Off-the-Plan Properties are now Open for Inspection

In the past couple of years, we have seen virtual reality go from an intriguing concept to a full-fledged strategy for off-the-plan property sales.

This is due to VR’s unprecedented ability to bring projects to life by recreating environments to scale and placing a potential buyer inside a building that has yet to be built.

There are many challenges to selling off-the-plan properties compared to established properties. One of the most significant and obvious challenges is that some people simply do not trust what they are going to get.

By making the intangible tangible, virtual reality provides an opportunity to de-mystify the buying experience for this subset of investors and it is already making a huge impression in the sale of properties all over the world.

We know from studies conducted by neuroscientists at Nielson that viewing content in VR compared to a 2D screen generates 27% more emotional activation, and that this emotional activation lasts 34% longer. In other words, people have a trust and acceptance of virtual reality environments which creates an emotional affinity with the what they are experiencing.

From a property sales perspective, this is powerful. The ability to take a person through a property virtually and activate them emotionally is hard to ignore. It also allows the sales agent to adopt approaches that are much closer to the tried and trusted techniques that real estate agents adopt when selling established properties.

What are the options?

Liminal 360’s CEO, Damian Moratti, has previously written for Urban Melbourne about the different kinds of experiences we have created to assist with the property sales process. These kinds of experiences include:

  • downloadable mobile VR lead generation and sales apps displaying photo-real rendered apartments; and
  • highly immersive experiences on more advanced systems such as the HTC Vive to showcase masterplans and to allow people to customise the interior of apartments.

We have even re-created heritage buildings such as the Coops Shot Tower for Melbourne Central.

Adoption rates continue to grow

Meanwhile, adoption rates and interest in VR continue to grow in Australia.

Google Trends data suggests that Melbourne and Sydney continue to be in the top 5 cities displaying regional interest in “virtual reality”.

Additionally, according to Telsyte’s Australian VR & AR Market Study 2017, Australia is a world leader in VR adoption, with household penetration of headsets set to reach 22.3% by 2020.

Part of the reason for this continued adoption is a better user experience due more advanced GPUs allowing for higher fidelity graphics and improved hardware.

Mobile VR is getting more comfortable, higher resolution, and more interactive. The leading mobile headsets are Google Daydream and Samsung’s Gear VR are both under $130 and both come with their own bluetooth controllers. The ability to utilise mobile phones provide for a more compelling and flexible means for sales agents to deliver and enhance the buying experience.

We are also about to see even more degrees of freedom emerge from the HTC Vive (the world’s most advanced VR system), which is about to go wireless!

This will provide a more elegant solution for property developers to showcase their vision in display suites.

With VR's emergence as a standard part of the armoury for any property developer, off-the-plan properties are now open for inspection.

Nick Busietta is the managing director at Liminal 360.

Development & Planning

Monday, February 26, 2018 - 00:00
Melbourne Airport owner Asia Pacific Airports Corporation (APAC) is facilitating a new hotel development on airport land that will see two new operators take up a combined 464 suites. In documents that are available for public viewing , APAC has identified Novotel and Ibis as likely operators of the 4-4.5-star hotels.

Policy, Culture & Opinion

Friday, February 2, 2018 - 00:00
Gamuda Land is set to unveil an impressive collection of artwork for the soon to be completed 661 Chapel St development in South Yarra. Andy Dinan, Director of Mars Gallery which is renowned for exhibiting and promoting contemporary Australian artists, has been invited to specially curate the art collection throughout the development; included will be some of Australia’s most collected artists.

Visual Melbourne

Monday, February 5, 2018 - 12:00
The various spaces and elements which combine to form RMIT's New Academic Street (NAS) have progressively begun to open to students and visitors alike. I was recently fortunate enough to be part of an informal group tour through the completed spaces within NAS, led by Harrison and White which had a hand in the project.

Transport & Design

Wednesday, February 21, 2018 - 07:01
As part of its $88 million redevelopment, the State Library of Victoria (SLV) is providing Victorian apprentices, trainees and cadets with the opportunity to help with its transformation as part of its Vision 2020. The expansive project will create additional space for public use, restore and reopen the Ian Potter Queen’s Hall, and reinstate the historic Russell Street entrance.

Sustainability & Environment

Thursday, February 15, 2018 - 12:00
One of the world’s more unique International design competitions - The Land Art Generator Initiative (LAGI) 2018 - has come to Melbourne. Sponsored by the State Government of Victoria, the competition opened in early January but was officially launched on Saturday, Feb 10 th as part of the Sustainable Living Festival, Melbourne.