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Australian Real Estate Body: Blockchain Will Revolutionise the Industry

A new report from the Real Estate Institute of Australia (REIA) confirms it is firmly in favour of blockchain adoption by the industry. The report outlines the various uses for blockchain in the sector as implementation methods become a hot topic.

Web3 Will Revolutionise Real Estate

The Blockchain: Opportunities and Disruptions for Real Estate report, released this week, details how the Aussie real estate industry can utilise blockchain tech to stay ahead of the game in an unstable market. The report is the result of a collaboration between REIA, REINZ (its New Zealand counterpart), and the RMIT (Royal Melbourne University of Technology) Innovation Hub.

REIA president Hayden Groves predicts that “fully integrated Web3 technology” will allow the industry to cope with rising interest rates, and housing affordability and supply issues. And according to Professor Jason Potts, co-director of RMIT University’s Blockchain Innovation Hub, blockchain has the potential to reshape customers’ experience into something far more positive:

https://rmitblockchain.io/jasonpotts

The time is right for Australia and New Zealand to become early adopters and in doing so provide more options for their customers such as tokenisation of real estate assets, which can lead to lower costs, increased liquidity, and therefore faster settlement times.

Professor Jason Potts, RMIT

However, Groves stresses that the research is only as good as the adoption, and that an implementation strategy is yet to be decided on. He wants “agents and agencies to be trusted members of their communities” with property transactions and blockchain offering the potential to “completely improve and grow trust in a real way”.

To learn more about how blockchain can function in the real estate industry, the video below is a useful starting point:

Sustainability and Training Also to the Fore

This is only the latest chapter of real estate’s exploration of blockchain in the industry. In September 2021 Jones Lang LaSalle Incorporated (JLL), a multinational commercial real estate company, made a deal with blockchain platform VeChain to promote more sustainable practices in the sector.

More recently, REIA Western Australia introduced ‘mandatory blockchain training’ for its real estate agencies. The May 2022 initiative sought to aid the industry’s adoption and evolution as crypto and blockchain progressed into the mainstream.

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Crypto News Western Australia

Aussie Stock with GameStop Ticker Spiked 50% Overnight, Thanks to Redditors

Aussie Stock with GameStop Ticker Spiked 50% Overnight, Thanks to Redditors

In light of the sudden boom in the market valuation of US GameStop’s shares, an Australian company says its stocks listed on the local stock exchange with a similar ticker as GameStop also gained massive inflows. While the company seems baffled by the development, it was said that the investors mistakenly bought the Aussie stocks, thinking it was the actual stocks from GameStop. 

“There are people buying the stock for shits and giggles, just because of the ticker symbol,” a market analyst of Melbourne-based brokerage IG Markets, Kyle Rodda, told Reuters. 

Meanwhile, following the trend of the whole GameStop story, Bitcoin experts believe that some of these funds will likely end up in the crypto market.

Australian GME Stock Benefits From Redditors Hype

The United States company, GameStop, is a video game and electronics retail giant, which trades on the US stock exchange as GME. It also happened that an Australian small nickel and cobalt exploration company, GME Resources, is also listed on the Australian Stock Exchange (ASX) with a similar ticker. So, when the young traders on Reddit collectively hyped the US stock, the Aussie stock seemingly tapped inflows, as some people may have mistaken it to GameStop’s.

According to reports, GME Resources shares surged by 50 percent on Thursday to 12 cents. The price increase is the highest level the stock has traded for the past three years. James Sullivan, the managing director at GME Resources, said the development was quite strange and led him to ask some questions. 

“When I opened my share tracking app and saw it was at 9.4 cents, I was stunned,” he said. “It just went bang, and I thought, ‘Well, what’s going on here?’ Is there something about my own company that I don’t know?”

Bitcoiners Expects Funds to Flow into Bitcoin

At the time of writing, the price of the Australian GME stock has decreased to AUD$0.085, according to Google Finance. However, it’s still up by 13 percent in a 24 hours count. Also, investors are facing some issues with buying the US GME stock as many brokers like Robinhood, TD Ameritrade, has halted their trading. Following this trend, many crypto users are pitching the importance of decentralized and censorship-resistance trading platforms. 

In accordance with that, crypto industry experts like Max Keiser, and Barry Silbert, the CEO of Digital Currency Group, believes that some of these funds will flow into the cryptocurrency market.