Buying a property is one of the biggest financial commitments most people will ever make, and yet, so many buyers are forced to make that decision with barely any reliable information about who’s building their home. In this episode, we sit down with Brad Walters from Equifax to unpack the trust crisis in the Australian construction industry, and more importantly, what’s being done to fix it.

We talk about the lack of transparency in building quality, the rise in insolvencies, and those so-called phoenix companies that keep reappearing under new names. Brad walks us through iCIRT, a national rating system designed to help buyers, insurers, and lenders assess the trustworthiness of builders and developers. It’s based on six core criteria: everything from conduct and character to financial capacity; and honestly, as someone who’s big on due diligence, I found it incredibly encouraging to know this kind of tool exists.

What’s particularly eye-opening is that, according to the data, around 75% of the industry is actually doing the right thing. But it’s that 20 to 25% who cut corners, take shortcuts, or just don’t stick around when things go wrong, that’s where the damage happens. And unfortunately, they drag down the whole industry with them.

If you’re thinking about buying something off the plan, or even just a property built in the last decade, this conversation is a must. We dig into how iCIRT works, the limitations of current protections across different states, and the role of government in holding the industry to higher standards. Tune in and let's get started!

Episode Highlights:

00:00 - Introduction

01:08 - Who is Brad Walters?

02:14 - Understanding the iCIRT tool and why it matters

07:11 - Can buyers rely on builder info outside of NSW?

13:24 - How iCIRT gathers data you can trust

19:33 - Is the rating system voluntary? Who’s avoiding it?

25:12 - When things go wrong: Judging a builder by their response

30:14 - What’s behind the data? Gathering and verifying builder info

34:51 - Protecting yourself from builder insolvency

38:21 - Does more regulation mean higher construction costs?

41:44 - How new builders can still earn trust

45:14 - Is iCIRT a national standard or just a NSW initiative?

48:21 - Can iCIRT ratings actually help off-the-plan buyers?

49:43 - What about suppliers? Expanding accountability beyond builders

51:42 - Contract clauses that can give buyers more protection

52:34 - Beyond trust: What else needs fixing in construction?

55:32 - Brad Walters’ property dumbo

About Our Guest:

Brad Walters is the Head of Product and Rating Services at Equifax Australia, where he leads initiatives to enhance transparency and trust in the construction industry. He oversees the development of tools like the Independent Construction Industry Rating Tool (iCIRT), which assesses the reliability of builders and developers. Brad has advised major banks, insurers, corporations, and government departments on corporate strategy, finance, and risk management. He also serves as a board-appointed director for several Equifax-related entities, contributing to industry-wide innovation and improved business outcomes.

Connect with Brad Walters:
LinkedIn https://au.linkedin.com/in/brad-walters-775b221
Find trustworthy building professionals https://www.equifax.com.au/personal/products/iCIRT-ratings
Get your iCIRT rating and report https://www.equifax.com.au/business-enterprise/products/icirt-construction-industry-ratings

Resources:
Visit our website https://www.theelephantintheroom.com.au
If you have any questions or would like to be featured on our show, contact us at: The Elephant in the Room Property Podcast questions@theelephantintheroom.com.au
Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
Work with Veronica: https://www.veronicamorgan.com.au
Looking for a Mortgage Broker? https://www.alcove.au
Work with Chris: chrisbates@alcove.au

Enjoyed the podcast? Don't miss out on what's yet to come! Hit that subscription button, spread the word and join us for more insightful discussions in real estate. Your journey starts now!
Subscribe on YouTube: https://www.youtube.com/@theelephantintheroom-podcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719
Subscribe on Spotify: https://open.spotify.com/show/3Ge1626dgnmK0RyKPcXjP0?si=26cde394fa854765

Buying a property is one of the biggest financial commitments most people will ever make, and yet, so many buyers are forced to make that decision with barely any reliable information about who&rsquo;s building their home. In this episode, we sit down with Brad Walters from Equifax to unpack the trust crisis in the Australian construction industry, and more importantly, what&rsquo;s being done to fix it.
We talk about the lack of transparency in building quality, the rise in insolvencies, and those so-called phoenix companies that keep reappearing under new names. Brad walks us through iCIRT, a national rating system designed to help buyers, insurers, and lenders assess the trustworthiness of builders and developers. It&rsquo;s based on six core criteria: everything from conduct and character to financial capacity; and honestly, as someone who&rsquo;s big on due diligence, I found it incredibly encouraging to know this kind of tool exists.
What&rsquo;s particularly eye-opening is that, according to the data, around 75% of the industry is actually doing the right thing. But it&rsquo;s that 20 to 25% who cut corners, take shortcuts, or just don&rsquo;t stick around when things go wrong, that&rsquo;s where the damage happens. And unfortunately, they drag down the whole industry with them.
If you&rsquo;re thinking about buying something off the plan, or even just a property built in the last decade, this conversation is a must. We dig into how iCIRT works, the limitations of current protections across different states, and the role of government in holding the industry to higher standards. Tune in and let's get started!
Episode Highlights:
00:00 - Introduction
01:08 - Who is Brad Walters?
02:14 - Understanding the iCIRT tool and why it matters
07:11 - Can buyers rely on builder info outside of NSW?
13:24 - How iCIRT gathers data you can trust
19:33 - Is the rating system voluntary? Who&rsquo;s avoiding it?
25:12 - When things go wrong: Judging a builder by their response
30:14 - What&rsquo;s behind the data? Gathering and verifying builder info
34:51 - Protecting yourself from builder insolvency
38:21 - Does more regulation mean higher construction costs?
41:44 - How new builders can still earn trust
45:14 - Is iCIRT a national standard or just a NSW initiative?
48:21 - Can iCIRT ratings actually help off-the-plan buyers?
49:43 - What about suppliers? Expanding accountability beyond builders
51:42 - Contract clauses that can give buyers more protection
52:34 - Beyond trust: What else needs fixing in construction?
55:32 - Brad Walters&rsquo; property dumbo
About Our Guest:
Brad Walters is the Head of Product and Rating Services at Equifax Australia, where he leads initiatives to enhance transparency and trust in the construction industry. He oversees the development of tools like the Independent Construction Industry Rating Tool (iCIRT), which assesses the reliability of builders and developers. Brad has advised major banks, insurers, corporations, and government departments on corporate strategy, finance, and risk management. He also serves as a board-appointed director for several Equifax-related entities, contributing to industry-wide innovation and improved business outcomes.
Connect with Brad Walters:
<ul>
<li aria-level="1">LinkedIn <a href="https://au.linkedin.com/in/brad-walters-775b221">https://au.linkedin.com/in/brad-walters-775b221</a></li>
<li aria-level="1">Find trustworthy building professionals <a href="https://www.equifax.com.au/personal/products/iCIRT-ratings">https://www.equifax.com.au/personal/products/iCIRT-ratings</a></li>
<li aria-level="1">Get your iCIRT rating and report <a href="https://www.equifax.com.au/business-enterprise/products/icirt-construction-industry-ratings">https://www.equifax.com.au/business-enterprise/products/icirt-construction-industry-ratings</a></li>
</ul>
Resources:
<ul>
<li aria-level="1">Visit our website <a href="https://www.theelephantintheroom.com.au">https://www.theelephantintheroom.com.au</a></li>
<li aria-level="1">If you have any questions or would like to be featured on our show, contact us at:&nbsp;The Elephant in the Room Property Podcast <a href="mailto:questions@theelephantintheroom.com.au">questions@theelephantintheroom.com.au</a></li>
<li aria-level="1">Looking for a Sydney Buyers Agent? <a href="http://www.gooddeeds.com.au/">https://www.gooddeeds.com.au</a></li>
<li aria-level="1">Work with Veronica: <a href="http://www.veronicamorgan.com.au">https://www.veronicamorgan.com.au</a></li>
<li aria-level="1">Looking for a Mortgage Broker? <a href="https://www.alcove.au">https://www.alcove.au</a></li>
<li aria-level="1">Work with Chris: <a href="mailto:chrisbates@alcove.au">chrisbates@alcove.au</a></li>
</ul>
Enjoyed the podcast? Don't miss out on what's yet to come! Hit that subscription button, spread the word and join us for more insightful discussions in real estate. Your journey starts now!
<ul>
<li aria-level="1">Subscribe on YouTube: <a href="https://www.youtube.com/@theelephantintheroom-podcast">https://www.youtube.com/@theelephantintheroom-podcast</a></li>
<li aria-level="1">Subscribe on Apple Podcasts: <a href="https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719">https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719</a></li>
<li aria-level="1">Subscribe on Spotify:&nbsp;<a href="https://open.spotify.com/show/3Ge1626dgnmK0RyKPcXjP0?si=26cde394fa854765">https://open.spotify.com/show/3Ge1626dgnmK0RyKPcXjP0?si=26cde394fa854765</a></li>
</ul>

Who's really in control when you buy a property?

The Elephant In The Room is where the things that no one wants to talk about, actually get talked about.  

Veronica Morgan, real estate agent, buyers agent and co-host of Foxtel’s Location Location Location Australia & Chris Bates, financial planner, mortgage broker and wealth coach have joined forces to find out what’s really going on in the world of real estate.

Veronica and Chris talk to property owners and buyers every day in their respective lines of business. They’ve observed a wide spectrum of confidence in people’s decision making ability when buying and selling property, often to the detriment of the individuals concerned. They are both fascinated by consumer behaviour and together they’re going to uncover who’s really making the decisions when you buy a property.

In each episode they get into the psyche of buyers, agents, auctioneers and other industry experts to learn the truth about how buyers are influenced and why they do the things they do. In every episode you’ll learn from the mistakes of a “property dumbo” as well as Chris & Veronica’s “elephant rider bootcamp” training session.

The plan? This property podcast has been created to help us all make better property decisions!

We talk about the things no one wants to talk about in the Property Market

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