Every year, the PropTech industry generates a flood of announcements, launches, and predictions. Most of it is noise. Some of it matters.

As 2024 closes, I want to separate the genuinely significant developments from the hype that consumed attention without delivering value. Here’s my honest assessment of the year in real estate technology.

What Actually Mattered

AI Integration Became Practical

2023 was the year AI became a conversation. 2024 was the year it became useful.

The significant shift wasn’t standalone AI tools—those existed last year—but AI integration into platforms agents already use. CRMs added AI-powered writing assistance. Market data platforms added natural language search. Marketing tools added AI-generated content options.

This integration matters because it reduces friction. Agents don’t want to learn new platforms; they want existing platforms to work better. When AI improves tools without requiring workflow changes, adoption happens naturally.

The AI consultants Sydney platform represents this trend well—AI capabilities embedded into prospecting workflows rather than requiring agents to become AI experts.

Portal Evolution Continued

Both REA Group and Domain made meaningful platform improvements in 2024:

• Enhanced search algorithms that better match buyer intent
• Improved agent-facing analytics and engagement data
• Better integration with third-party tools
• More sophisticated premium listing options

These changes are incremental, not revolutionary, but they compound. Agents who understand and adapt to platform changes gain advantages; those who ignore changes fall behind.

Virtual Tour Normalisation

Virtual tours completed their transition from premium add-on to standard expectation. The technology improved while costs decreased, making quality 3D tours accessible for mainstream price points.

Notably, the debate shifted from “should we offer virtual tours?” to “how do we produce them efficiently?” This normalisation signals maturity—the technology has proven itself.

Digital Auction Platforms Gained Ground

Openn Negotiation and competitors expanded significantly in 2024, particularly in Melbourne and increasingly in other markets. Hybrid auction formats—combining in-person and remote bidding—found their niche.

The resistance from traditional auctioneers softened as they recognised that digital options expand rather than cannibalise their market.

What Was Overhyped

Metaverse Real Estate

Remember when “virtual land” and metaverse property investments were supposedly the next big thing? That narrative collapsed in 2024. Virtual land prices cratered, platforms that hyped metaverse potential pivoted away, and the concept became a punchline.

This was always speculative nonsense with no connection to actual property transactions. Agents who avoided distraction made the right call.

Blockchain Property Records

Various projects promised to revolutionise property records and transactions through blockchain technology. None delivered meaningful adoption in 2024.

The technology itself isn’t the problem—the problem is that existing systems work adequately, and the costs of transition outweigh unclear benefits. Maybe someday, but not soon.

”AI Agents” Replacing Human Agents

Several startups and commentators predicted that AI would displace human agents for routine transactions. This didn’t happen and won’t happen soon.

Property transactions involve emotional decisions, complex negotiations, and local relationships that AI cannot replicate. AI assists agents; it doesn’t replace them.

Instant Buying Platforms

The “iBuyer” model—platforms that purchase properties directly for resale—struggled in 2024. International examples showed these models are capital-intensive with thin margins that evaporate when markets turn.

Australian variations remained niche, and the promised disruption of traditional sales processes didn’t materialise.

Developments to Watch in 2025

Regulatory Technology

NSW and Victorian compliance requirements are becoming more complex. Technology that helps agents navigate disclosure obligations, marketing regulations, and contract requirements will become more valuable.

Energy Efficiency Integration

Changes to disclosure requirements around energy efficiency are coming. Platforms that integrate energy ratings, sustainability features, and efficiency documentation into listing workflows will see increased adoption.

Enhanced Buyer Matching

AI-powered matching between serious buyers and suitable properties—before public listing—is an emerging capability. Early implementations showed promise in 2024; expect more sophisticated versions in 2025.

Settlement Technology

The pain points around settlement delays attracted technology investment in 2024. More integrated solutions connecting agents, conveyancers, lenders, and buyers should emerge in 2025.

Lessons for Agents

Several principles emerged from 2024’s PropTech developments:

Integration beats innovation. New tools that work within existing workflows gain adoption. Revolutionary platforms requiring behaviour change usually fail.

Fundamentals still matter. No technology replaces deep local knowledge, strong vendor relationships, and skilled negotiation. Technology amplifies good agents; it doesn’t transform bad ones.

Selectivity is strategic. The agencies performing best aren’t those trying every new tool—they’re those choosing carefully and implementing deeply.

Data literacy increases in importance. Agents who understand data, can interpret market statistics, and use evidence effectively in vendor conversations have growing advantages.

My 2025 PropTech Predictions

I’m usually cautious about predictions, but here’s what I expect:

1. AI integration accelerates: By end of 2025, most major real estate platforms will have substantial AI capabilities embedded.

2. Portal competition intensifies: Domain will make aggressive moves to close the gap with REA Group, benefiting agents through better tools and potentially pricing pressure.

3. Consolidation in CRM market: Smaller players will struggle; expect acquisitions or shutdowns among fringe CRM providers.

4. Video becomes mandatory: Listings without video content will be noticeably disadvantaged as platform algorithms and buyer expectations evolve.

5. Privacy regulation impacts: Australian privacy law changes may affect how agents use data and require technology adaptations.

Conclusion

2024 was a year of maturation rather than revolution in PropTech. The hype cycle around AI and other technologies began settling into practical reality. Useful tools improved. Speculative concepts faded.

For agents, this maturation is good news. The focus has shifted from chasing shiny objects to implementing proven capabilities well. Success in 2025 will come from consistent, disciplined technology adoption—not from finding the next big thing.

The agencies that used 2024 to build solid technology foundations are well-positioned. Those still catching up have work to do.

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Linda Powers has spent three years consulting with real estate agencies on PropTech adoption. This year-end review reflects insights from working with dozens of agencies across Australia’s major markets.