Will more properties be purchased through a smartphone viewing?
The Internet has become a heavily relied upon tool. Today we are all attached to our smartphones for a host of reasons. From keeping in contact with our friends, receiving the latest news to shopping recent trends. All industries have benefitted from the advances in technology, and the property world is no different.
As proved by an investor in Hong Kong who bought a property in Sydney, Australia via the iPhone feature FaceTime. Rather than viewing the property in person, the purchaser was walked through the property by the agent on their phone. Taking 40 minutes, the investor then made an offer of AUS 3.65 million the following day despite being 7,000 kilometres away.
Buying a property off-plan is a very standard process in Asia and many properties are bought this way. Viewing a property through a smartphone could be considered to be similar. Marketing platforms such as Dot Property have made it even easier for overseas purchases. Used as a vital research and marketing tool to enable purchasers to look at properties worldwide at their finger tips.
This Sydney transaction indicates that we could be able to enter a new era in house purchasing. More purchases may happen in this manner as an increasing number of Hong Kong residents are looking to park their money overseas due to spiralling property prices at home. This is supplemented with a depreciating Yuan and restrictions of the movement of money out of Mainland China. Subsequently more international transactions are anticipated and are likely to occur in this manner.
Real estate agency Knight Frank state that Chinese investors and developers spent an impressive USD 1.7 billion in Australia in the first half of 2016. The use and development of technology will make these spending sprees even easier. It is likely that more properties will be purchased through these means.
