Australians will be among the first in the world to manage their residential property assets in real time just like a share portfolio following today's launch of the myrp.com.au property reporting and information Web site.
MYRP (pronounced My RP) is 100 per cent owned by Australian Stock Exchange (ASX) listed company, RP Data Ltd.
The company invests about $6 million annually on property data and delivery technologies with plans to invest $9 million in the 2008 financial year.
RP Data is the largest supplier of residential and commercial property information services in Australia and New Zealand, with a property database holding more than 80 million records on 12 million ANZ properties.
RP Data is also the leading consumer property reports site in Australia with over one million visitors downloading over 600,000 reports annually.
The company's CEO, Graham Mirabito, said the site lets consumers search for their residential property and then claim it as their own.
Mirabito said those with multiple properties can claim them all and manage them like an investment portfolio.
Then, the Web site calculates the estimated value of each property as well as the total portfolio based on property attributes and past sales held in Australia's largest property database as well as recent sales in the area.
He said RP Data has created a powerful tool which empowers every Australian property owner with knowledge they can trust.
The beta test in September has seen over 4000 people sign up to the MYRP service.
Overwhelmed by the response showing significant interest, Mirabito said the plan is to release the feature free until December 31, 2007.
From today, he said residential property buyers, sellers, investors, home owners and renters have a competitive advantage with access to the country's most comprehensive online property database, myrp.com.au
"All that a MYRP member has to do is visit the site and claim their properties. When they register and complete the claim process they'll then instantly receive a free property valuation estimate based on the attributes of their house and the sales that have occurred in the area around them," he said.
"This will be updated weekly as we value every property in Australia every week and MY RP subscribers will enjoy a free portfolio estimate until the end of the year.
"We see an insatiable demand from the general public for more transparency and more timely property information, so we set about leveraging our leading property databases to develop MYRP.com.au."
Property in Australia is valued at about $3 trillion and is worth three times as much as the stock market, according to Mirabito.
"Australian properties represent 70 per cent of the average Australian's wealth," he said.
"Private investors account for 23 per cent of the 7.5 million residential properties in Australia, which is more than twice the US statistic,
"Although property is the largest asset class, it ironically has the least information, research or analytics available to the general public."