Artificial Intelligence Adding Value To $6.8T Australian Land & Property Market
MELBOURNE, FRIDAY 20 SEPTEMBER 2019
Land and property is the nation’s single largest asset class. The valuation of these assets is used to collect land tax, inform infrastructure investment and lending for homes, along with modelling insurance risk and investment returns.
The current labour-intensive approach to land and property value assessment results in expensive, slow and dated, or point in time, property valuations particularly for urban fringe and regional land.
Value Australia is an innovative new collaborative project which aims to address these challenges, receiving support through the Federal Government Cooperative Research Centre Project (CRC-P) grants.
Integrating research, significant data assets and using state-of-the-art analytics and artificial intelligence, this project aims to deliver secure digital valuation models and tools covering a broad range of land and property types across Australia and overseas. The result aims to be an efficient and accurate land and property valuation product.
Phil Delaney, Chief Innovation and Delivery Officer at FrontierSI said ‘’Value Australia will support Australia’s largest market by creating valuation products that provide better information sooner to homebuyers, investors, businesses and governments whilst reducing costs and risks.’’.
Value Australia builds on two years of pilot work across metropolitan Sydney and Brisbane through the award-winning RAISE project which has developed a range of Automated Valuations Models (AVMs). Value Australia will develop on this base to produce a national suite of data and software products over the next three years. Pilot work has also allowed users to rapidly test the impact of new infrastructure development to determine the potential land valuation changes of this infrastructure within minutes. Multiple scenarios can be rapidly created and compared, further-allowing decision makers to validate consulting reports.
The Value Australia team is an ideal collaborative mix, bringing together research (FrontierSI, UNSW), industry (Commonwealth Bank of Australia, Omnilink), State Government (Office of the NSW Valuer General) and local council (Liverpool City Council).
UNSW Professor of Urban Science, Chris Pettit, is leading the Value Australia project, which received almost $3 million in funding from the Federal Government through the Cooperative Research Centre’s Projects Grants program.
“There will be a public-facing version of the software using a map interface to show property values around where people live, which will take into account land values and the amenity of an area.”
“It will assist in making data-driven decisions, such as being able to explore rezoning options, determining the economic benefits of a development proposal, or even the location of important infrastructure, like new metro or light rail stations.” Prof Pettit said.
Organisations are now engaging with Value Australia to discuss:
- Accurate decision ready models based on large data assets and experienced modellers
- Transparent valuations utilising hedonic modelling
- Digital Twin Integration within an online platform
- Interactive scenario planning analysing rezoning and infrastructure investment and development
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Phil Delaney, FrontierSI Chief Innovation and Delivery Officer is available for interview. Contact Nic Prassopoulos, FrontierSI Communications Manager, Phone +61 400 824 323, firstname.lastname@example.org
FrontierSI (formerly the CRC for Spatial Information) has a 16-year track record delivering spatial information services throughout Australia, New Zealand and around the world. Through a partnership model comprising governments, industry and the university sector, FrontierSI brings people and technology together to solve complex problems using applied geodesy, spatial infrastructures, analytics, artificial intelligence and image processing.