RAISE rises to the top
RAISE is a spatial data tool that allows users to quickly estimate and visualise property value.
The Committee for Sydney hosted their first Smart Cities Awards Ceremony and Reception on Thursday 19 October. The Rapid Analytics Interactive Scenario (RAISE) toolkit won the Best Industry-led Partnership Award. The Best Industry-led Partnership is awarded to “an initiative where partners came together to tackle a problem unable to be solved by one entity alone”.
Exactly the kinds of projects the CRCSI has been funding and delivering for the last 15 years.
RAISE is a spatial data tool that allows users to quickly estimate and visualise property value. The property values are calculated using one of the automated valuation models built into the toolkit. From proximity to a school, to building a new train station or hospital, RAISE estimates how property values are affected. The generated values are visualised on a map and can be overlayed with other geospatial information layers relevant to investigating trends in property price.
Professor Chris Pettit, inaugural Chair of Urban Science at the University of New South Wales and the CRCSI’s Smart Cities Director said this was a significant accolade for the CRCSI and UNSW project team. “RAISE was initially built and evaluated across four Western Sydney Councils. It could easily scale across all of Sydney or New South Wales and be redeployed interstate or even overseas,” he said.
“The RAISE toolkit is transformative and can be applied to any big infrastructure investment,” Chris said. “It provides a strong data driven approach to understanding and valuation, and the likely value uplift from infrastructure decisions across Sydney.”
Dr Nathan Quadros, the CRCSI’s Rapid Spatial Analytics Program Manager, said he hopes being recognised by the Committee of Sydney will help RAISE gain traction in other jurisdictions. “Everyone wins with this tool. And nothing else like it exists. No other toolkit has been developed to calculate land value increases on the fly, enabling real-time exploration of “what if?” scenarios,” Nathan said. “We can compare, in moments, the difference between building a new metro route from points A, B, C, and D to one from E,F,G and H.”
Find out more about the RAISE project here.
Pictured (L-R): Prof. Helen Lochhead, Dean of UNSW Built Environment, Assoc. Prof. Hoon Han, UNSW and Prof. Chris Pettit, UNSW and Director of Smart Cities, CRCSI.