Why a CRC is needed
The challenges faced by Local, State, and Commonwealth Governments in addressing the housing crisis have reached a critical point. Ensuring access to affordable homes for first home buyers and lower socioeconomic groups has become an urgent concern, along with the need for better planning to prevent urban sprawl.
Over the past twenty years Governments have focused on demand side solutions, although this is beginning to change through the creation of the Housing Australia Future Fund and other initiatives.
However, policy initiatives alone are not enough. Australia’s residential real estate markets also require efforts that connect and streamline the entire property lifecycle. To this end, there are islands of digitisation and automation emerging in the PropTech sector – but these are fragmented, isolated and in need of integration. No party is currently capable or willing to connect the sheer number of actors involved to drive real change as they would not be able to capture the full benefits of such an investment.
The PropTech CRC is perfectly positioned to achieved this. It will build the essential digital rail that links together industry, researchers and governments. As such, the PropTech CRC will be the institutional body that drives the collaboration and coordination required to create the optimum operational arrangements that transform Australia’s residential property markets. This is enabled uniquely by the CRC model which fosters the long-term partnerships required between different actors to achieve high impact outcomes.
Together with our partners, the PropTech CRC is focused on research and developing the solutions that tackle the full residential property lifecycle: solutions that accelerate new housing supply, create innovative and more transparent ways for Australians to find, save for and purchase property, and that position Australia as a world leader in property technology. It will act as a coordinating, catalytic body that connects PropTech actors with Australia’s best researchers and fosters the kinds of collaboration and competition to effect positive change.
In the longer term, the PropTech CRC will deliver new jobs through driving the growth of Australia’s PropTech industry and fostering the creation of new services, business and technologies – as well as highly trained human capital that positions Australia as a global leader in the sector. It will do this all while creating a simpler, more efficient and more transparent property lifecycle that helps get Australians into affordable homes and boosts housing security.