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 Highlights00:00 – Introduction: The Illusion of Precision in Property Data00:27 – Guest Introduction: Luke Metcalfe01:50 – AI's Role in Property Decisions03:09 – Challenges and Limitations of AI in Real Estate05:16 – The Psychology of AI and Property Investment07:41 – AI's Persuasive Power and Ethical Concerns12:26 – Future of AI in Property Forecasting26:37 – Granularity and Local Knowledge in Property Data30:01 – The Importance of Human Experience in Property Evaluation37:18 – The Impact of Crime on Property Markets39:36 – Melbourne's Property Market Sentiment41:40 – The Role of Data in Real Estate47:36 – Future Trends and Technological ImpactsAbout the GuestLuke 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 LukeLuke’s LinkedInLuke’s EmailMicroburbs WebsiteMicroburbs LinkedInResourcesVisit our website: https://www.theelephantintheroom.com.auIf 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] for a Sydney Buyers Agent? https://www.gooddeeds.com.auWork with Veronica: https://www.veronicamorgan.com.auLooking for a Mortgage Broker? alcove.com.auWork with Chris: [email protected] Enjoyed the podcast? Don't miss out on what's yet to come! Hit that subscription button, spread the word, and join us for more insightful discussions in real estate. Your journey starts now!Subscribe on YouTube: https://www.youtube.com/@theelephantintheroom-podcastSubscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719Subscribe on Spotify: https://open.spotify.com/show/3Ge1626dgnmK0RyKPcXWilliam0?si=26cde394fa854765If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!See you on the inside,Veronica & Chris