The vendor of a four-bedroom home in Melbourne's The Basin will accept payment in bitcoin, in possibly one of the world's first real estate transactions using the global cryptocurrency.

"I've known the vendor for over 15 years," the selling agent, John Garnett of Harcourts Boronia told SCHWARTZWILLIAMS.

"He's a real thinker outside the box," said Garnett, adding that over the years the vendor has bought and sold a number of properties in creative and unusual ways.

So when the vendor said he would accept payment in bitcoin, Garnett said he wasn't altogether surprised.

Garnett said there are a few additional matters to consider for a bitcoin sale, and said it's most likely just the deposit will be paid using the digital payment system.

Rather than payment being held for a time by the agent, it will be transferred directly from the buyer to the seller, said Garnett.

So long as the full payment price is disclosed for stamp duty purposes, it is straightforward, said Garnett.

Lawyers and conveyancers said the paperless method was actually highly desirable, he said.

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