A new interactive map of Australia’s property landscape could ease pressure on people struggling to find affordable homes within a stone’s throw of the city.
Using location analytics, CoreLogic’s ‘Mapping the Market’ app delivers crucial real estate intelligence, with users able to zero in on any city, click on a suburb and instantly see the current median property price for that postcode.
The smart map also gives buyers a clear indication which suburbs are within their budget by displaying prices relative to the CBD.
CoreLogic head of Geospatial Solutions, Matt Lythe said the map would help buyers, sellers and industry leaders to make more informed property purchases at a glance.
“Unlike old reports which relied on graphs to show median property data, this map gives the user an instant snapshot of the nation’s property values and shows how prices have trended,” Mr Lythe said.
“If we look at Brisbane, the map shows that in 2012, around 40 percent of suburbs had a median house value of under $400,000, but by the end of 2017, only 22 per cent of suburbs had a median value under 400,000, which shows the big surge in property prices in that five-year period.”
The map shows the contrast in inner city prices in the Australia’s three largest capitals – starkly illustrating the significant gap between Brisbane and Melbourne and Sydney.
“The map uses a simple colour legend to indicate property price. Anything black means the suburb median is above $1.4 million, while the light orange sections show where you can still buy property under $400,000,” Mr Lythe said.
“Sydney and Melbourne’s inner-city zones are virtually all black. Yet Brisbane’s inner-city appears mostly orange, indicating you can get bargains in suburbs like Keperra, Rocklea and Tingalpa.”
The Mapping the Market tool is powered by spatial technology giant Esri Australia using cutting-edge Geographic Information Systems (GIS) which allows Big Data to be distilled into manageable, digestible information for consumers.
Esri Australia’s Managing Director Brett Bundock said the technology behind the map harnesses millions of pieces of data to produce a visual interface that is user-friendly and informative.
“These maps paint a picture of information, patterns and trends that matter,” Mr Bundock said.
“GIS technology allows companies like CoreLogic to quickly and accurately identify critical data, add context and use those results to cast a new light on buyer and seller decisions.
“Advancements such as 3D mapping tools and predictive analytics are allowing more and more commercial property leaders to analyse multiple, large and complex datasets and produce compelling insights that boost business productivity.”
The Mapping the Market app can be viewed here.
CoreLogic provides property information, analytics and services across Australia and New Zealand. With Australia's most comprehensive property databases, the company's combined data offering includes over 500 million decision points spanning over three decades of collection, providing detailed coverage of property and other encumbrances such as tenancy, location, hazard risk and related performance information.
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