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The inaugural virtual reality auction in the world has concluded with a triumphant $1.487 million victory for the property’s owners. This innovative technology may soon join live streams as a pioneering method transforming the landscape of real estate sales in the city.
For the vendors of a converted Elwood church, the experience was unprecedented. They witnessed the auctioneer’s perspective firsthand, a moment not witnessed since Robert Hoddle initiated land auctions in Melbourne back in 1837.
Ray White’s seasoned auctioneer, Greg Brydon, donned a “futuristic” virtual reality headset to oversee the sale, envisioning its integration into Melbourne’s housing market in the near future. Despite an opening bid of $1.27 million for the two-bedroom residence at 3/30A Ormond Rd, competition quickly drove the price past the $1.35 million mark to the final winning bid.
Brydon humorously remarked on the headset’s cost, jesting that it surpassed a $1000 bid from one of the buyers. However, its value became apparent when he communicated directly with the vendors inside the home, confirming their approval with a smile and a thumbs-up.
The property was purchased by a downsizer relocating from Sassafras with her adult daughter, leading to an emotional moment shared between both parties after the sale.
While Brydon acknowledged some limitations, such as a reduced field of vision, he effectively managed the auction with the aid of paddles for bidders and agents in the crowd. He believes that while virtual reality technology may require refinement, it represents the future of auctions.
If his prediction holds true, virtual reality auctions could revolutionize the industry alongside live streams, which have already played a significant role in sustaining auction numbers post-pandemic.
Real Estate Institute of Victoria president Jacob Caine highlighted the shift towards Monday-Friday auctions, facilitated by online streaming, as evidence of evolving auction practices. Anne Flaherty, a PropTrack economist, noted the significance of this week’s sale as a milestone in utilizing VR for auctions.
With auction numbers steadily rising in Melbourne and Sydney, streaming technology is seen as a contributing factor, enhancing accessibility and convenience for both buyers and sellers. Forecasts indicate a busy start to May, with auction numbers expected to exceed 1200 in the coming weeks.
SOURCE: realestate.com.au