proptech 101.
The past two years have seen a huge acceleration in the use of technology in the property and construction sectors. It's time to get acquainted with the world of Proptech.
what is Proptech?
The Proptech Association Australia defines Proptech as any technology solution that is applied to the property, real estate, or construction industry.
This includes software that solves problems in the design stage, ownership, property management, building management, buying, selling, renting, financing, or insuring.
what’s happening in the Proptech space in 2022?
Venture-backed companies in the real estate and property tech space raised nearly $21 billion in 2021 according to Crunchbase.
The Australian market is still in its infancy, but a $274m+ investment in proptech over the past 18months represents a major acceleration.
what is contributing to the growth of Proptech?
The sector has seen enormous growth over the past few years as the way we live and work has been increasingly digitized, in part due to the effects of the pandemic.
Growth of build-to-rent and co-living
Changes in the residential landscape has seen an increase in institutional landlords, who want to use technology to manage their portfolios.
High levels of building and construction
High levels of construction activity have builders looking for smarter ways to manage payments and project management.
A new way of working
Employees return to a very different office post covid, with landlords investing in technology to keep workers safe and connected.
A new generation of consumers
Gen Z has entered the property market looking for digital ways to rent, buy, and connect with their community.
key players in the Australian Proptech market.
One of the most exciting things about the proptech market is the fact that it’s not just the established institutions making their mark; passionate scale-ups and bright-eyed start-ups continue to drive innovation.
The big names in Australian Proptech:
PEXA, CoreLogic, REA Group, PropTech Group
Australian Proptech scale-ups:
:Different, Archistar, Tic:Toc, Joust, Landchecker
The up and comers in Australian Proptech:
Erin Living, Release.Me, PropHero, Teamlink, OwnHome
For other industry 101s and more, keep in touch to stay in the know.