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.