PointData releases AI-backed data on property values
From The Advertiser
March 13, 2020 — 6:00pm
Adelaide property technology company PointData has released its first series of AI-backed property value data, pointing to a recovery across Adelaide’s residential real estate market.
Adelaide’s inner city and fringe suburbs have outperformed the rest of Adelaide’s residential market over the past six months, according to new in-depth property value data released by local analytics firm PointData.
Backed by artificial intelligence and machine learning technologies, PointData’s automated valuation model considers a multitude of factors including recent sales, neighbourhood profiles and distances to schools, main roads, shops and beaches.
Unlike traditional valuation models, which measure trends across entire suburbs, PointData’s new quarterly indices provide six-monthly rolling median valuations at a “granular” level – representing neighbourhood precincts of around 400 people.
PointData chief executive George Giannakodakis said the firm’s data showed Adelaide’s property market had been flat over the past 12 months, but signs of a modest recovery were beginning to appear.
“Adelaide is the first city in Australia to be tested using our new technology,” he said.
“The difference is that our ‘dynamic neighbourhood scaling’ methodology, which is AI-driven, can focus in on a small area to get knowledge about what’s happening at a granular level.”
“While Adelaide’s property market has been flat over the past year, there is a strong sign of recovery across well over half of metropolitan Adelaide.”
“Our index shows many neighbourhoods growing between 2.5 per cent to well over 5 per cent in a six-month period. These include parts of North Adelaide, Prospect and the Nailsworth area, neighbourhoods across Mitcham Council, and parts of inner western and north western suburbs, including Semaphore, Glenelg North and Seaton.”
PointData’s algorithm values every property across Adelaide on a weekly basis, drawing on around 2000 like-for-like property sales, as well as new planning and other data.