The venture marks Hometrack’s latest move into the international automated valuation model market. The firm last year signed an alliance with ABF Valuation in the Netherlands.
Hometrack chairman Giles Mackay says: “This joint venture brings together Hometrack’s knowledge and expertise in the AVM market with Residex’s considerable data and technology resources. The aim is to create the market leading Australian AVM.”
Residex chief executive John Edwards says: “There is no doubt about it the collective technologies of Hometrack and Residex will create a formidable partnership.”
Hometrack supplies 90 per cent of the UK’s mortgage industry with residential property valuations. Residex was responsible for developing Australia’s first AVM.
The new valuation company, Hometrack Australia, will be based in London and Sydney.