Many factors make Australia a ripe market for PropTech development and real estate tech in Australia has a good future ahead. Strong talent pool of real estate, big contracting companies and cross border deployment of Australian real estate developers and funds add to the bonanza.
The popular land down under of Australia is the largest country in Oceania and the world’s sixth largest by land area. This wild and beautiful country consists of a variety of natural wonders as well as stunning cities. It is the flattest continent with tropical rainforests in the north-east, mountain ranges in the south-east, south-west, and east, and dry desert in the center. Though the capital of here is Canberra, the largest and the more popular city is Sydney. This highly urbanized area is home to more than 25 million individual and ranks high on quality of life, education, health as well political rights. It is interesting to note that more than a quarter of Australia’s population is immigrant. This highly skilled workforce plays very well for the development of Australia and its economy.
In terms of economy, Australia is a wealthy country that has a market economy, low poverty, and a high GDP. It has various sources of high income like mining-related exports, telecommunications, banking, and manufacturing. The coastline, as well as the cities, provide a varied landscape and property options. All these factors make Australia a ripe market for PropTech development and real estate tech in Australia has a good future ahead. The startup ecosystem of here is also thriving and entrepreneurs are building global products, striding ahead in technology.
Real Estate Tech in Australia
Steady economic growth but with divergence in performance across geographies and industries has resonated through to Australian property sectors. Cities of Sydney and Melbourne have recorded high property sales and growth, while Brisbane and Perth remain stable.
Real estate tech in Australia has the potential to enhance the overall efficiency, and transparency of the sector; enhancing the performance over time, enabling better overall returns and providing an attractive new channel for capital investment in a real estate associated product, with global scalability.
Technology is definitely changing the PropTech of here and how business is done in the real estate sector. The most recent property boom is driven by the new generation buyers that prefer online methods and tech savvy methods over traditional processes of newspaper ads and tiring personal visits over time. New technologies are taking over like live streamed auctions, drone footage, 3D floor plans, video walk-through and virtual inspections. Social media and online marketing too are picking up in the space of real estate tech in Australia. Some of the interesting startups in this space are:
The newer startup in the Australian space has been popular because it offers an option for real estate investment with as little as $100. BrickX purchases properties then divide the cost price into ten thousand units called Bricks that are on-sold individually to investors.
Rent360 is interesting as it is Australia’s first online marketplace for property investors to access and hire independent property managers.
Cocoon is in the business of offering flexible, fully furnished shared houses. Cocoon gives you a place you can move in without worrying about buying furniture or kitchen equipment, and they take care of everything, from high-speed internet to social BBQs.
OpenAgent offers a platform for Australians to sell a property and aims to improve transparency and the overall process. It was recently in the news for closing a $12 million funding.
These are just a few of the really interesting startups that are doing great work in the space of real estate tech in Australia or PropTech here. There are multiple platforms for CRM, online handling of documentation, classified and listing sites for the property. Some companies are totally reinventing the wheel by even providing options like live auctions and VR enabled tours. These services cater to the new generation audience that is driving the real estate tech in Australia.
There has been a gradual but significant shift in the traditional way of buying/ selling real estate here, and it is driven by the rental as well as sale market, largely in the cities. We can expect considerable input to this field by the cities as that is where the demand is growing and becoming interesting. As Australia looks to solve its housing deficit challenge, new immigrants, as well as increase in skill of locals, are sure to bring new innovative technologies to the field. This is just the start for real estate tech in Australia and the PropTech here is set to boom.
The Way Forward for real estate tech in Australia
Real estate tech in Australia or PropTech here has just started to get attention and get developed. With a little more push on a culture of innovation as well as supporting the growing startup ecosystem will ensure that more solutions are found in this field. The sector is in its nascent stage and needs a push to prosper more. As the property market of here heads towards a boom, so will real estate tech here.
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Do you want to know what makes a winning PropTech startup, check out these Top 50 Real Estate Tech startups to watch out for in 2018.
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