoinJar.
We took on Bitcoin due to the influx of international investors and expats entering the prominent Sydney market and we would like to offer our clients from Australia and overseas, another avenue for online payment (whether it be property deposits or advertising payments). For more information on how we accept bitcoin please click on this link.
If you didn’t see it on Sunday night, I hav e included the link on the Cochlea ear implants, from the Sunday program, about a couple receiving the implants. The couple, with three children, were both deaf and were able to hear each other’s, and their children’s, voices for the first time. Like so many people, it moved me and I thought if you hadn’t seen it, it’s worth a watch.
Now to the market. Over the last year and a half we’ve seen each price bracket reached one by one and strong market acceptance as time has gone by. In other words, the $1m to $1.5 market became highly active, which then pushed into the $1.5 to $2m, $2m to $2.5 and so forth.
We’re now seeing many sales between $2m and $5m which is exciting news for the Sydney market and even more exciting for the Office of State Revenue which receives those outrageously massive stamp duty cheques for nothing.
What’s even more fascinating is that the $10m market never seemed to stop. Even during the GFC, sales were transacting on and off the market at that price point.
James thoughts: A tip for buyers. When at an auction, sitting on your hands and not bidding is not a strong strategy contrary to popular belief. If the property is worth $1.5 and you put up your hand at $1.35 to start the auction you aren’t giving anything away. You are entering the race and if you can pick it up for $1.35 wouldn’t that be a bonus? It only matters when the property is on the market and you are negotiating on the floor or after the auction has been passed in. Bid confidently or use a third party who is not emotionally involved to bid for you.
There are ten candidates in the upcoming Willoughby Mayoral election. I went to a meeting and heard them all speak. A split field, r! ight down the middle, of educated newcomers and educated, seasoned veterans. I think it will become a battle of preferences rather than a battle of the elected individuals. I wished all the candidates luck. It is a huge commitment when you know it’s a part time position, not a fully employed position, although it is a full time job.
Did you know there are 450 staff at Willoughby Council? An enormous budget and dealing with hundred million dollar projects. What a responsibility!Posted on Wednesday, 26 March 2014 by James Snodgrass
Forsyth Real Estate, a 115 year old real estate agency on Sydney’s North Shore, is believed to be Australia’s first real estate agency to accept Bitcoin, through a partnership with Bitcoin payments provider CoinJar.
The company took on Bitcoin due to the influx of international investors and expats entering the prominent Sydney market, offering another avenue for online payment. Currently we receive property deposits in the form of personal cheques, bank cheques, direct deposit (electronic funds transfer) or a telegraphic transfer. Customers can simply select Bitcoin as a payment method and the transaction goes through CoinJar’s payment Gateway .
James Snodgrass, Forsyth Managing Director, says they are strong supporters of the Bitcoin economy as it allows overseas transactions with less fees and exchange rate fluctuations. “Prior to launching, we had discussions with our financial division who outlined the risks and opportunities of Bitcoin and we were happy with our findings ” said James.
Vendors are also able to pay their property advertising with Bitcoin. Transactions made in Bitcoins still include Goods and Services Tax (GST). The Bitcoin exchange is calculated in real-time and reconciled by CoinJar so Forsyth receives the exact amount in AUD charges.
“We stand behind our 115 year philosophy “clients’ best interest above all” and will continue to offer our clients innovative options in this ever evolving world” said James.
ABOUT FORYSTH REAL ESTATE:
In 1898, Robert Todd (RT) Forsyth, a young real estate agent, opened a humble wooden office in Willoughby. Seeing a tremendous need for honest, knowledgeable real estate people, RT Forsyth founded his company with a revolutionary philosophy: the clients’ best interest above all. Over the last 115 years, Forsyth has forged a tradition of integrity, exceptional service and customer satisfaction that has become the agency’s hallmark.
CoinJar is a Melbourne-based bitcoin payments provider, bridging the divide between digital currency and the dollars in your wallet.www.coinjar.com
Bitcoin, first introduced as a concept in 2008, is a distributed peer-to-peer digital currency that functions without a central authority. Bitcoins are generated by computers performing complex mathematical calculations. They are held in digital “wallets” and can be used to transact for different products and services.
For more information please contact:
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