When you’re looking for a new home, or investment property, you’d generally inspect the property. Recent events mean that hasn’t been possible in-person, but even after this is all over, having the convenience to walk through a property virtually can save time and money.
Thanks to new high-speed connectivity, Australians are now turning able to visit a property in real-time using Virtual Reality over a 5G connection.
If you’re looking to rent property, this also presents a great opportunity, as finding a place to rent often involves visits to many properties before you find the right one.
Australia’s first Real Estate VR inspection has taken place over Optus’ 5G network. Hatch Avatour uses a Insta360 ONE X camera, connected to a tripod, to stream the location online. This camera captures the world in 360 degrees and with guidance from the real estate agent, can show potential candidates the property.
Users receive an invite link to their tour and can then tune in using their a VR headset (i.e. Oculus) and simply looking around, which gives them the capacity to be there, in the space, without ever physically stepping in the front door.
Unlike other on-demand, virtual tools, Hatch Avatour leverages the high bandwidth available on 5G to transmit the video, while also using the mobile mount to take any questions live. Want to see more of the kitchen, great, just ask for it, want to see how much space there is in the bathroom, not a problem. This is a really neat use of the technology to digital transport people to real locations in real time.
“Working together with Samsung and Hatch, Optus 5G has brought to life the future of real estate viewings.
There are so many applications available for 5G and what we have seen here today is the perfect example of how 5G and virtual reality can totally transform the real estate sector.”
On the experience of Australia’s first real estate VR inspection, Harvey Wright, Head of Optus 5G
During Australia’s first Real Estate VR inspection, the bandwidth and high fidelity that Optus 5G provided ensured a realistic experience for the prospective buyer in real-time, with a higher resolution imagery courtesy of the Samsung S20 5G device and supporting Oculus VR headset.
Through the Hatch Avatour technology, the buyer has the opportunity to participate in the viewing from either their mobile device, desktop or VR headset.
How much does it cost? Without a price point it is just a gimmick. And if you want to last only 5 minutes in real estate, let people rent property sight unseen.
It is very useful to visually inspect the house, but it is not possible to carry out a technical inspection of the house in this way, and the inspection is required by the purchase or sale of the house.
How might this innovation reshape the real estate market dynamics, including the role of real estate agents and the decision-making process for buyers and renters, especially when considering the valuable insights from field data? Exploring the potential shifts and impacts on the industry could provide valuable insights into the future of property transactions in a digital age.