"Value Australia CEO Mark Nassif said the tool uses up to a billion data points and gives valuations in seconds. Its accuracy has already been tested in a pilot with the NSW Valuer General. It is now to be further tested in a six-month large-scale pilot primarily with financial institutions and government partners in the second half of 2023, before releasing more widely in 2024."
The Value Australia project has made significant impact with partners adopting and using the research produced. The Commonwealth Bank of Australia is using the automated land valuation model (AVM) to assist with mortgage assessments. This data-driven, machine learning AVM produces a highly accurate prediction of residential property value for Australia’s 13 million residential properties. The project also created the Rapid Analytics Interactive Scenario Explorer (RAISE) toolkit version 2, which can calculate value uplift from new infrastructure planned in the city including train stations, new schools and hospitals.
So IMO obviously there has been significant success. Could be a very valuable business to roll out internationally eventually. AI is certainly hot too.
PXA Price at posting:
$13.06 Sentiment: Buy Disclosure: Held
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