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$95 will buy you one of 10,000 slices in this inner-Sydney townhouse

Tony Yoo

Fintech startup BrickX has bought another property, a two-bedroom townhouse in Commonwealth Street in the trendy inner Sydney suburb of Surry Hills, for $1.3 million.

After debt is taken out, the remaining equity will be divided into 10,000 units that will be sold off to investors at $95 each.

Brick owners then receive rental income from the property and the benefits, or pitfalls, of any future capital gains or losses.

The property is currently rented out at at $860, giving a gross yield of 3.44%.

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The startup's CEO, Anthony Millet, described the Surry Hills location as "enviable".

The ninth property purchase comes after last month's addition of a one-bedroom apartment in inner east Sydney that cost just $57 per brick.

BrickX currently boasts a customer base of more than 5,000 people that have invested in eight residential properties, located in Sydney’s Darlinghurst, Bondi Beach, Enmore, Annandale, Mosman and Double Bay; plus Melbourne’s Prahan and Port Melbourne.

A BrickX spokesperson told Business Insider there are plans to expand the portfolio beyond Melbourne and Sydney, and that the property team is "actively looking" in Adelaide and Hobart.

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Bricks can be listed for sale instantly through the BrickX marketplace for others to purchase, with the seller setting the price and the startup charging a 1.75% transaction fee. The median sale time, according to the live stats on the company website on Wednesday, is 4 hours and 45 minutes.