The collapse of trust in the property market following high-profile building failures like Opal Tower and Mascot Towers led to widespread concerns for buyers looking to purchase off-the-plan. To address this, the NSW Government introduced a major reform, including the creation of iCIRT—a star-rating system designed to help buyers identify trustworthy developers and builders.
In this article, we explore iCIRT, how it works, and why it matters for anyone considering off-the-plan property purchases. With insights from Brad Walters of Equifax and Rick Graf from Billbergia, we explain how this system is shaping the future of property development and restoring confidence in the market.
What is iCIRT?
iCIRT (Independent Construction Industry Rating Tool) is an independent rating system for developers and builders in Australia. It is designed to provide a simple, transparent way for buyers to evaluate the trustworthiness and capability of the teams behind off-the-plan properties.
This star-rating system is based on a rigorous assessment of 150 key attributes that reflect a developer’s or builder’s character, capability, conduct, capacity, capital, and counterparties. The system allows consumers to make informed decisions by checking the public iCIRT register to verify whether a developer or builder has earned a trustworthy rating.
Why iCIRT Matters for Buyers
After the building failures that shook the industry, iCIRT was created to provide a solution. This system helps property buyers, particularly those purchasing off-the-plan, to:
- Verify the reliability of developers and builders
- Gain confidence in the quality and safety of a property
- Avoid projects from companies with poor track records
Before the launch of iCIRT, the market lacked an easy way for buyers to distinguish between trustworthy developers and bad actors. This led to uncertainty and fear among potential buyers. The NSW Government and industry leaders responded by introducing iCIRT, aiming to create a safer, more transparent property market.
The iCIRT Process: How it Works
The iCIRT rating process is thorough and not for the faint-hearted. Developers and builders are evaluated based on six critical factors:
1. Character
This looks at the people behind the business, including company directors and key personnel. It involves background checks to ensure that decision-makers have a solid history of ethical conduct.
2. Capability
This assesses the developer’s ability to complete projects successfully. It includes evaluating their governance structures, quality assurance programs, and past performance.
3. Conduct
Is the developer compliant with industry regulations? This checks if they follow the right procedures and act responsibly during projects.
4. Capacity
This factor reviews whether a developer has the operational and financial resources to complete projects on time and on budget without cutting corners.
5. Capital
Do they have access to the right funding? This part ensures that developers can withstand market disruptions and unexpected delays.
6. Counterparties
This evaluates the broader team behind a project. It includes architects, engineers, subcontractors, and suppliers, ensuring that the entire team is trustworthy.
Developers must undergo this assessment annually, ensuring that they maintain high standards and continue to meet iCIRT’s strict criteria.
How iCIRT Restores Confidence in Off-the-Plan Purchases
The introduction of iCIRT has had a significant impact on the property market. Developers who adopt this system show that they are committed to high standards and are willing to be transparent with their customers. The system also helps buyers feel confident about their investment, knowing that the team behind their future home has been thoroughly vetted.
Positive Changes in the Industry
Since iCIRT’s introduction, the industry has seen a shift towards higher standards. Brad Walters from Equifax shared how the system has led to an increase in consumer confidence. Developers and builders who have embraced the system have seen their credibility improve, and many have continued to be active in the market due to the trust that the rating brings.
The system also forces out the bad actors. Developers who fail to meet iCIRT’s standards are no longer able to market their projects as being trustworthy, which helps clean up the industry and protect consumers.
Coposit’s Role in Building Trust
At Coposit, we strive to provide buyers with the best tools and insights to make informed decisions. We understand that buying your first home is one of the biggest investments you will ever make. That’s why we work with trusted developers and builders who are iCIRT rated, ensuring that our customers can confidently purchase off-the-plan properties without the fear of hidden risks.
Our payment structure makes it easier for buyers to manage their investment, and we only work with developers and builders who have earned iCIRT ratings. This means you can trust the team behind your new home.
How Buyers Can Use iCIRT to Make Informed Decisions
When purchasing off-the-plan, it’s important to do your due diligence. Here’s how to use iCIRT to make the best choice:
- Check the Developer’s RatingVisit the iCIRT public register to see the star rating of the developer behind the project.
- Verify the Builder’s RatingIf the developer is rated, make sure the builder is as well. A trusted team should include both a credible developer and builder.
- Review Past ProjectsLook at the last 5-10 years of completed projects. Developers who consistently deliver high-quality work will have a strong track record.
- Ask the Right QuestionsDon’t be afraid to ask about the iCIRT rating and how the team ensures the project will meet the highest standards.
- Use Coposit to Simplify PaymentsOnce you’ve confirmed the project is backed by a trustworthy team, use Coposit’s structured payment plans to manage your investment.
Building a Trustworthy Property Market
iCIRT has become a game-changer in the Australian property market. With stronger standards and a more transparent approach to property buying, it is helping to rebuild consumer confidence and ensure that only the best developers and builders are rewarded.
By embracing iCIRT, developers and builders are showing their commitment to quality, reliability, and transparency. For buyers, this means peace of mind when purchasing off-the-plan.
How to Stay Informed and Confident
At Coposit, we ensure that all the properties we list are from iCIRT-rated developers. This way, you can feel secure in your investment, knowing you’re dealing with a team that has been independently assessed and is committed to delivering a high-quality property.
Before making your next property purchase, always check the iCIRT rating and ensure you are buying from a reputable developer and builder. With Coposit’s payment options, you can easily manage your investment and take a confident step towards owning your dream home.
Boosting Buyer Confidence with iCIRT Ratings
The iCIRT rating system is a critical tool for buyers looking to purchase off-the-plan properties with confidence. By checking the ratings and doing thorough due diligence, you can ensure that the developers and builders behind your new home are trustworthy and capable. With Coposit on your side, you can make your next property investment with peace of mind.
