Builder reviews increase transparency in new apartment sales

The NSW government is preparing to launch the second phase of its construction industry assessment tool, which will give consumers a better insight into the standards of companies building multi-unit residential buildings in the state.

The Construction Industry Independent Assessment Tool (iCIRT) uses a five-star system to rate builders on their apartment construction; Entities in the construction industry must achieve the minimum benchmark average of three out of five stars or more to be considered “trustworthy”.

The tool, which the NSW government developed in partnership with Equifax, has so far been available to government officials or regulators wishing to assess a business, while developers, builders and certifiers have had access to auto -evaluations.

Regulatory Improvement and Innovation Minister Kevin Anderson said allowing consumers to access information collected in iCIRT would lead to a new era of transparency in the housing industry.

“Our construction reforms have focused on raising standards and restoring public confidence in the residential apartment industry,” said Mr. Anderson.

The Minister for Better Regulation recently looked into the residential construction sector, announcing recently that the New South Wales Building Commissioner will inspect a number of newly built homes across Tweed Heads, Byron Bay and Coffs Harbor.

Anderson called the appraisal system the “ultimate embodiment” of the government’s goal of giving consumers peace of mind when buying a property.

“The grades change the game. NSW consumers will now benefit from an independent appraisal that will allow them to find a trusted and valued developer who has shown they have the capital, experience and ability to deliver a quality apartment.

RELATED TERMS

Apartment

An apartment is a personal residence within a house or building occupied by several tenants.

About the Author

Juliette Helmke

Based in Sydney, Juliet Helmke has extensive reporting and writing experience in business, technology, entertainment and the arts. She was previously editor-in-chief at New York … Read more

Builder reviews increase transparency in new apartment sales



logo


Last updated: December 17, 2021

Posted: December 16, 2021