Media Release - 21 August 2019

MEDIA RELEASE

21 August 2019

Valuer-General of Victoria awards Australian PropTech data & analytics provider with mass property valuation contract to the State of Victoria, enabling state-wide property valuations on a 12-month cycle. 

Insight Data Solutions (IDS) announced today that, after a competitive tender process that commenced in late 2018, the Valuer-General had awarded IDS’s mass valuation tool, VM Online, with a contract to manage valuations for all 79 of Victoria’s Councils on the platform.

The Valuer-General of Victoria, Mr Robert Marsh, publicly announced the renewal when presenting the 2019 Revaluation Outcomes on 9 August to a lunch event in Melbourne. The 3.1m annual valuations certified by the Valuer-General in 2019 underpin $9.6bn of State Government and Council revenue.

Commenting on the news, IDS Co-Founder and CEO, Louie Psaroulis, said, “The renewal of our contract with the State of Victoria shows that VM Online is the leading mass appraisal platform in the market, and strengthens our resolve to grow our government services capabilities nationally.”

“We are proud to be working with the Victorian Valuer-General and his team, who are leaders in the field, to apply modern & innovative techniques for delivering mass property valuations that are accurate, fair, and efficient,” said IDS Co-Founder and COO, Mike Thanos. “IDS looks forward to continuing to work with the Valuer-General to deliver a steady stream of innovative improvements to the rate and land tax payers, Councils, and municipal valuers of Victoria.”

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As IDS continues to work with the Valuer-General to redefine best practice in government mass valuations, it also looks to grow the VM Online footprint nationally and to New Zealand. With a number of property data and analytics contracts in the financial services industry, IDS has this year also won the contract to provide VM Online to Adelaide City Council, marking VM Online’s first deployment outside Victoria.

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For media enquiries, please contact Mike Thanos, Co-Founder & COO.