World’s First Virtual Reality Home Auction ends with $1.487m Win

The world’s first virtual reality auction has made headlines as a converted Elwood church was sold for $1.487 million, marking a new era in the real estate market. The auction, conducted by Ray White master auctioneer Greg Brydon, saw the use of futuristic VR goggles to enhance the selling experience for both buyers and sellers.

With a crowd of 120 people watching, the auction quickly escalated as five bidders competed for the two-bedroom home on Ormond Rd. The sale, which exceeded the $1.35 million asking price, ended in an emotional moment with the home being purchased by a downsizer relocating from Sassafras with her adult daughter.

While VR technology is still in its early stages in the auction market, experts believe that it has the potential to revolutionize the way properties are bought and sold in Melbourne. Real Estate Institute of Victoria president Jacob Caine noted the impact of streaming auctions online in increasing buyer convenience and auction accessibility.

PropTrack economist Anne Flaherty highlighted the significance of this landmark virtual reality auction, emphasizing its potential to shape the future of real estate sales. With auction numbers on the rise in Melbourne and Sydney, the use of technology like VR and online streaming is believed to be contributing to the growth in the real estate market.

As auction numbers continue to soar, the real estate industry is embracing these technological advancements to meet the evolving needs of buyers and sellers. The success of the world’s first virtual reality auction in Melbourne may pave the way for more innovative and interactive selling methods in the future.