The Yardi/Property Council of Australia Proptech Survey is the first installment in a long-term study into technology adoption and attitudes to innovation in Australian real estate.
The survey of 216 Australian property companies – a third of them with asset portfolios valued at more than $1 billion – sets a baseline for Australia’s property industry as we track barriers to proptech adoption and the big opportunities ahead.
Key highlights of the 2021 survey:
- 27% of respondents are pumping funds into new technology in response to the pandemic, while 55% are beefing up their investment in existing technology.
- Track and trace (23%), touchless access (22%) and social distancing technologies (19%) the top three solutions to support the return to offices.
- Australia’s property industry is partnering with proptech accelerators to support start-ups, invest in international innovators and test and trial new technologies, but 30% of respondents believe Australia is lagging the world’s leaders in proptech, and 33% believe real estate trails other sectors.
- Among the biggest barriers to proptech adoption in Australia are the perception that solutions must be specially developed or customised (34%); changing existing behaviours (26%); cost (23%) and time constraints (11%).