Australia's property market is the most transparent real estate market in the Asia-Pacific region and the second most transparent in the world, according to an index compiled by JLL.
Australia's property start-ups are primarily in Brokerage & Leasing, and Property Management. The former is due to the relatively lower barriers to entry into the space while the success story of construction software firm Aconex, which has completed an Initial Public Offering, has encouraged more start-ups to look into that space. Of the US$37.4 million invested in the Brokerage and Leasing vertical, US$24.8 million went into a pair of agent-matching start-ups – OpenAgent and LocalAgentFinder.
Australia's strong desire for home ownership offers a catalyst for PropTech start-ups, especially those in the Brokerage and Leasing vertical. Also, the Australian Government has been supportive towards FinTech, with policies and regulations assisting FinTech start-ups and innovators to develop, test and globally launch their products and services. It is expected that the number of deals and funding values in the Investment and Financing vertical would progress considerably as a result.
PropTechAus in Sydney, Perth, Adelaide and Brisbane aims to capture the potential of PropTech in Australia by utilising the greatest available tool: collaboration. By bringing together founders, corporates, and government officials to exchange ideas, the momentum can only increase for this promising sector. The PropTech journey is still just at its beginning.