Australian proptech pioneer OpenLot has unveiled a groundbreaking innovation in real estate technology—OpenDisplay, a market-first Digital Twin display village. This revolutionary tool is set to transform the home buying process, offering significant time and cost savings for prospective buyers.
Unlike traditional Virtual Reality (VR) or Augmented Reality (AR) technologies that generate 3D images or simulations of future properties, a Digital Twin is an exact, real-time replica of a building that has already been constructed. OpenDisplay leverages cutting-edge Matterport Light Detection and Ranging (LiDAR) technology to capture ultra-detailed 3D models of display homes and entire display villages. This technology offers buyers a true-to-life view of properties, mirroring what they would see in person.
By providing an accurate digital representation, OpenDisplay minimizes the need for physical site visits, which not only accelerates the home buying process but also reduces commuting costs and mitigates the risk of bank approvals expiring due to delays. Buyers can now explore homes virtually, streamlining their decision-making process and making homeownership more accessible and efficient.
Traditional home buying is often a lengthy and stressful journey, particularly for first-time buyers. Qi Chen, CEO of OpenLot, notes that the average buyer can spend up to two years finding the right home and land. OpenLot’s technology aims to drastically reduce this timeline. With OpenDisplay, they enhance their current process, cutting down the timeframe from six months to just three months, aiming to make home buying as efficient and straightforward as possible.
Shaun Patterson, Chief of Sales and Marketing at Simonds Homes, emphasizes the value of OpenDisplay for both buyers and sellers. Patterson explained that customers increasingly prefer to conduct their research and explore options online before making a decision. OpenDisplay offers a distinctive advantage by allowing potential buyers to virtually explore homes, providing them with a comprehensive view before they visit in person.
OpenDisplay is designed to be developer- and builder-agnostic, currently showcasing over 800 distinct display homes from more than 50 display villages across Victoria and Western Australia. Major industry players, including Stockland, Metricon, and Dennis Family Corporation, have quickly adopted this innovative technology. OpenLot plans to expand its reach nationally later this year, promising to further revolutionize the home buying experience across Australia.
