Crypto creeping into the cranking construction sector
- Millennials, Generation Z, and property developers are seeking to expand the use of crypto and digital payments.
- Australian property market prices have had the strongest growth on record in the past few months.
- 22% of Aussies believe investing in crypto is easier to save enough deposit.
Buying a property using cryptocurrencies is poised to intersect with the flourishing housing market as Millennials, Generation Z, and property developers seek to expand the use of digital payments.
The Real Estate Institute of Queensland (REIQ) was one of the first property peak bodies in Australia to adopt blockchain technology for payments and it is expected the sector more broadly is coming on board.
While Millennials are increasingly choosing cryptocurrency over traditional savings methods in a bid to get their foot in the door of the flourishing property market, there are risks for buyers and vendors alike.
Yet, according to research by Kraken, a San Francisco-based digital asset exchange, 22% of Aussies believe investing in crypto is an easier way to save enough deposit than leaving their savings in a bank at record low interest rates.
It’s getting harder to buy a property and Australian property market prices have continued to climb, with the past six months seeing some of the strongest growth on record.
The value of residential construction was unchanged at a total A$18.8 billion for the September quarter, as the industry enters a period of uncertainty, with global supply chains under increasing pressure and economies crank up from pandemic shutdowns, putting further demand on materials and shipping resources.
Construction held up stronger than expected in the September quarter with just a 0.3% per cent decline in output, as a largely stable homebuilding and infrastructure offset a weaker commercial non-residential sector.
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