BrickX waives transaction fee for 'bricks' in end of financial year sale

Fractional property investing platform BrickX has jumped on to the financial year-end sale by waiving the transaction fees for buying or pre-ordering ‘bricks’.

The sale is on only for two days, June 29 and June 30.

The company charges a the transaction fee of 1.75% on every purchase of ‘Brick’ or while selling ‘bricks’.  

BrickX puts properties into an individual trust and splits each one into 10,000 units or ‘Bricks’ which investors can then buy or sell.

While the fee would be waived for purchases and will be fully funded by BrickX from its own funds and will not be sourced from the assets of the BrickX Platform or any BrickX Trust, selling bricks would still attract the charge.

BrickX bought several properties in the last three months and opened them up to investors. 

The ‘bricks’ from its recent purchases in Sydney’s Surry Hills, Darlinghurst, Potts Point and Manly were snapped up by investors within hours.

You can pre-order Bricks in Brunswick West with no transaction fee on the pre-ordered Bricks that will transact on the Settlement Date (scheduled for 30th June 2017) which is during the EOFY Special Offer period.

Its most recent property — a three-bedroom terrace home in Melbourne’s Brunswick — shows 21% ‘bricks’ reserved so far.

The 10 Shamrock Street property was launched for pre-orders on June 23 at $99 a ‘brick’. BrickX has opened pre-orders for the property with no transaction fee with settlement on June 30.

The three bedroom, two bathroom terrace with an undercover carport on Shamrock Street boasts a courtyard along with a private rooftop garden off the master bedroom.

The 169 square metre property's selling price was $1,190,000, according to CoreLogic. It was sold through Nelson Alexander Real Estate Brunswick.

It last traded for $371,750 in 2003.