BrickX set to offer Adelaide house to investors at '$74' a 'brick'

Fractional property investing platform BrickX is stepping outside of Sydney and Melbourne, with a house in Adelaide.

The two-bedroom, two-bathroom house at 73 Third Avenue, St Peters, is a sandstone-fronted house with parking, has an outdoor pavilion extending from its open plan kitchen.

The house was purchased for $825,100, according to Corelogic data.

Each ‘brick’ is priced at $74 a Brick, and is being offered to investors from August 30. 

BrickX buys residential properties and puts each into an individual trust and splits them into 10,000 units or “bricks”. 

Investors may then earn capital returns and monthly net rental income in proportion to the number of bricks owned. 

CEO Anthony Millet said he wanted to offer investors diversity and an alternative to the Sydney and Melbourne property markets. 

“We are thrilled to be expanding into Adelaide our third capital city since launching in September 2016 and our 14th property,” Millet said. 

“St Peters is one of Adelaide’s most desirable suburbs and this home, in beautiful tree-lined Third Avenue, offers convenient living just three kilometres from the city,” Mr Millet added. 

House prices in St Peters have increased by 8.8% per annum over the past 20 years, according to CoreLogic figures.

CoreLogic Head of Research Tim Lawless, who also sits on the BRICKX Adviser Panel, says there is strong demand for property close to the city, schools and social precincts. 

“St Peters has a strong rental market which has contributed to ongoing low vacancy rates and high demand. This affluent area is particularly popular with couples and families,” Lawless said.

BrickX now has over 6,500 active members with the median sale time of Bricks sitting at around 12 hours. 

Its portfolio of properties includes those in suburbs such as Brunswick West, Prahran and Port Melbourne in Melbourne and Balmain, Manly and Bondi Beach in Sydney.