How iCIRT is helping build confidence in the off the plan apartment market
Three years ago, credit reporting giant Equifax identified a need to provide transparency to the development market in Australia.
In 2022 they launched iCIRT, a voluntary rating tool in which developers, builders and construction consultants all over Australia could apply to become a credited iCIRT rated company.
Since then the likes of Sekisui House, Stockland and Deicorp have all become an iCIRT rated developers.
We recently caught up with Brad Walters, Head of Product and Rating Services at Equifax, to talk more about iCIRT.
What is iCIRT?
iCIRT stands for the Independent Construction Industry Rating Tool.
iCIRT ratings were developed in consultation with the government, regulators, industry and market associations to help purchasers find trusted residential building professionals.
How does it help buyers?
"iCIRT was designed to support and improve transparency and to provide buyers and investors with independent information that they can turn to that could give them confidence," Walters says.
The iCIRT rating system is voluntary for any developer, builder or construction consultant in Australia.
The process of becoming iCIRT-rated involves Equifax undertaking a detailed assessment of the company, from previous developments and experience to financial records and company structure.
Following the assessment, Equifax provide an iCIRT rating for the company between zero to five stars - the more starts, the more confidence in the developer.
A 3-gold star rating or higher indicates a trustworthy business with a demonstrated ability to honour its commitments and fix defects.
How do I find iCIRT-rated businesses?
iCIRT has a register of all property professionals, including developers and builders, who are iCIRT rated.
Some 130 companies now have an iCIRT rating.
