Everyone’s talking about AI as the future of property, but what if it’s quietly distorting how we see value?

Veronica and Chris sit down with Luke Metcalfe, founder of Microburbs and DataScape, to reveal why precision in property data is often just an illusion. Luke, one of Australia’s leading data scientists, reveals why many AI-driven tools sound convincing but are often wrong — and how they can even manipulate our confidence in property decisions.

From understanding what AI models are actually trained to do, to exploring why machine learning can’t yet capture local nuance or human psychology, this episode challenges the blind faith many investors place in “data-driven” insights.

Luke explains the difference between language-based AI and number-based forecasting models, the dangers of herd thinking in machine learning, and how misinformation spreads faster when machines start selling the dream.

If you’ve ever wondered whether AI could replace your buyer's agent — or if you’ve trusted a chatbot to tell you where to buy next — this is your wake-up call. Tune in to learn how to question the data, test the claims, and keep human intuition at the heart of smart investing.

Episode Highlights

00:00 – Introduction: The Illusion of Precision in Property Data

00:27 – Guest Introduction: Luke Metcalfe

01:50 – AI's Role in Property Decisions

03:09 – Challenges and Limitations of AI in Real Estate

05:16 – The Psychology of AI and Property Investment

07:41 – AI's Persuasive Power and Ethical Concerns

12:26 – Future of AI in Property Forecasting

26:37 – Granularity and Local Knowledge in Property Data

30:01 – The Importance of Human Experience in Property Evaluation

37:18 – The Impact of Crime on Property Markets

39:36 – Melbourne's Property Market Sentiment

41:40 – The Role of Data in Real Estate

47:36 – Future Trends and Technological Impacts

About the Guest

Luke Metcalfe is an Australian entrepreneur and data scientist known for pioneering the use of large-scale analytics in understanding neighbourhood performance and property trends.

After launching NationMaster, a global data platform attracting over 10 million monthly visitors, Luke founded Microburbs, a liveability and housing data company providing hyperlocal insights that help buyers, investors, and agents make informed decisions. He now leads DataScape, exploring the intersection of AI, big data, and human behaviour in real estate.

Renowned for his first-principles approach and his ability to translate complex data into clear, actionable insights, Luke continues to shape how Australians understand location intelligence and property forecasting in an increasingly AI-driven world.

Connect with Luke

• Luke’s LinkedIn
• Luke’s Email
• Microburbs Website
• Microburbs LinkedIn

Resources

• Visit our website: https://www.theelephantintheroom.com.au
• If you have any questions or would like to be featured on our show, contact us at:
• The Elephant in the Room Property Podcast - [email protected]
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Mortgage Broker? alcove.com.au
• Work with Chris: [email protected]

• Subscribe on YouTube: https://www.youtube.com/@theelephantintheroom-podcast
• Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719
• Subscribe on Spotify: https://open.spotify.com/show/3Ge1626dgnmK0RyKPcXWilliam0?si=26cde394fa854765

Veronica & Chris