Australian buyers and tenants are changing the way they buy and rent property with over 5 million digital inspections being undertaken on Little Hinges’ virtual inspections platform since it launched in 2020.
Those looking to buy or rent are swapping crowded viewings for on-demand access to property, demonstrating a clear trend in how Australians want to inspect property, one that is showing no signs of slowing.
Little Hinges CMO, Mike York, said “5 million prospective buyers and renters inspecting property virtually demonstrates a clear trend in the way Australians are looking for property. They want to move beyond the traditional open home approach to a hybrid model, both for convenience but also out of necessity.
“Not only is this something people want, it’s also something buyers and renters need to do, to be competitive in a market that is seeing record high vacancy rates and limited stock on the market.
“Property managers are now accepting applications from renters who have viewed a property virtually, and tenants are embracing this as it allows them to move much more quickly, without having to wait for the in-person inspection”, he said.
“As the rental market continues to tighten, the ability to inspect digitally will become even more important for tenants who are looking to move quickly to secure a property”, Mr York said.
“With interest rates rising, sellers will also be looking to open their properties to the widest number of potential buyers, no matter where they are in the world. This is only possible with a hybrid inspection approach that is aimed at tapping into these changes in buyer behaviour.”
While physical inspections will always remain part of the property purchase process, understanding how consumers are shopping for property is vital for agents wanting to tap into the growing international and interstate markets.
Mr York said, “With recently announced changes to international migration programs and the ongoing influx of interstate buyers and tenants into Queensland in particular, there are more people inspecting property sight unseen.
“Agents and PMs can use a hybrid inspection approach to enhance their existing processes, offering a great experience for buyers and tenants. Digital inspections help buyers and tenants feel confident to make their best offer, sooner, which is something that video and imagery just can’t match.
Little Hinges have analysed the number of inspections on their platform, and when paired with other trend reports that show that 58% of Australian buyers want a hybrid approach to inspecting properties (Zoom Qualtrics, 2021), the change in purchase behaviour is clear.