REIQ signs proptech deal to drive real estate innovation

The Real Estate Institute of Queensland (REIQ) has entered into a formal Memorandum of Understanding with US-based technology venture fund Second Century Ventures (SCV) to accelerate property technology development in the state. This strategic partnership aims to identify, fund, and support startups that address critical housing challenges, including supply pressure and regulatory reform. By combining global research and investment power with local market expertise, the collaboration seeks to establish Queensland as a primary hub for proptech innovation within the Australian real estate sector.

The Real Estate Institute of Queensland (REIQ) and Second Century Ventures (SCV) have announced a formal agreement to foster property technology growth across the state. SCV, the strategic investment arm of the National Association of REALTORS, manages a global portfolio of more than 375 companies and will work alongside the REIQ to identify and support emerging startups. Under the terms of the Memorandum of Understanding, SCV will leverage its REACH Australia and New Zealand team to provide global research and access to new technologies, while the REIQ will offer essential local market insights, industry engagement, and policy advocacy.

Antonia Mercorella, chief executive of the REIQ, emphasized that the partnership is driven by the need to address "wicked housing problems" through innovation, particularly as Queensland faces sustained growth and supply constraints. Mercorella stated that the vision is for Queensland to become the epicenter of proptech in Australia, utilizing technology to support a more sustainable housing system. The collaboration is intended to provide a practical pathway for exploring solutions that can assist various levels of government in navigating the current housing crisis and regulatory changes.

SCV managing partners Dave Garland and Tyler Thompson highlighted Queensland as a market characterized by both urgency and opportunity for real estate technology. Garland noted that the REIQ’s progressive leadership and influence with government are critical components for scaling technology successfully in the region. This formal agreement builds upon a pre-existing relationship where the REIQ supported the REACH Australia scale-up program by providing mentorship and guidance to early-stage founders, signaling a long-term commitment to integrating global innovation into the local real estate landscape.