With Australian housing prohibitively expensive for so many, emerging blockchain technology could enable property development to be crowdfunded. This would enable micro investors to own small parcels or shares in the development, whilst providing those investors with real-time information to help them make the best investment decisions. This could help some investors to enter the property market for the first time, but will also likely contribute to further price inflation, exacerbating affordability issues for those seeking to buy an entire property.
This is just one of many potential disruptions to the housing market examined in a newly released AHURI report, ‘Understanding the disruptive technology ecosystem in Australian urban and housing contexts: a roadmap’, undertaken by researchers from UNSW Sydney, RMIT University, and Swinburne University of Technology. It provides a wide-ranging and critical review of how different emerging digital and disruptive technologies are being incorporated into the housing, housing welfare and planning systems, and how they might lead to greater efficiencies and new opportunities, but also create new challenges and complexity.
Professor Christopher Pettit, from the University of New South Wales and lead author of the report, says, ‘The promise of some of these emerging technologies is that they have the potential to simplify the processes involved in siting, constructing, tenanting, selling and maintaining properties. This simplification may come through automated contracts; access to large databases of information that can predict changes in a geographical area; or tracking the housing careers of people receiving housing benefits.’
Click here to read more and download the report.