Queensland researchers have been granted a boost in their quest to improve the capabilities of automated valuation models using artificial intelligence (AI).
The Australian Property Research and Education Fund (APREF) has revealed it has awarded a grant to researchers from the Queensland University of Technology who are considering how to better valuate residential properties using big, visual data utilising AI.
It’s the first time the Australian Property Institute (API) has offered the APREF grants, which 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 are the recipients of the $60,000 grant, and have expressed their honour at receiving the funds.
“We expect that the outcomes from this project will improve the capabilities of automated valuation models,” they said.
“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.”
According to API CEO Amelia Hodge, the research will assist in the professional development of valuers and land economists, as well as enable the API to build standards which can then be applied by the profession.
“Advancing technology and disruption is something all industries are faced with,” she commented.
“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 able to continue supporting the Australian economy and jobs.”
From APREF chair Bruce Billson’s point of view, the fund’s investment into research is particularly important given the ongoing considerations both government and industries will be giving to the nation’s COVID-19 recovery.
He said: “2020 has made industry take stock and consider what their profession will look like in five, 10 or 20 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.”