As increasing sums of money are deployed into this every more mature space, investors are becoming ever more astute in their allocations, looking for the startups that will make a real difference to the industry and therefore, ultimately, their portfolios.

Real estate accounts for 13 per cent of global GDP, however, productivity and technological growth has been relatively slow compared to other industries with companies initially struggling to mobilise its technology strategy quickly enough to manage change.

Over recent years, a rapid rise in accelerators, incubators or innovation labs has seen Australia's Proptech community grow to more than 270 companies—a 428 per cent increase since 2013, according to the global proptech tracker Unissu.

According to a Deloitte, in the first six months of 2019, $20 billion was poured into real-estate tech startups by venture capitalists and private equity globally, which surpassed the $19 billion record for all of 2017.

According to Bob Courteau, chief executive of real estate software giant Altus Group, technology is set to continue to rapidly shape any given specialism within the real estate sector.

“The combination of new market entrants, new technologies and changing demographics have created disruptive models within real estate.”

“This presents new opportunities for organisations which rapidly embrace innovation and Proptech.”