The UNSW Built Environment lab together with a range of government and industry partners in Australia are exploring the use of artificial intelligence (AI) systems in real estate valuation.  The breakthrough could revolutionise the way real estate assessments are performed across the world.

With Australia’s property market valued at $6.8 trillion, this project will use research and data analytics to help homebuyers and investors make efficient and accurate land and property valuations with the use of research and data analytics.

UNSW Professor Chris Pettit, Chair of Urban Science is working with partners from industry and government to develop Value Australia. The plan features a suite of products integrating research, data analytics and artificial intelligence to deliver efficient and accurate valuations for a broad range of land and property types across Australia and overseas.

“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,” Professor Pettit said.

“It will assist in making data-driven decisions, such as the ability 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.”

Value Australia will produce a national suite of data and software products over the next three years.

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