CoreLogic’s valuation fulfilment platform now includes planning and hazard layers and property level data. Carl Pinto, CoreLogic Australia’s Principal of Valuation Solutions, discusses how this will help valuers manage risks and lead to more efficient valuations.
The information now available to valuers is increasing every day, with both private and public sector organisations making more and more data available for consumption. Planning and hazards data are among the new datasets now widely available. However, finding the data and matching it to specific properties across multiple platforms can still be challenging as it is not all in a centralised location. That is until now.
The ValConnect suite already offers valuers a single platform to optimise desktop and onsite inspections. Now with the addition of planning and hazard layers, CoreLogic continues to set new standards in innovation.
As the Principal of Valuation Solutions at CoreLogic, Carl Pinto is always on the look-out for opportunities to harness the power of new technologies for valuers and lenders.
“We understand the importance of looking at ways to make sure our products streamline processes and drive efficiency,” he says. “In the case of valuations, our mission from the start has always been to provide all the tools and insights necessary, in a single platform. This reduces the reliance on third party sites and allows valuers to concentrate on providing robust and accurate valuations.”
Keeping innovation front and centre
New planning and hazard geospatial layers, along with aggregated third-party data, are now available in the ValConnect platform to help mitigate risks and further drive valuer efficiencies.
Carl highlights the usability of this new function: “The new geospatial layers in ValConnect can be toggled on or off to show the affectation of a specific planning control or hazard across a geographical area in combination with CoreLogic’s sales data, This provides valuers a visual representation of the impact these controls and hazards have on the market value of a property.”
Until now, getting planning and hazards data required combing through multiple platforms and data sets. This is one of the most time-consuming processes of a valuation as the data may be held across multiple different sites, depending on the state or LGA.
As Carl states: “Planning data had to be retrieved independently from state agencies like the NSW State Planning Portal. But now we extract this data and match it to relevant properties in the CoreLogic database for ValConnect to retrieve and display in an easily digestible format.”
What new geospatial layers are available?
The key geospatial layers now available in ValConnect include:
- Flood risk areas.
- Bushfire zones.
- Heritage listed properties.
- High-voltage power lines (including transmission lines and substations).
Introducing Planning and Hazards visual/map overlays and geospatial layers
In addition to the geospatial layers, key property level data, such as building height limits, minimum floor sizes and permitted uses are also available, depending on the state or LGA.
Carl reminds us that “these are all key determinants of value and must be considered for every valuation, but it is important that a trained valuer determines the impact as it may not always be as bad as it seems”.
For example, a new highway or airport would likely have a detrimental effect on property prices, but proximity to new public transport lines might be seen as an opportunity for investors.
Similarly, a heritage listing on a property may not always be negative and could actually increase a property’s value in historic suburbs filled with period character homes.
CoreLogic envisages more new planning and hazard layers to further enhance ValConnect products, with additional data points also in the works.
Carl is keen to add that CoreLogic’s geospatial and data teams are currently working on exposing these overlays and additional data points via new API connections. “This will enable external integrators to consume this data via APIs, offering a full suite of flexible solutions to the market,” he says. ,