- The research considers the use of Artificial Intelligence in improving property valuation outcomes
- Queensland researchers have been awarded a grant
- The researchers claim cost savings, higher efficiency and productivity
Artificial Intelligence (AI) is developing rapidly, and there can be no doubt that it is and will continue to be an integral part of our daily lives.
Innovators look to solve some of society’s most pressing challenges in industries such as healthcare, finance, national defence and manufacturing. Now, Queensland researchers have made a breakthrough in applying big visual data utilising AI in valuing residential properties.
Established by the Australian Property Institute (API), the $60,000 round of Australian Property Research and Education Fund (APREF) grants invited research proposals across five defined topics including the impact and application of AI in the property industry.
Dr Viet-Ngu (Vincent) Hoang, Dr Kien Nguyen Thanh and Dr Andrea Blake from the Queensland University of Technology submitted the successful research proposal.
They claim the outcomes of the project will improve the capabilities of automated valuation models.
“These enhanced capabilities in turn will deliver higher accuracy of mass valuation which will ultimately result in cost savings, higher efficiency and productivity, and improved risk management for stakeholders in the property industry.”
API CEO, Amelia Hodge said the research would aid the professional development of valuers and land economists, enabling the industry body to build quality standards that can be applied ubiquitously.
“Advancing technology and disruption is something all industries are faced with. We want to utilise research in AI to understand how the technology can support valuers and property professionals manage risks and costs so our industry will be to continue supporting the Australian economy and jobs.”
This is especially important considering property is one of the largest industries in Australia. Real estate services generate direct revenue of over $182 billion, and 28% of the nation’s wages and salaries and 16% of taxation stem from the property industry.
APREF Chair, Bruce Billson said the fund was important as government and industry considers what a COVID-19 recovery looks like.
“2020 has made industry take stock and consider what their profession will look like in five, ten or twenty years and that’s what the APREF board has been looking at for the property sector.
“We need this investment of funds into property research to make sure we’re prepared on behalf of the 1.4 million Australians working across the property sector.”