Until the spot market opened, a property share had one price: the one it was listed at. That price only changed when Binaryx changed it. On the spot market that is no longer true — shares now trade between users, and the price is whatever a buyer and a seller agree on. It moves, sometimes daily.
This is not a defect in the pricing. It is what a secondary market is.
Binaryx does not set the price
There is no quoted price that the platform maintains. Every price you see is the record of a trade that actually happened between two users, or an offer someone is currently making in the order book. When you place a limit order you are naming your own price; when someone accepts it, that becomes the new market price.
Where the price starts
A property that has never traded has no market price yet, so the market opens anchored to the appraised valuation — the professional estimate of what the building is worth, divided by the number of shares. That is the reference the first orders are placed around.
From the first trade onwards, the reference follows the market itself rather than the appraisal. Orders must stay within a corridor around that reference, which is explained in Price limits.
What actually moves it
Rental performance. A building that fills up and raises rates is producing more cash for every share; a building with vacancies is producing less. Buyers and sellers price that in.
Yield relative to alternatives. If a property's APR looks generous next to comparable assets, buyers step in and bid the price up. If it looks thin, the bids thin out too. This is the main force at work, and it is covered in Why APR moves with the price.
Revaluation of the building. Local property markets move. A neighbourhood that appreciates or a completed development nearby changes what the underlying asset is worth.
Supply and demand for liquidity. Someone who wants out today will accept a lower price to get filled today. Someone who is in no hurry can hold out for more. Whichever side is more impatient moves the price.
How thin the book is. On a market with few open orders, a single sizeable order moves the price further than it would on a busy one. Thin liquidity makes prices jumpier in both directions.
It drifts, it does not jump
Every order has to land within 10% of the current reference price, and the reference re-anchors to the last traded price about once a minute. A sustained run of buying can therefore carry the price a long way over days, but no single order can move it far in one step. Prices travel — they do not teleport.
The share price and the building's value are not the same thing
The building has a valuation: what a surveyor or a buyer would put on the bricks. The share price is what the market will pay today for a fraction of that building plus the rent it throws off. Those two figures track each other loosely, not exactly, and they can drift apart when the market is optimistic, nervous or simply illiquid.
The NAV shown on the trading page reflects the second one: it is the live share price multiplied by the shares outstanding, so it follows the market rather than the appraisal.
What it means for you
If you are holding, a price move does not change your rent. Distributions are paid per share, out of what the building collected — the market price is not an input.
If you are selling, the market price is what you realise. This is the trade-off for being able to exit at any time instead of waiting for the property to be sold.
If you are buying, the price you pay fixes your own return. A lower entry price means a higher yield on the money you put in, for the same rent.
