The Real Estate Institute of NSW, the peak authority for the
industry, comes to Tamworth on Tuesday, August 13, to shine a light on coming industry reforms and emerging technologies, including how AI could re-shape town planning. Video by Gareth Gardner
industry, comes to Tamworth on Tuesday, August 13, to shine a light on coming industry reforms and emerging technologies, including how AI could re-shape town planning. Video by Gareth Gardner
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00:00A Housing Who's Who was held in Tamworth today, hosted by the Real Estate Institute of New
00:05South Wales, the state's peak industry body.
00:14The Institute puts on the Real Estate Essentials Tour each year to keep local agents and stakeholders
00:20informed on new legislation, reforms, and technology.
00:29Peter sat down with the Institute's CEO, Tim McKibben, to discuss how AI is shaking
00:34up the industry.
00:35I attended a conference in the United States in January this year, and I saw this in action,
00:43along with a series of other things.
00:46There's tech now that is able, it's the beginnings of it, that is able to read your mind, but
00:58it hasn't yet fully evolved, but I think it will.
01:08Alice, how many empty homes are there in New South Wales, and can they be used to help
01:12alleviate the housing crisis?
01:13The exact number of empty homes in New South Wales can be a bit tricky to pin down, as
01:14it varies based on how empty or vacant is defined.
01:15Estimates suggest there are tens of thousands of homes that might be unoccupied for a variety
01:16of reasons.
01:17How do you trust what she's saying is going to be accurate all of the time?
01:40Well, I think advice is just that, it's advice.
01:43There is a decision-maker that ultimately has to make a decision based on it, but I
01:50think ChatGPT has demonstrated that when it doesn't have an answer for something on instances,
01:57it actually just invents one, but what we've done with Alice is to put into her primary
02:04memory bank, so it's in her memory bank, before she looks outside of that.
02:10Alice is able to read enormous documents and summarise them for us, she's able to read
02:25case law for us and dig out the key points in the case law, Alice creates exam questions
02:33for us for training, so enormously useful.