NationalReal Estate News

Virtual reality technology sells Perth home to offshore buyer

A City Beach home in Perth, WA has sold for $1.83 million – $80,000 above asking price – to a couple based in Hong Kong, who beat buyers based in New York.

The two buyers – both couples – competed for the property at 22 Bent Street, City Beach and used virtual reality technology to view the home. Of the four individuals, only one ever set foot in the property.

Principal of Ray White City Residential (Perth), Brent Compton said, “I thought we were going to sell to the couple in New York. They’d viewed the property via our virtual reality program and had put in an offer the owner was prepared to accept. When a buyer from Hong Kong came along, her husband wasn’t able to inspect the property because he was in Tokyo for work. Fortunately, he was able to see the property in fine detail via virtual reality in Japan and the subsequent offer was higher than that from New York,” said

Using technology from Matterport, a US company specialising in creating 3D virtual environments for web and virtual reality, Brent said it’s one of the simpler initiatives a homeowner can use in selling their home.

“It’s much like Google Earth but instead of looking around at the street you’re walking through a property. Buyers access the virtual reality tour from the online property listings and can do it on their phone. If they use the VR goggles, the experience is amazing – It’s like you are really in the home. It’s so easy, and it expands the buyer pool beyond belief,” he explained.

The seller of 22 Bent Street, Steve Beckett, said the selling process was the most impressive he’s ever experienced.

“I’ve dealt with a number of real estate agents in the past and I can confidently say it was a refreshingly genuine experience selling with Brent. His approach to innovation means he’s working harder and working faster.

“I’ve always been an enthusiast of new technologies and the virtual reality tours for buyers really is the way of the future – agents and vendors who aren’t embracing it will be left behind,” he said.

Brent agrees that virtual reality is the future of property marketing.

“I recommend it to all my clients. In today’s world, being easily accessible and instant is so important. Our virtual reality software allows us to be available to anyone, anywhere, at any time,” Brent said.

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