4 December 2024 | Auckland, New Zealand
Valocity, New Zealand’s pioneering property valuation platform, welcomes the Commerce Commission’s conclusion announced today, which supports enhanced outcomes for Kiwi home-buyers, banks, and brokers.
“At Valocity, we take pride in our role within the property ecosystem, helping to streamline and simplify the home-buying journey through innovative digital solutions,” says Carmen Vicelich, Founder and Global CEO. “We have worked collaboratively with the Commission throughout their review and fully support their efforts to promote fairness and transparency in the property market.”
Supporting Innovation and Consumer Choice
The Commerce Commission’s investigation sought to determine whether Valocity’s valuation ordering service affected competition among valuers, potentially leading to higher costs or reduced service levels.
“At Valocity, our priority has always been best practice and delivering value to consumers,” says Vicelich. “While we respectfully disagree with the Commission’s interpretation of competition, we want to clarify that the selection of valuers is determined by the banks, not Valocity. Our technology simply facilitates the allocation of these bank-approved valuers to lenders on a fair basis, without influencing selection or pricing decisions, automating what was a manual process to deliver a better more seamless process for all participants.
That said, we’ve welcomed opportunities to enhance our service, introducing greater flexibility and choice for both consumers and lenders as part of our ongoing commitment to innovation and excellence.”
Valocity will continue offering its trusted scheduled-fee valuation service, delivering certainty around cost and speed — critical factors for homebuyers navigating the property market. Additionally, Valocity is launching a new additional quoting option that enables the home buyer to select that multiple valuation firms bid for a job, allowing consumers to choose their preferred quote and time-frame.
“This innovation reinforces our mission to provide the best experience for everyone involved in the property-buying process,” adds Vicelich.
Looking Ahead
The new quoting option will uniquely be available via Valocity from early 2025, setting a fresh benchmark for innovation in the valuation sector. As an award winning, homegrown business built by Kiwis, for Kiwis, Valocity remains committed to empowering homebuyers and lenders with best-in-class solutions.
About Valocity
Valocity is a global leader in property data and analytics, delivering digital solutions that streamline decision-making for the real estate, banking, and property valuation sectors. Harnessing advanced data insights, Valocity empowers lenders worldwide to make faster, more informed lending decisions, driving industry transformation on a global scale.
Valocity has been recognised both globally and locally for its innovation with multiple awards. This includes winning the ‘Future of Living Challenge’ at last month’s Cityscape Global in Saudi Arabia as well as being named Finalist, International Fintech of the Year after previously winning Scale up of the Year at the IFTA Awards in Mumbai.
Media Enquiries
Sara Pesic – Head of Marketing, Valocity
Sara.pesic@valocityglobal.com