“Accurate land and property valuations are the bedrock of the Australian property industry and are critical to state governments and councils in terms of calculating rates and land taxes,” said Value Australia CEO Mark Nassif (pictured above).
“Our tool calculates accurate value assessments in minutes and post the trial will be available to homebuyers, investors, financial institutions, and governments, so they can make more informed decisions on the future of our cities.”
Value Australia will launch a large-scale pilot primarily with financial institutions and government partners in the second half of 2023 before releasing the tool more widely in 2024.
PEXA Group bought a 70% stake in Value Australia in August, to maximise its property analytics and technology. The valuation services sector alone was worth $710 million in revenue in FY22, with $258.5m from mass land valuations.
“Value Australia’s fully automated technology has the ability to learn inherent relationships and patterns between land value and sales price by analysing a complex set of land, property, locational and market movement data,” Nassif said.