Virtual bidding wars for Queensland real estate may be here to stay, with pandemic-induced border closures “supercharging” technology across the property sector during the pandemic.

And sealing the deal using virtual inspections, digital signatures and facial recognition technology are just some of the ways that buying bricks and mortar may have changed forever.

‘Essentially free’ vacant lots drives bidding war in QLD’s outback.

“Lockdowns have supercharged technology in the real estate space, making it safer and more commonplace to buy a property without having to travel to another state or the other side of the country,” Peter Maloney, managing director of global technology company Dye & Durham, said.

“We purchase almost anything online, why should real estate be any different?

“With new measures in place, house hunting can be a true virtual experience that can be just as safe, if not more secure.”

And Mr Maloney predicts that the trend towards buying sight unseen will continue to some degree in 2022, even with borders open.

“We know borders are still closed to some areas, but that hasn’t stopped buyers from snapping up property in regional Queensland,” Mr Maloney said.

“The virtual technology such as virtual auctions, e-conveyancing and the ability to do all of the important checks online means those looking for a tree change to rural Queensland, the tropics or even the outskirts of Brisbane can feel confident in buying without having to make the trip,” Mr Maloney said.

“Time is clearly of the essence so people are taking advantage of the new technology available to lock down a deal as quickly as possible.”

Recently, a virtual bidding war between a Sydney buyer and a Melbourne buyer saw a three-bedroom penthouse at Newport, north of Brisbane, sell for $1.58 million.

The waterfront apartment complex is being constructed by Traders in Purple, with 95 per cent of the project now sold.

A bidding war erupted over this Newport unit, which sold for $1.58m

It was bought by Victorian horse trainer and veterinarian Nick Roe, who is planning to make the move to the Sunshine State upon its completion.

Mr Roe also bought a horse and a yacht online that same week, and hope to see his new property for the first time on Boxing Day and then move up to Queensland with his partner permanently in the future.

“We were looking around casually for a while, but when the property came up it just seemed right,” he said.

“I am actually comfortable buying things online, we do it for horses and boats so why not a house? As long as all of the information you need is there I don’t see a problem with it.

“I would certainly do it again. That is the way everything is moving and with the technology in place, why not?”

Mr Maloney said digital signing was far more commonplace in Australia than many people realised, adding that the use of their digital signature software had grown by more than 500 per cent in the past two years alone.

He said biometric facial recognition technology and digital document verification meant transactions could be completed without agents, buyers or legal representatives meeting face-to-face.

“When a property is sold, under Australian law, both the purchaser and seller’s identity must be verified, so this new technology means agents and buyers never have to meet in person or attend the property,” Mr Maloney said.

Virtual home inspections have also seen a major uptake, with Brisbane-based virtual technology company Little Hinges reporting that virtual tours were now a “mainstream option”.

Little Hinges CEO Josh Callaghan said that while virtual tours had been around for a while, the technology had recently come a very long way.

“Virtual tours help buyers really envisage living in a space, resulting in them feeling comfortable making an offer without a physical inspection,” he said.

“As a result, real estate agents are telling us that the number of sight-unseen offers they are receiving has increased exponentially because buyers are able to do things like make sure their fridge will fit, down to the millimetre, without ever stepping foot in the property.”