Hometrack, the UK's leading provider of Automated Valuations (AVMs), is ramping up its operations and presence in Australia, announcing today that it has appointed an Australian CEO and Sales Director.

AVM's, computer based systems which provide an instant valuation on residential properties, have been instrumental in changing the face of the UK mortgage industry over the last five years. Hometrack's AVM, which delivers automated valuations and risk analytics to over 90% of UK mortgage lenders, has for the last six months been rigorously and successfully testing its application to the Australian residential property market.

In September the Company established Hometrack Australia and is confident that the Australian financial services market can benefit from its AVM technology. Hometrack's AVM provides instant valuations on both a point of sale and portfolio basis and has enabled the financial services sector to fundamentally change the way they do business.

Graeme Winser, Director of New Market Strategies for Hometrack, and who is now based in Australia to oversee the startup of operations, said: "The key to Hometrack's success in the UK is the high degree of confidence users have in the rigour and accuracy of Hometrack's AVM. In a risk-averse industry, Hometrack's advanced methodology and constant technological innovation set it apart from its competitors.
"There is an important distinction to be made between what is generally understood as an AVM in Australia and what Hometrack is delivering. Hometrack's AVM will deliver extremely high coverage and success rates, giving lenders and borrowers huge benefits in service standards, cost savings and predictable risk management.

“It will enable quicker, cheaper and more efficient services as the Australian mortgage and property services sector continues to evolve. And, particularly with the current market volatility, we believe lenders and insurers will embrace AVM's as a powerful risk management and portfolio valuation tool. Hometrack's AVM is fully approved and rated by the Agencies in the UK and our work with the Rating Agencies and Mortgage Insurers here will form an essential part in raising the bar in the assessment of mortgage books going forward. We have secured excellent people to build our Australian operations. Brendan Darcy has been appointed CEO of Hometrack Australia and Paul Brock, Sales Director. Brendan and Paul have a wealth of experience in the mortgage and finance industry and we are confident they will replicate Hometrack's UK success and presence in Australia."

Brendan Darcy joins Hometrack Australia as CEO from his role as Head of Mortgage Credit and Retention at Citibank Australia. Brendan held several roles at Citibank Mortgages and was instrumental in substantially improving operational efficiency and growing the business.

"We are already engaged in testing with many key parties here. While building the trust and understanding of the potential of the model and how it can be used will take time, we are confident it will be relevant and accepted in the Australian marketplace." Brendan Darcy said.