IDS to join the Domain Group

IDS is proud to announce that we have entered into an agreement to be acquired by the Domain Group. This marks the next step in our journey from startup in 2013 to providing the platform that supports millions of statutory valuations each year that are used to levy rates and land taxes in Victoria and South Australia.  

Thanks to all of our staff, our loyal customers, business partners and shareholders. We would also like to acknowledge the work put in by the Domain team and our advisors to achieve this milestone - you are too numerous to mention individually here.

Domain shares our vision for property data, analytics and platforms and our confidence and enthusiasm for being a key player in making that vision into reality. 

You can download the ASX Announcement from the Domain Shareholder Centre.

IDS Announced as a PropTech Awards 2021 Finalist

IDS is proud to announce that it is a finalist in Proptech Association Australia’s inaugural Proptech Awards 2021 in the category of Scale Up, Operations & Administration. This awards section focuses on proptechs that support process and efficiency improvements in property, construction and real estate businesses – something at the core of IDS’s mission, especially with respect to statutory valuations.

IDS was announced as one of 6 finalists in this category for the software innovations, process efficiencies, and continuous service delivery of our VM Online Computer Assisted Mass Appraisal (‘CAMA’) platform. VM Online has helped the Valuer-General of Victoria (‘VGV’) complete its transition as the valuation authority for all of Victoria, while simultaneously shifting to an annualised revaluation cycle (previously biennial). This stands as a testament to our staff, our CAMA’s functionality, and the deep collaboration, and support of all stakeholders throughout the Victorian statutory valuation life-cycle.

From the VGV’s Office, the 79 Local Government Authorities in Victoria (‘LGAs’), the valuers working within each LGA, and the staff across the Department of Environment, Land, Water, and Planning, a complete transformation in the way statutory valuations are conducted and actioned upon was enabled by VM Online. IDS currently facilitates the mass appraisal of 28% of all Australian properties that require statutory valuations, representing approximately 3 million parcels per annum which are valued using 3 different methodologies per annum.

In April 2019 the VGV successfully delivered its first centralised annual revaluation, on time and on budget. Data reconciliation that used to take 4 months to match properties after a revaluation cycle due to cancelled properties, new properties, sub-divisions, etc. now takes one week to complete with a 99%+ automated first match rate.

We are grateful to Proptech Association Australia’s recognition of our hard work and innovation. We are continuing to invest in significant new capabilities in VM Online for the benefit of all our government clients.

https://www.linkedin.com/posts/proptech-association-australia_ptaa-announces-finalists-in-inaugural-2021-activity-6795166103682330624-VVnW

IDS on the Proptech Podcast

Recently Chris and Mike “appeared” (is that possible on a podcast?) on The Proptech Podcast, with host Kylie Davis. Listen in for a wide ranging discussion including:

• What we stand for and the problems we solve;

• Differences between banking and government valuations

• The size of the challenge for property, data, and valuations in Australia and globally

• How IDS came to be

• How COVID has affected valuations

• The potential for adoption of AI and analytics by Governments

Listen to the podcast episode here or subscribe on your preferred podcast platform.

We are big supporters of Kylie and the work she does for the proptech industry. The Proptech Podcast is based on Kylie’s belief that we need to create and grow a sense of community between the innovators and real estate agents. The aim of each episode is to introduce listeners to a proptech innovator who is pushing the boundaries of what’s possible, and explore the issues and challenges raised by the tech and how they can create amazing property experiences.

IDS VM Online enables Victorian Government inter-agency collaboration

Working closely with the Valuer-General Victoria (VGV) and State Revenue Office (SRO), the IDS team recently completed an integration between VM Online and the SRO’s new Land Tax objection portal. The integration facilitates a faster objection process for tax payers and is the first in a planned series of improvements in the way that the VGV and SRO exchange property and valuation data. And all achieved during COVID-19 lockdown conditions in Melbourne.

The following article is reproduced with the kind permission of SRO and VGV.

Congratulations to the winner of the IDS MGV Emerging Leader Award

Congratulations to Kim Maguire, winner of the Municipal Group of Valuers (MGV) 2019 Emerging Leader Award, for her proposal on Valuation of Renewable Energy Assets.

Kim will be undertaking a research project on renewable energy assets to establish broadly accepted valuation methodologies of both solar and wind energy plants with the aim of establishing Best Practice guidelines.

Proudly sponsored by Insight Data Solutions, the award comprises of an MGV bursary of $3,000; 3 years membership of the MGV; with return airfares and registration to an international conference to assist in the nominated research project.

Mike Thanos (IDS), Leigh Oliver (IDS), Kim Maguire (Opteon), Lauren Ashley (President, MGV)

IDS partner Australian Mortgage Marketplace settles first mortgage application within 24 hours of application

Assisted by the IDS AVM Suite, Australian Mortgage Marketplace (AMM) has settled its first mortgage application, providing a broker client with a verified approval in under 15 minutes and settling funds within 24 hours.

IDS worked closely with AMM to streamline one of the most time consuming parts of the mortgage origination process - the property valuation - as the neo-lender built out its own  digital mortgage platform, Intelligent Credit. The platform integrates to the IDS AVM Suite API to retrieve property data and automated valuation estimates (AVMs). In combination with IDS real time valuations, the platform harnesses artificial intelligence technology to verify applicants’ information and provide customers with a verified home loan approval in less than 15 minutes.  

AMM provides white label prime home loans tailored to fit the financial situation of the applicant, which are funded by residential mortgage-backed securities (RMBS), superannuation funds and industry investment.

Louie Psaroulis, IDS Co-Founder and CEO, congratulated the AMM team on the settlement of its first mortgage, saying “We have watched Graham, Kym, Luke and the team as they have focussed relentlessly on delivering a ground breaking experience to mortgage borrowers and are proud to have played our part in enabling the dynamic risk management and turnaround times they have achieved.” 

AMM Managing Director, Kym Dalton, said “From the start, we set out to employ best of class technology and partners to shift the mortgage lending paradigm. That’s why working with IDS was an easy decision, given the track records of the IDS team and the accuracy, flexibility and innovation they bring to help us solve one of the most painful and clunky parts of the mortgage origination process.”

Read more here: https://www.theadviser.com.au/breaking-news/39663-neo-lender-approves-first-15-minute-mortgage

IDS and Westpac release new suburbs most likely to list data

Analysis from Insight Data Solutions and Westpac published in today’s Weekend Australian (Saturday 12 October 2019) has identified a host of suburbs across the country where a combination of ­accumulated equity, long-term ownership and market turnover have set the stage for a rise in the number of listings.

IDS worked closely with Westpac to develop the report, combining analytics from our AVM Suite of products with bespoke analytics and proving once again that an AVM Suite is more than just an AVM.