Value Australia, part of the PEXA Group, together with the Australian Property Institute (API) have signed a new cooperation agreement to foster technology advancements, solutions and standards for the valuations industry.
The agreement, in the form of a Memorandum of Understanding (MoU), comes as Value Australia announces its plans to accelerate a large-scale, world-first pilot program to demonstrate its unique machine learning technology, which aims to revolutionise the property valuation process nationally.
Value Australia is a progressive property analytics and technology developer, initially conceptualised by the UNSW Sydney and FrontierSI – a not-for-profit company that uses its expertise in spatial mapping to support government, industry and the community.
In August 2022, PEXA Group acquired a 70% stake in Value Australia, with a view to maximising its property analytics and technology for the benefit of the property industry.
As part of the new partnership arrangement, it will work alongside the API – an industry body representing more than 8,000 property professionals which includes residential, commercial and plant and machinery valuers, analysts, fund managers and property lawyers across the country, helping to advance the sector.
The MoU will see the respective parties collaborate to establish new valuation solutions, technology enhancements and data standards for the benefit of the industry.
Value Australia Chief Executive Officer, Mark Nassif, said it’s another important step forward in how the company is helping to transform property valuations.
“We’re really excited to be working collaboratively with API to play a supporting role in the evolution of the industry and to ensure its ongoing growth and sustainability for the future. The API and its members play an integral part in the entire property ecosystem and one that we are committed to working with collaboratively in the future. The solutions we’re developing will help unlock significant value for both the industry and its professionals.
Mr Nassif added that the venture’s approach is clear – for technology to help enable valuers and other industry members, complementing and enhancing their work.
“Ultimately, we’re here to help support and enable professionals within the sector to create efficiencies through new technology solutions, it needs to be a hybrid approach. Partnering with the Australian Property Institute ensures the industry’s voice will shine through in our work, as we continue to engage with organisations and government to bring the technology to life.”
PEXA Group Chief Executive Officer Glenn King said that the MoU will help drive great progress within the sector.
“It’s in our DNA at PEXA to work with industry to guide enablement and transformation – as we’ve so proudly partnered with the conveyancing industry to achieve. The API represents an integral part of the property and valuation sector – and our commitment to team up with this prestigious organisation is one we are very excited about – in progressing data, technology and more.”
API Chief Executive Officer, Amelia Hodge, said: “this partnership presents the opportunity for our members to collaborate on the development of new tools and solutions entering the market, while ensuring the industry’s high professional standards are maintained.
“With growing acceptance of data and technology-led inputs to provide risk-based property and asset advisory services, it is imperative that the eco-system in which our members operate, continues to evolve,” she said.