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UniSA Researchers Develop Property Valuation Tech

Researchers at the University of South Australia have developed a machine learning technique that makes property valuation more transparent, reliable and practical, with the ability to accurately model the impact of urban development decisions on property prices.

The technique was created and validated using over 30 years of historical sale information in metro Adelaide and utilises purpose-developed machine learning algorithms to process massive amounts of data about housing, urban structure, and amenities, making it possible to quantify the effects of urban planning policies on housing value.

Lead researcher, UniSA geospatial data analyst and urban planning expert Dr Ali Soltani, stated that the technique has implications for the property, urban planning, and infrastructure sectors. The team’s modelling technique and findings have the potential to help real estate investors, builders, property owners, house appraisers, and other stakeholders gain a more realistic view of the value of properties and the factors that affect that.

This research has implications for policymakers by providing insights into the potential impacts of urban planning – such as infill regeneration, master-planned communities, gentrification, and population displacement – and infrastructure provision policies on the housing market and subsequent local and regional economies.

By capturing the complicated influence of infrastructure elements such as road and public transportation networks, commercial centres, and natural landscapes on home value, the team’s model is especially valuable for enhancing the accuracy of current land value predictions and lowering the risks associated with traditional property valuation methodologies, which are dependent on human experience and limited data.”

The model – developed in conjunction with Professor Chris Pettit from UNSW’s City Futures Research Centre – may also be extended to include other economic features at both the macro and micro levels, such as changes in interest rates, employment rates, and the influence of COVID-19, by harnessing the benefits of big data technologies.

The technology could be used as a decision-support platform for a variety of stakeholders, including home buyers and sellers, banks and financial agents, investors, the government, and insurance or loan agents. The technique makes it simpler for stakeholders and the general public to apply the findings of sophisticated models to historical or real-time data from multiple sources, which have previously been almost black-box and expert-oriented.

The PropTech market is expected to experience a significant CAGR of 16.8% during the period 2022-2032. The market is expected to grow from US$18.2 billion in 2022 to US$86.5 billion in 2032. According to FMI, in 2021, the market was valued at US$67.5 billion.

Some of the most recent PropTech market trends include artificial intelligence and data automation in real estate, big data and digitalization of property data assets, sustainable technology in building and maintenance, and IoT and IIoT with drones for 360-view presentation. Demand for PropTech is high, as the technology lowers operating costs and helps agencies save money. Customers are provided with digital/virtual services, and agents are able to work on the go. As a result, profits, and productivity rise.

PropTech also helps to reduce transactional costs while enhancing consumer convenience. Due to the best match between property sellers and purchasers, it also helps to achieve higher unit sales and rental occupancies, leading to higher sales of PropTech.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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