Improved Data on Building Outlines for Automated Valuation Modelling (AVM)

What is Building Outlines Data?

Building outlines data refers to the digital representation of the shape and form of a building or structure.

With the use of this information, a structure’s footprint and profile can be accurately and precisely depicted, down to the heights and elevations of various building components. Generated through a variety of methods, including aerial photography, 3D modelling software etc., it can be used to produce thorough, current maps of a given area and models of the building. When coupled with other forms of location data such as addresses, land parcels, satellite imagery and street-level photography, building outlines can be used by businesses, individuals, and other organisations to guide planning and decision-making in fields including urban design, energy efficiency, emergency management, architectural design and building management.

Building outlines data has a big impact on property value in Automated Valuation Modelling (AVM). With precise and detailed information about a building, AVM considers the building’s size, age, and condition to provide an estimated value for the property.

Geoscape Buildings 3.0 provides building outlines data with more precise building volumes, roof structure, improved spatial data accuracy and the ability to derive additional analytics such as floor space estimates, heights and elevations of various building components.

Improvements in the Building Outlines Data with Geoscape Buildings 3.0

Improved outlines of existing buildings: Geoscape Buildings 3.0 provide more accurate polygon outlines that capture 98% of all buildings, even those partially obscured. Geoscape Buildings 3.0 removes non-building shades in satellite imagery to create more accurate building outlines.

Disclaimer: Aerial imagery © Aerometrex Ltd 2023, Geoscape Buildings © Geoscape Australia 2023 Copyright and Disclaimer Notice.

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Improved height measurements: Geoscape Buildings 3.0 uses aerial imagery to provide more accurate height measurements of buildings.

Disclaimer: Aerial imagery © Aerometrex Ltd 2023, Geoscape Buildings © Geoscape Australia 2023 Copyright and Disclaimer Notice.

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New building outlines are created and measured. New information is now available about new building heights and dimensions.

Disclaimer: Aerial imagery © Maxar Technologies 2023, Geoscape Buildings © Geoscape Australia 2023 Copyright and Disclaimer Notice.

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Background – 2023 satellite imagery from MAXAR (see the disclaimer above)

Building Outlines in Automated Valuation Modelling

Automated Valuation Modelling (AVM) uses computer algorithms to assess a property’s value using a variety of data inputs.

Giving useful details about a property’s geographical features can greatly impact its value. AVM can produce precise and detailed digital maps and models of a building and provide an estimated value for the property by taking into consideration elements like the building’s size, age, and condition.

Details regarding the heights and elevations available as part of the building outline data, along with various building components or a unique design, can affect the property’s value. In addition to its application in assessing property values, building outlines data can also be used to inform other steps in the property valuation process, such as urban planning, architectural design, and building maintenance.

It can be applied to direct decision making and planning in various areas since it offers a more complete and accurate understanding of the built environment.

AVM can benefit from building outlines data in a variety of ways.

Accuracy of property attributes: Building outlines data can aid AVM models in precisely identifying the size and shape of a building, a crucial step in calculating the property characteristics like square footage, the number of floors, roof condition, and other physical elements. A more accurate assessment of the property can result from accurately identifying these features.
Comparison to comparable properties: Building outlines data can be used to find comparable properties that have comparable sizes and shapes, which enables AVM models to conduct a more precise comparative market analysis. To determine the value of the subject property, this research considers the costs of comparable properties.
Identifying distinctive characteristics: Building outlines data can assist AVM models in identifying distinctive elements of a property that may have an impact on its value, such as roof condition, the existence of solar panels and/or swimming pools. The valuation model can consider these characteristics to produce a more precise estimate of the property’s value.

Geoscape Buildings 3.0 and Building outlines can be applied to direct decision-making and planning in various areas, including urban planning, architectural design, and building maintenance.

About Geoscape Buildings 3.0

In late 2021, Geoscape Buildings 3.0 was released, offering granular detail for improved 3D maps and extra usage choices. Geoscape Buildings 3.0 provides building outlines data with more precise building volumes, as well as the ability to derive additional analytics, such as floor space estimates.

As a result of the switch from satellite-based to aerial-based data, Geoscape Buildings 3.0 has undergone several significant changes, particularly in spatial data accuracy, which improves buildings’ alignment with their locations in the real world. The switch also helped build more accurate relationships between buildings and complementary features like land parcels and addresses, providing a more accurate representation of buildings’ true shapes through polygon outlines resulting in the capture of 98% of all buildings, even those partially obscured.

Get in touch to learn more about how an updated Geoscape Buildings 3.0 product can help you with Automated Valuation Modelling.

By Eugene Kingsford
Pre‑Sales Consultant