What is iCirt? What does it mean for homebuyers and investors?
A brand new digital rating tool, backed by the Government to rate building practitioners and project teams across NSW, good news for homebuyers and investors?
Created by Equifax, iCIRT is a new digital rating tool and service, backed by the NSW Government, for developers to rate the risk level of their projects. Already being rolled out since July, iCIRT is the end product of more than 12 months of industry collaboration with a broad base of associations and professional representatives across construction and design, finance, insurance, legal and more.
How does it work?
Like most of the rating or review systems we see online, iCIRT is a 5-star rating-based system that will help people to identify building practitioners and project teams that have a good track record.
It draws upon thousands of data points endorsed by NSW Fair Trading, including the developer’s credit ratings, the relationships between development counterparties, the entity’s history in corporate dealings and nominated directors as well as other objective evidence to reflect their capability to deliver good quality buildings.
This will put pressure on developers and builders to maintain a high and above-acceptable standard.
What it means for consumers?
It means that people in NSW will have an unbiased and independent tool to evaluate their potential homes or investment.
Minister for Better Regulation Kevin Anderson said “iCIRT gives each development a clear risk rating that the buyer can weigh up before committing to a purchase”
David Chandler, the NSW Building Commissioner also found this reform very encouraging with more developers and builders showing a real commitment to quality.
“Consumers will be comforted when all players can display an iCIRT rating” He said. In a post on LinkedIn, David Chandler specifically named and endorsed a number of developers that have stayed at the top of their game. Including Westbourne Constructions, Meriton, Crown, Seiksui House and more...
This rating initiative forms part of the NSW building and construction reform.
Photo of Grace Wu, the founder of Megaward (left), Derek Pearson, the founder of Westbourne Constructions and David Liu, founder of Megaward (right)
Projects built by Westbourne Constructions:
Château, Castle Hill Showground
Projects built by Meriton:
Projects built by Crown Group:
Projects built by Seiksui House:
Melrose Park Village, Melrose Park
Sanctuary Landing, Wentworth Point
Click here to get in touch with one of us!
