Would you buy a house, even if you had never physically seen it, let alone been inside? Across Australia, we are now seeing more homes being sold sight unseen. In Melbourne alone where it wasn’t even possible to inspect a home for sale during the lockdown, Ray White sold nearly 400 properties over a four-week time period where no one had inspected the property.
Why are so many people buying sight unseen? It is driven by lockdown restrictions. This includes restrictions to movement, as well as a rise in people buying interstate. In South-East Queensland particularly, locked down buyers from Melbourne and Sydney have been particularly active.
Generally, younger people are more comfortable buying online. They are more used to transacting online and doing things differently with technology. It is also more common to buy an investment property online, as opposed to a big family home. Likely because it is more of a financial decision, as opposed to being somewhere that the buyer will live in.
The buyers are also mainly Australian buyers. International buyers have been active sight-unseen buyers in the past but there are not many of them around at the moment.
Want to buy online? What do you need to think about?
Want to sell online? What should you consider?