In 2018, Australia's residential property market peaked in value at a whopping $7 trillion.
More astonishingly, the amount of information worldwide is more than doubling every two years, according to an EMC study.
These are incredible statistics that underpin the importance of data as a source of truth within the property sector.
Dr. Nicola Powell, senior research analyst with Domain, has her fingertips on some of the most extensive data in Australia's residential sector.
With responsibility for constructing the all important Domain quarterly housing and rental reports, many within the industry line up to hear her take on the complexity of Australian property.
As one of the keynote speakers at this year's Urbanity ’18, Powell's presentation, Diamonds In The Rough, will focus on the insights that Domain's extensive data is uncovering.
The presentation will provide detail on how our property landscape has changed and will continue to transform into the future.
Powell will explore Australia’s current hotspots and what property developers should be looking at to understand where the demand will be for new developments in the future.
You can learn more about the Urbanity ’18 program by clicking here.
To put what Powell does into perspective, data science is a fundamental aspect when it comes to decision-making for property developers, policymakers and industry leaders.
“I have a passion for making data consumable. If data is consumable, everyone can make an informed and educated, data driven decision - whether it is from a property developers or policymakers perspective, or a tool to assist the buying and selling journey for a consumer,” she said.
It is of particular importance when looking at the change in demographics and the changing way that we, as Australians are choosing to live.
According to Powell, for most Australians, owning real estate is often their biggest investment, which places pressure on consumers embarking on their buying or selling journey.
Powell highlights Australia’s ageing population as a particular market driver of key interest.
“How do we address this in the development space?”
"It is essential to use data to make informed decisions and address the changing needs for Australians,” she says.
She adds that as the Australian population continues to swell, it is essential decision makers continue to understand data driven insights for accurate policy making, such as housing affordability, an ageing population and infrastructure delivery.