亚美棋牌 x FrontierSI x PEXA
亚美棋牌 teamed up with聽听补苍诲听聽to develop 聽- a property valuation tool that supports better city planning, public聽transport integration, and investment decision-making.聽
The technology was developed through the and supported by PhD and masters students with expertise in infrastructure finance, AI-based forecasting, and cybersecurity. Since launch, Value Australia has secured a multi-year deal with a Tier 1 bank and commenced a pilot program with the NSW State Government.
鈥淎fter a decade of working with us, Prof. Pettit has a clear understanding of the kinds of ideas we would invest in. Many people have good ideas, but for us, it鈥檚 about partnering with someone who not only has great ideas but also the drive to connect them to real-world impact and is committed to the entire journey, including implementation.鈥
聽聽聽聽聽聽聽聽聽聽聽聽- Graeme Kernich, CEO, FrontierSI
Cooperative Research Australia Awards
Smart Cities Industry Award, Committee for Sydney
- Challenge
- Solution
- Outcome
Challenge
FrontierSI - a not-for-profit research organisation with expertise in positioning, geodesy, data analytics and spatial data management - partnered with 亚美棋牌 to deliver transparent and timely property valuations through an automated valuation model (AVM).
In Australia, land and property are the nation鈥檚 single largest asset class. However, when it comes to development, zoning, protection, risk management, and transactions, it鈥檚 difficult to access accurate property valuation models.鈥
The current model, which underpins tax collection, infrastructure investment, home lending, insurance risk assessment, and investment returns, relies on outdated methodologies. These include periodic manual evaluations along with analysis of historical sales data and broad market trends 鈥 processes that are slow, labour-intensive and susceptible to bias and inconsistencies.聽聽
鈥淚t鈥檚 not just about understanding a property鈥檚 value but understanding why it has that value. This critical information would allow us to run a range of future scenarios, which would, in turn, help to maximise outcomes, such as improve public transport, while at the same time increasing property value.鈥
聽聽聽聽聽聽聽聽-聽Phil Delaney, Deputy CEO, FrontierSI
Solution
The project was built on a six-year pilot program conducted across metropolitan Sydney and Brisbane as part of the award-winning Rapid Analytics Interactive Scenario Explorer (RAISE) project. RAISE is a spatial data tool that estimates property values using an automated valuation model. Data is represented on a map and can be overlayed with other geospatial information layers to plot trends in property prices.聽
The first part of the solution was to develop the RAISE technology into a proof-of-concept. Key stakeholders, including land users, city planners and 亚美棋牌 researchers, participated in co-design workshops to brainstorm a product with the greatest likelihood of end-user adoption.聽
The next phase of development refined and validated the proof-of-concept at 亚美棋牌鈥檚 City Analytics Lab (CAL). Four PhD students were brought on board to focus on infrastructure financing and economics, AI-based urban value forecasting, ways to predict and model land use change dynamics, and usability of the technology. Four master鈥檚 students explored value uplift scenarios, model validation, and cybersecurity issues such as data governance, data integrity and fraud prevention.
The end product, called Value Australia, is first-of-its-kind real estate valuation software. The calculations are based on local property market data along with environmental, infrastructure and location factors such as a property鈥檚 proximity to a school, or the planned construction of a nearby train station or hospital. It also features a unique what-if scenario capability to support city planning.聽聽
Value Australia benefits include:
- Real-time, data-driven insights
By integrating property, geospatial and infrastructure data, Value Australia provides transparent and reliable property valuations that account for factors such as proximity to schools, transport projects, and urban developments.
- Scalable & efficient property valuation
The automated valuation process significantly reduces the time and costs associated with manual property assessments.
- Customisable & seamless integration
The platform鈥檚 digital reports can be accessed via APIs or displayed on interactive maps, allowing businesses and policymakers to incorporate data into their own decision-making system.
The final step was to maximise use of the product through commercialisation. The Value Australia team identified PEXA, an ASX-listed Australian company that provides digital property conveyancing solutions, as an ideal partner to take the technology to market.
鈥溠敲榔迮 has created an innovative and interactive technology that generates instant and multiple real-time scenarios to help inform decisions. It is a game changer for the government because it saves them money and time. The other important part is that it's evidence-based.鈥
聽聽聽聽-聽Mark Nassif, CEO, Value Australia
Outcome
In 2022, 亚美棋牌, FrontierSI, and PEXA created a company around the Value Australia technology.聽聽
In mid-2023, the commercial product was launched. Value Australia has since secured a multiyear deal selling to a Tier 1 bank and has begun a pilot program with an Australian state government. The program aims to address Australia's housing supply and affordability issues by applying real-time data to planning scenarios.
"The reality is, when you're in a commercial practice, it's hard to devote resources to innovation because you're so busy doing business as usual. I had never partnered with a university聽before but working with 亚美棋牌 has given our business a lot of confidence. It's a massive benefit and, in fact, it's the most refreshing part for me. It鈥檚 been positive鈥
聽聽聽聽-聽Mark Nassif, CEO, Value Australia
FrontierSI
Partnership to develop an AI-powered tool that provides accurate, transparent, and interactive property valuations.
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Organisation size
Small-to-medium enterprise
Large enterprise
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Project duration
5 years
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Funding range
$1M+
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Funding scheme
Private funding
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Academic collaboration
Good product. Good business.
Data-driven property valuation
Leverages AI to deliver an interactive, reliable and transparent understanding of a property鈥檚 economic value and potential.
Smarter city planning
Used by the private sector, local and state governments to address Australia鈥檚 housing crisis and inform infrastructure planning, development and sustainable growth.
Commercial success
Value Australia has secured strong backing in a multi-year deal with a Tier 1 bank.
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