Sydney real estate agency Forsyth Real Estate has begun accepting virtual cryptocurrency bitcoin for house deposits and property advertising, through a partnership with Australian bitcoin payments provider CoinJar.

The 115-year-old real estate agency on Sydney's north shore said that it took on bitcoin to offer another avenue for online payment to the influx of international investors and expats entering the prominent Sydney market.

Forsyth managing director James Snodgrass said the agency had become a strong supporter of the bitcoin economy recently, as it allowed overseas transactions with less fees and exchange rate fluctuations.

"Prior to launching, we had discussions with our financial division who outlined the risks and opportunities of bitcoin and we were happy with our findings," he said.

But the director of Max Walls International Real Estate in Manly, Anthony Walls, said he was not convinced.