Melbourne auctioneer Greg Brydon wears VR goggles during an auction in Elwood. Picture: David Crosling.

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The world’s first ever virtual reality auction has ended in a $1.487m win for the home’s owners.

And the technology could join live streams on the list of ways home sales are going hi-tech and changing the city’s real estate landscape.

Yesterday the vendors of a converted Elwood church saw everything their auctioneer saw for the first time since Robert Hoddle, the namesake of the city’s central business district road grid, began auctioning crown land in 1837.

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And Ray White master auctioneer Greg Brydon, who put on a “futuristic” virtual reality goggles headset to call the sale said he believed it will become part of the fabric of Melbourne home sales — in a few years time.

With a crowd of about 120 people watching, Mr Brydon received a $1.27m opening bid for the two-bedroom home at 3/30A Ormond Rd, but with five bidders competing it quickly reached the $1.35m asking price and shot past it to a $1.487m sale.

The auctioneer added that while he’d joked the goggles cost more than a $1000 bid made by one of the buyers during the auction, they had proven their worth when he was able to speak with his vendors inside the home and confirm they were happy for it to be called on the market.

“They confirmed that yes they were, with a big smile and a thumbs up,” Mr Brydon said.

The home sold to a downsizer relocating from Sassafras with her adult daughter, and both the buyer and the sellers shared a tearful moment after the sale.

Mr Brydon takes bids for the converted church. Picture: David Crosling.

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While he noted there had been a loss of field of vision in his peripherals, by giving the bidders paddles and having a few agents in the crowd he had been comfortably able to manage the auction and keep an eye on the vendors.

“It’s not quite there yet, in terms of the look but also for buyers … they might not be comfortable being on film while in a high-pressure scenario,” he said.

“It might need a little bit more time. But I really do think this is the way of the future.”

If his prediction proves accurate, virtual-reality auctions could join live streams in bringing auctions into the 21st century.

Already market pundits have flagged the ability to stream auctions online as part of the reason why Melbourne has sustained soaring auction numbers in the aftermath of the pandemic.

While in the past 1000 or more auctions raised eyebrows, there are two more expected in the coming weeks — despite the real estate market traditionally becoming increasingly quiet after Easter’s long weekend.

By looking down Mr Brydon is able to visually check in with the vendors inside the home. Picture: David Crosling.

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Real Estate Institute of Victoria president Jacob Caine said Melbourne hosted about 40,000 auctions ever year, but it hadn’t been until streaming had taken off that buyers had been given a way to watch more than one at a time in person.

Mr Caine added that he was also confident there were now more Monday-Friday auctions being held than ever before thanks to online streaming.

“So many of the technologies that have emerged and advanced during the pandemic are facilitating more convenience in the way we can conduct auctions,” he said.

PropTrack economist Anne Flaherty said the rise of streaming auctions online had broken down barriers, but while VR technology was being used to sell homes off-the-plan it was relatively untested in the auction market — making this week’s sale an important milestone.

Ms Flaherty added that with auction numbers up year on year in both Melbourne and Sydney as both cities recorded a lift in overall listings, streaming was believed to be “contributing” to the ability for real estate agents to use the sales method at a higher level.

Next week auction numbers will soar to 1208 and the following week is slated for 1222, marking an unusually busy start to May, according to PropTrack forecasts.

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