What It Will Take for Augmented Reality to Become Our Reality
Peggy Johnson, CEO of AR goggle maker Magic Leap, talks about the real metaverse, how the tech is used on the job, and the innovation needed for non-nerdy glasses.
Peggy Johnson, CEO of AR goggle maker Magic Leap, talks about the real metaverse, how the tech is used on the job, and the innovation needed for non-nerdy glasses.
Metaverse. Metaverse. Metaverse.
Say it three times fast, and you’ll still be confused about the promise of this much-hyped digital world where we’ll apparently work, hang out and more.
Yet Peggy Johnson, chief executive of Magic Leap, can see it clearly. She doesn’t even have to put on the company’s high-tech headset.
Ms. Johnson, who took over the reins of the embattled startup in 2020, sees a future where we put on augmented-reality glasses and view digital information projected within our real world. No more would we be constantly sucked out of the world to stare at a screen in our hand or on our desk or wall.
(Reminder: While a virtual-reality headset blocks out the world so you can escape, augmented-reality goggles add a layer onto it. Think of the windshield heads-up display found in many cars today.)
After 25 years at Qualcomm, Inc. and then six more at Microsoft Corp. as its chief deal maker, the 60-year-old CEO redirected Magic Leap to focus on enterprise customers and business-use customers for its still nascent technology. The Magic Leap 2 headset, expected to ship later this year, is designed to be lighter than its predecessor, with better optics and audio.
The Wall Street Journal spoke to Ms. Johnson about the industries already making AR a reality and what it will take to get glasses that don’t look like a total nerd helmet.
Right now, we sit in a stationary spot, and we interact through a keyboard with a PC. Augmented reality is going to change that whole paradigm. You’ll be able to look at your physical world and interact with digital content that sits in your physical world. The opportunity is to have a heads-up view and be able to have useful tools embedded in your physical world that will help you get your job done. It’ll help you do things in shorter amounts of time because you’ll have these digital cues helping you.
We have a number of healthcare companies using it because it very precisely and accurately can place digital content in front of their eyes.
For instance, we have a company named Brainlab who’s using it. They scan an image of your brain, and a 3-D image of your brain is now in front of your eyes and it can be used as a pre-surgical planning tool. You can draw the surgical pathway that you want to take.
Another company called SentiAR creates live, interactive 3-D visuals of patient’s hearts during cardiac-ablation procedures, which are performed to correct heart-rhythm problems. Typically, that’s done with a surgeon feeding the tube in but looking at a 2-D screen. Now, they have the ability to map your heart—the actual live heart—in front of your eyes while they’re inserting the catheter, and that just improves accuracy, navigation abilities.
Beyond that, we have a variety of manufacturing scenarios. We think it’s going to be a real tool for the factory worker. You can almost think of it as a computer on their eyes. Their hands are still free to do their job but, for instance, the worker can walk up to a physical machine. Above it can be displayed digitally the statistics of the machine: The up time, the down time, there can be a red flag that says it’s time for maintenance.
To some degree, we think of this as an advantage. We’ve taken the heat and the weight and put it down on your waistband or your pocket. That has allowed us to make the headset only about 250 grams, about 20% lighter than our Magic Leap 1.
You can draw an analogy between AR and mobile phones. When they first came out, they were big and they got smaller over time. A lot of that was component reduction and silicon integration. So those two things have to happen. It’ll be a few years before we can get to an eyeglasses format. But clearly, that’ll open up a consumer market in a big way and that’s definitely what we’re focused on.
Enterprise customers were really the first users of mobile phones. I was in that industry back then, and they wanted longer battery life, smaller, lighter, all of those things. So we’ll take all that feedback in and use it as we begin to design Magic Leap 3.
I do think—and particularly because we’re coming out of a pandemic and we’re living in a hybrid world—this idea of 3-D collaboration with others who may be in the room or maybe a continent away is going to be an application that drives consumer use. It could be talking to your grandma on the other coast or it could be talking to your co-workers. To make meetings come to life seems to be the thing that will really drive usage into a consumer format.
There are great use cases for virtual reality. A lot of them are around entertainment, training, that sort of thing. It’s somewhat limited because when you’re fully occluded, you’re limited and you can’t move around as easily.
When you can see your physical world and interact with the digital content, that’s the true promise of the metaverse. The technology should just blend in. I think the pandemic will push us more toward that because we have been heads-down for two years and on these little screens.
Maybe I don’t come to work. Maybe I put on my glasses and have meetings. We’re all sort of doing that now since the pandemic but the experience would just be a lot more natural, as if I’m actually in the room with people. The technology is headed there.
Hopefully that is the world we’ll be in in 2030 and we will be back to a heads-up world and not looking down at a little screen in our hands. Our hands will be free to interact with that digital content in our physical world.
Reprinted by permission of The Wall Street Journal, Copyright 2021 Dow Jones & Company. Inc. All Rights Reserved Worldwide. Original date of publication: May 6, 2022.
Following the devastation of recent flooding, experts are urging government intervention to drive the cessation of building in areas at risk.
An expansive waterfront property with global designer flair.
It’s bold to refer to any property in absolutes, but here Portovenere Estate represents Clontarf’s grandest waterfront statement and its most coveted residence.
Designed in the 1960s, the two-storey, 7-bedroom, 8-bathroom and 5-car parking pile is set on an impressive 3015sqm waterfront plot. Since its inception, the home has had no expense spared in its contemporary reimagining.
Within, the home sees a global interpretation of design elevated by bespoke luxurious finishes from all over the world at every turn.
It starts from before you enter the front door — here an imported Ghizzi and Benatti fixtures from Italy. Once inside, one notices the heated marble and Savadi timber flooring that sweeps through the multiple living and entertaining zones including the family room, formal and casual dining.
Here in these living zones is a combination of designer furnishings and chandeliers from Fendi, Versace and Articolo and a made-to-order Ravens 11 ping-pong table — all of which is available as an option when purchasing the home.
Elsewhere the home’s kitchen is replete with Manhattan calacatta marble and is fitted with Gaggenau appliances and Sub-Zero refrigerators. The butler’s pantry is almost equally luxurious with Miele commercial appliances found here.
Further, the home’s multiple bathrooms are, too, fitted with Ceraba mosaic tiles and Gessi luxury tapware and shower systems.
Throughout the home’s many bedrooms, each is fitted with a timber veneer bedhead design, while the master bedroom sees a Madrona Burl veneer back panel and is complete by its own expansive ensuite (with a spa) and walk-in robe.
Both levels of the home feature outdoor space built to entertain fitted with outdoor BBQ appliances, pizza oven and Janus et Cie furnishing. Further outdoor amenities include the L.A Lakers half-court basketball court, mini soccer field and elevated podium pool.
Back inside, the home is fitted with a number of mod-cons including a poker table, in-home cinema, wine cellar, gym, salon and study with home automation and security managed by a Savant smart system.
A sandstone adorned rooftop entertaining terrace tops off the heady list of amenities that this residence holds, offering stunning views across the waterside suburb and beyond. All levels are accessed via a KONE lift.
The home is also privy to completely contained staff quarters suitable for an in-house au pair.
The property is listed with Monika Tu (+61 409 898 888) of Black Diamondz Property Concierge with a price guide of $35m -$38m; blackdiamondz.com.au
The city-fringe locale continues to boom with its prized mansions and natural amenities
From stately historic mansions to expensive new builds with underground garage space for 20 cars, Medindie, the exclusive inner northern suburb of Adelaide, has always been a well-heeled location with buyers lining up to own property bearing the blue-ribbon address.
Many keen buyers and investors are prepared to wait years for a grand Victorian mansion or a more contemporary sprawling home to come on the market in the area. Such properties tend to move fast. Stunning mansions with impressive facades, sweeping lawns, manicured gardens, tennis courts and swimming pools are located on expansive 1-acre landholdings that cannot be developed or subdivided, making them even more attractive to buyers.
The suburb is home to many historic dwellings including Willyama, built in 1883 by prospecter Charles Rasp, who discovered the rich ore deposits at Broken Hill in New South Wales, and The Briars, built in 1856 for George Hawker, which became a hospital.
Robe Terrace is the suburb’s star attraction, lined with attractive mansions including The Elysian, a modern residence which smashed the state’s residential sales record after selling in excess of $10 million last year. Pretty Victorian villas, contemporary terraces, townhouses and cottages are also sought after, but it’s those grand mansions that are the drawing card.
Medindie offers quality inventory at all levels and attracts families looking for a long-term hold and professionals after a “lock and leave” lifestyle seeking a comfortable base while in Adelaide.
It appeals to medical professionals wanting to be close to major hospitals as well as farmers based in the north of the state wanting a weekender close to the CBD, North Adelaide and Adelaide Oval, a sports and entertainment venue
Nature lovers and fitness fans enjoy the Adelaide Park Lands, known as Australia’s biggest backyard, while the River Torrens Linear Park Trail is a spectacular 30-kilometer nature walk.
It is also on the doorstep of vibrant cosmopolitan precincts including Prospect Road, Walkerville Terrace and O’Connell Street, which showcase charm and convenience.
There is direct access into the city centre, Adelaide Zoo and the Botanical Gardens, plus it’s an easy walk into Rundle Street precinct for shopping.
Adelaide real estate agent Stephanie Williams of Williams Luxury Real Estate said Medindie exudes glamour and prestige with some jaw-dropping homes.
“As well as stunning properties, there are some new properties with show off features such as underground accommodation for 15 to 20 cars and mind-blowing cellars,” she said.
The suburb is a 10-minute drive north from the city center and a 20-minute drive to Adelaide International Airport.
Medindie is adjacent to the Adelaide Park Lands, north of North Adelaide, and is bounded by Robe Terrace to the south, Northcote Terrace to the east, Nottage Terrace to the north and Main North Road to the northwest. It is close to Adelaide’s central business district and surrounded by parklands.
According to Kaytlin Ezzy, CoreLogic research analyst, Medindie houses recorded a median value as of April of A$2 million with top-tier values ranging from $2.38 million to $3.47 million. Compared to the nearby Prospect-Walkerville, Medindie’s median value is 62.6% higher, equivalent to a value gap of approximately $771,863, and nearly double (91%) the median value of the greater Adelaide region ($1.05 million).
Ms. Ezzy said the trend in Medindie’s house values has been positive over the past few years, rising 30.1% over the year to April and 57.2% over the past five years. This has resulted in the median value rising from $1.27 million in April 2017 to $1.54 million in 2021 before rising $463,644 over the past year resulting in a current median value of just over $2 million.
Medindie continues to be one of South Australia’s most prestigious suburbs and is home to generations of families who have resided there for centuries as well as newly wealthy buyers, according to Ms. Williams.
“Once they buy there, they remain, as it is an extremely tightly held location, offering unsurpassable exclusivity and prestige—significant mansions and luxurious estates and properties with prominent land holdings have encouraged affluent families to invest in this area for generations,” she said.
There is a very pronounced short supply of luxury properties on the market in Medindie, where there is a variety of architecture from historic Victorian styles to modern contemporary housing.
There are attractive villas, terraces, townhouses and cottages that are also sought after.
Ms. Williams said lifestyle estates and family homes always sell within their scheduled sales campaigns whether via expressions of interest, auction, or private treaty.
“Covid has changed the buying patterns of the luxury market in particular with wealthy clients changing their priorities to more home-based activities, with health and wellness being a major priority,” Ms. Williams said. “The desire for swimming pools, tennis courts, beautiful established gardens, wellness retreats and home offices being more popular than ever before. Luxury homes have never been in greater demand.”
Statistics show Medindie has 394 residential homes for sale compared to the nearby suburbs of Norwood, which has 1,901 residential homes on the market, and St. Peters, which has 870 residential homes for sale.
Buyers are attracted to Medindie for the magnificent adjacent parklands, its proximity to central Adelaide and larger-than-average block sizes.
It is also the only suburb within a short stroll of the exclusive girls-only Wilderness School.
Medindie is surrounded by shopping locales, including the Rundle Mall and Rundle Street in the city, which offer a wide range of luxury boutiques, including the David Jones department store. It is also very close to fashion-forward Melbourne Street and cosmopolitan O’Connell Street, the North Adelaide Shopping Village, and the shops along super-trendy Prospect Road.
Grocery stores in North Adelaide include Cibo Espresso, The Flying Fig, Coffee Gods Café, Romeo’s Foodland and The North Adelaide Village.
Top restaurants include The Lion Hotel, a South Australian icon that is directly across the Parklands, and North Adelaide has the Gin Long Canteen, Ruby Red Flamingo and Marrakech. The nearby Adelaide CBD has a vast range of excellent restaurants including Soi 38 known for its Thai cuisine, Italio-American inspired Fugazzi Bar and Dining Room, Osteria Oggi, Japanese-inspired Erato Teppanyaki, Arkhe on The Parade where chef Jake Kellie from Michelin star Burnt Ends in Singapore stars, and Orso on Kensington Road that has a following for its seafood and pasta.
Private schools include the Wilderness School, St. Peters College, Prince Alfred College and St. Andrews School. Nearby public schools include the new Adelaide Botanic High School, North Adelaide Primary School, Walkerville Primary School and Prospect Primary School.
Property tycoons, farmers, bankers, medical specialists, successful IT professionals and socialites all call Medindie home.
Ms. Williams said the market in Medindie continues to be incredibly strong, with buyer demand for this esteemed suburb at an all-time high and showing no signs of slowing down.
“We are continuing to experience a very high level of buyer inquiry for homes for sale in the area and some homes are selling off-market without reaching the paper or any online platforms,” she said.
“The suburb has always performed extremely well from a capital growth perspective and consistently features in the top 10 performing suburbs in South Australia. The average house price in Medindie over the past 12 months is A$2.68 million, which is an incredible growth of 82.4% during this time.”
Ms. Essy said while still reporting strong quarterly growth compared to the national trend (5.6%), capital appreciation across the Adelaide house market has started to ease.
“With the cash rate starting to rise and consumer confidence continuing to trending downwards, it’s likely the housing market is inching toward a downswing, with the higher end of the market typically showing more volatility both in the upwards and downwards phase of the cycle,” she said.
Reprinted by permission of The Wall Street Journal, Copyright 2021 Dow Jones & Company. Inc. All Rights Reserved Worldwide. Original date of publication: June 18, 2022.
In the year to May, an additional 497 markets joined the million-dollar club.
A record number of Australians spent $1 million or more to purchase a home in the past 12 months according to CoreLogic’s annual Million Dollar Markets report.
Over the year to March 2022, CoreLogic collected 596,733 sales nationally up 19.8% from the 497,923 recorded over the previous year. Of those sold this year, 23.8% sold for $1 million or more.
In the year to May, an additional 497 markets 450 houses and 37 unit markets) joined the million-dollar club bringing the total markets to 1367 or 30.4% of house and unit markets analysed in May to a median value of $1 million or more.
“High consumer sentiment, tight advertised supply, and low-interest rates fuelled strong home value growth throughout 2021, resulting in a new record high annual growth rate of 22.4% over the 12 months to January,” said CoreLogic Research Analyst Kaytlin Ezzy.
“Despite values having risen across all capital cities and rest of state areas annually, we have seen a divergence in growth conditions across markets over the year to date.
“Since January, dwelling values across Sydney and Melbourne have started to decline, while values have continued to rise across South Australia and Queensland. More recently, Canberra, which had previously recorded many months of consecutive growth, recorded its first falls in dwelling values in some years in May.”
Sydney suburbs made up 26.3% of the new million-dollar markets with more than half of all Sydney sales over the 123 months to May transacting at or above $1 million.
In Sydney, 448 house and 104 unit markets have a current median value of $1 million dollars or higher, an increase of 26.6% from the previous year. The new million-dollar markets are largely concentrated in the city’s South West (30) and Outer South West (15) as well as the Central Coast region (20).
In the year to May, 51.9% of transactions in Sydney sold for $1 million or more. Bellevue Hill in Sydney’s Eastern Suburbs is the most expensive house market, both across Sydney and nationally, with a current median value of $8,024,682.
Elsewhere, in Melbourne 212 house and 11 unit markets had a median value at or above $1 million in May majority of which are located in Melbourne’s Inner (39), Inner South (42), Inner East (30) and Outer East (30).