Buyers purchasing off the plan will soon have access to detailed information about the track record of the builder responsible for their prospective new property.
The NSW government is preparing to launch stage two of its construction industry rating tool, which will give consumers more insight into the standards of the companies constructing multi-dwelling residential buildings in the state.
The Independent Construction Industry Rating Tool (iCIRT) uses a five-star system to rate builders on their apartment build; construction industry entities must meet the minimum benchmark average of three out of five stars or above to be deemed “trustworthy”.
The tool, which the NSW government developed in partnership with Equifax, has so far been accessible to government officials or regulators wishing to rate a business, while developers, builders and certifiers have had access to conduct self-ratings.
Minister for Better Regulation and Innovation Kevin Anderson said allowing consumers access to the information collected in iCIRT would lead to a new era of transparency in the housing sector.
“Our building reforms have focused on lifting standards and rebuilding public confidence in the residential apartment industry,” Mr Anderson said.
The better regulation minister has had his sights trained on the residential building sector of late, recently announcing that NSW Building Commissioner would be inspecting a number of newly constructed dwellings across Tweed Heads, Byron Bay and Coffs Harbour.
Mr Anderson called the rating system “the ultimate embodiment” of the government’s goal to give consumers peace of mind when making property purchases.
“Ratings are a game changer. Consumers in NSW will now have the benefit of an independent assessment that lets them find a trusted, rated developer who has shown they have the capital, experience and capability to deliver a quality apartment,” he said.
ABOUT THE AUTHOR
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.