PropTech (Property Technology) in Australia has been advancing at an unprecedented rate and the real estate sector, which is embracing technology more than ever, is making great use of new, innovative methods.
The way in which we live our lives has changed dramatically due to new business models centred around technology. New innovative technologies offer great potential for every aspect of the property market, from virtual reality viewings to drone-assisted construction.
PropTech is a collective term used to define startups offering technologically innovative products or the new methodology for the real estate industry.
PropTech includes smart cities, and buildings, the sharing economy, the home building industry Construction technology (ConTech) and finance technology (FinTech). Both ConTech and FinTech have very close ties with the real estate industry.
According to Blackprintpartners, there were 130 PropTech companies in Germany alone (as of June 2016). Globally, as much as $1.7 billion US dollars have been invested in PropTech as early as 2015.
Many applications of PropTech provide value and cost savings for users.
For example, a proper data management practice. A quick search of information and an easy data exchange between departments and companies will sound like trivialities compared with modern design and usability. The end user can benefit from PropTech, as they are now able to directly interact with suppliers and immediately report possible complications.
The information in this article is general in nature. Any advice it contains is general advice only and has been prepared without taking into account the objectives, financial situation or needs of any particular person.
The article content is not intended to be a substitute for professional advice and readers are urged to seek their own appropriate advice before making decisions.
Any reference to a particular investment is not a recommendation to buy, sell or hold the investment.