Investment Property Databank (IPD) has officially launched its Australian service. The company opened its Melbourne office in March 2005 and has kept a low profile for the past 15 months, working closely with the Property Council of Australia to enhance the quality of data available for the property sector.
"We've inherited an enormous amount of data from the Property Council. With their assistance we have seen the index grow from 471 assets worth $45.25 billion to now represent 694 assets and more than $72 billion. Our collective work is bearing fruit for the industry with a tighter validation process improving the accuracy of data submitted," Mr Rupert Nabarro, chairman of IPD, said. "The Australian service now has the 4th largest database by value within the IPD group."
IPD has maintained a number of the Property Council initiatives including the use of an Index Governance Committee. This group comprises a number of industry specialist that review methodological and technical issues. The committee meet prior to the release of the index to review the returns generated by IPD.
"We see this as simple good governance. While IPD has an enormous amount of experience and expertise in the construction and delivery of indices around the globe, local content, comment, and advice is always important" said Mr Nabarro.
IPD has been working with subscribers and data providers to enhance the "four pillars" of good index delivery Accuracy, Composition, Timeliness and Comparability.
Commenting on progress made in these areas, Mr John Garimort, managing director of IPD in Australia, said: "My UK colleagues deliver the UK quarterly index within 4 weeks of the end of each quarter, our best has been 7.5 weeks after requesting data. A shorter turnaround in the receipt and processing of data has to also be our collective goal."