House prices may be falling or flatlining in most Australian cities but analysts don’t predict this to be a long-term downturn.
For buyers, it could be perfect time to find an investment. Whether you’re an Australian citizen looking for your first home, a landlord looking to extend your existing portfolio or a foreign national relocating, advances in technology within the housing sector can significantly aid the process of finding the perfect property.
Building a Shortlist
With thousands of properties available to view online, technology is allowing house buyers to cast the net wider than ever to find their ideal home. Not only can potential buyers search the latest properties on sale from the comfort of their home. They can research the local area and view photos of the street and property taken via satellite. It means buyers can be fully prepared and able to rule out properties without the need to physically visit them all.
For instance, if a house is located next to a busy road or a cemetery this information is immediately available via Google Maps or Google Earth. These apps will also give a real time idea of traffic levels and local amenities. These online tools are particularly useful for those looking to purchase an Australian property from oversees. It’s easier than ever to research and shortlist potential residential areas, including the all-important school catchments, without having to trawl to streets and make endless and expensive recce visits.
Viewing Properties Remotely
When it comes to viewing properties, online tools are making it even easier, again sometimes negating the need for buyers to physically attend the property. In fact, a growing percentage of properties are being purchased ‘sight unseen’ – a growing trend within the market driven by technological advances and especially relevant in the investment sector of the market. Virtual reality tours and sophisticated 360° photography can showcase a property like never before – with reports of significant increases in sales when utilizing this tech. Some agents are also offering live streaming of open houses to reach wider audiences.
Augmented reality apps could further allow potential buyers to plan where they would put their own furniture.
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Making Life Easier for Agents Too
Technology is speeding up every part of the buying process. Not only can agents now use laser scanning to get instant and accurate dimensions to automatically create floorplans. Mortgage comparisons and online services are streamlining the mortgage application process. Something that previously could take weeks or months can often go through in a matter of days. Some agents are also using technology to provide 24-hour assistance to potential buyers. It’s predicted that interactive chat bots will be the next big trend in selling houses online.
Technology is permeating every area of modern life, often enhancing things for the better. None more so in the housing sector where it’s both simplifying processes and empowering people with the knowledge and tools to find their perfect property. It’s making life easier for buyers, sellers and agents to link up, communicate and ultimately speeding up the home buying procedure.
Article by Jacqueline Bell