The NSW Registrar General will soon be restricting the supply of property owner names to the general public and integrating providers. So what does this mean for valuers, and how is CoreLogic responding?
Property professionals across Australia rely on CoreLogic as the source of truth for up-to-date property data, including ownership details. For NSW properties, these details include property owner surnames and company names, which help valuers confirm ownership, verify arm’s-length transactions and develop owner–buyer profiles. This enables valuers to accurately assess and verify market values, and help their clients make informed property decisions.
But in January 2021, it looked like things were about to change. The Registrar General of NSW announced that it would soon start redacting owners’ names when sharing property records with integrating providers, such as CoreLogic. But thanks to CoreLogic’s efforts, NSW valuers will enjoy uninterrupted access to this essential information.
We spoke to Carl Pinto, CoreLogic’s Head of Valuation Solutions, about what these developments mean for the NSW valuation industry.
Why do valuers rely on ownership information?
Surnames, and names in general, are very important to all valuation segments. By knowing who has bought a property for residential valuations, valuers can check to see if the names show evidence of a relationship between the buyer and seller. For larger development sites and commercial properties, valuers need an accurate view of buyer profiles to determine trends and verify arm’s length transactions. This information is also key for real estate agents as they generally undertake similar investigations.
What happens if valuers can’t access owner names?
The redaction of surnames makes the valuer’s job a lot harder, as it means they have to do additional investigations. This may involve making contacting the agent who sold the property, or taking other steps to find out how the property was sold and who intervened in the sale. The valuer would then need to undertake further enquiries to verify whether the parties were related or if the buyer was a company. At the end of the day, it can add up to a significant amount of extra work.
How could this impact the industry and home buyers?
Additional work and enquiries essentially means higher fees and longer turnaround times, slowing down the entire property valuation process, which is already an issue in the current market where demand for valuations is high. It doesn’t only affect one segment of valuers; it would ripple through to everyone from residential mortgage valuers to large commercial valuation firms. And if banks expect a standard turnaround time from their valuers, they might be left explaining to customers why they have to wait longer for loan approvals. These extended delays can also be stressful for the end customer, and could potentially cause them to miss out on buying their next property.
How has CoreLogic responded to the issue?
CoreLogic has secured another NSW Government source to supply property owner names into the future. And after successful lobbying, we’ve struck a deal with the Registrar General of NSW to ensure continuity of supply while we move over to the new supplier. This means valuers won’t experience any gaps or delays in accessing the information they need.
Where can valuers find out more?
CoreLogic is working hard to ensure a seamless transition for NSW valuers, so we can continue providing accurate, timely and informative data throughout this period and for the long term. If we become aware of any further changes that could affect the valuation process, we’ll let valuers know as soon as possible.
In the meantime, if valuers have any questions about these changes, please contact us