World’s First Virtual Reality Auction Sells for a Premium of $137,000 | why one agent believes VR could take off

First Virtual Reality home auction

Melbourne auctioneer Greg Brydon wears VR goggles during an auction in Elwood. Photo: David Crosling.

The world’s first-ever virtual reality auction has ended in a $1,487 million profit for the home’s owners.

And the technology could join livestreams on the list of ways home sales are going hi-tech and changing the city’s real estate landscape.

Yesterday the sellers of a converted church in Elwood saw everything their auctioneer saw for the first time since Robert Hoddle, the namesake of the road network in the city’s central business district, started auctioning off crown land in 1837.

RELATED: Real Estate Blog: Video Replays and Updates from the Auction Market

Prahran: Singer Chrissy Amphlett, Carlton Prime Minister Ted Hopkins’ ex-home mentioned

Melbourne rental crisis: Affordable areas labeled a ‘dying breed’ as rents rise in 312 suburbs

And master auctioneer Greg Brydon of Ray White, who donned a “futuristic” virtual reality goggles headset to kick off the sale, said he believed it will become part of Melbourne house sales within a few years.

With about 120 people watching, Mr Brydon received an opening bid of $1.27 million for the two-bedroom house at 3/30A Ormond Rd, but with five bidders participating it quickly reached the asking price of $1.35 million and shot past it to a price of $1,487. m sales.

The auctioneer added that although he joked that the glasses cost more than a $1,000 bid made by one of the buyers at the auction, they had proven their worth when he was able to talk to his sellers about the house. talk and confirm that they were happy with it. it should be mentioned on the market.

“They confirmed that was indeed the case, with a big smile and a thumbs up,” Brydon said.

The house was sold to a downsizer who moved from Sassafras with her adult daughter, and both the buyer and sellers shared a tearful moment after the sale.

First Virtual Reality home auction

Mr Brydon is taking bids for the converted church. Photo: David Crosling.

Although he noted that there had been a loss of field of view in his peripherals, by providing paddles to the bidders and having a few agents in the crowd, he could have easily managed the auction and kept an eye on the sellers.

“It’s not quite there yet, in terms of looks, but also for buyers… they may not feel comfortable being on film while they’re in a high-pressure scenario,” he said.

“It might need a little more time. But I really think this is the way of the future.”

If his prediction is correct, virtual reality auctions could join livestreams to bring auctions into the 21st century.

Market experts have already pointed to the ability to stream auctions online as part of why Melbourne has maintained rising auction numbers in the wake of the pandemic.

While the past thousand or more auctions have raised eyebrows, two more are expected in the coming weeks – despite the property market traditionally becoming calmer after the Easter long weekend.

First Virtual Reality home auction

By looking down, Mr. Brydon can visually check in with the sellers in the house. Photo: David Crosling.

Jacob Caine, president of the Real Estate Institute of Victoria, said Melbourne hosted about 40,000 auctions a year, but it wasn’t until streaming took off that buyers had a way to watch more than one at a time in person.

Mr Caine added that he was also confident that more auctions are now being held Monday to Friday than ever before thanks to online streaming.

“So many of the technologies that have emerged and advanced during the pandemic are bringing more convenience to how we can conduct auctions,” he said.

PropTrack economist Anne Flaherty said the rise of online streaming auctions has broken down barriers, but while VR technology has been used to sell off-plan homes, it has been relatively untested in the auction market – making this week’s sale a significant became a milestone.

Ms Flaherty added that with auction numbers increasing year on year in both Melbourne and Sydney, as both cities recorded increases in overall supply, it was believed that streaming would “contribute” to the ability for agents to explore the sales method in a use higher level. .

Next week, auction numbers will rise to 1208 and the next week is scheduled for 1222, marking an unusually busy start to May, according to PropTrack forecasts.

Sign up for the Herald Sun weekly property update. Click here to get the latest news from the Victorian property market straight to your inbox.

MORE: Wentworth star Bernard Curry and wife Sonya say goodbye to their family home

Victorian family who sold their home to pay for IVF are living essentially rent-free

Brighton: 130 year old house for sale after a thorough makeover of the backyard