An overview of Property Standard Index
Property Standard Index - a range of uses in portfolio management
The Property Standard Index is a valuable asset management tool that was developed by the former Department of Housing in conjunction with the CSIRO and Queensland University of Technology. It assists property portfolio managers to make informed strategic decisions about the management of departmental properties.
The Property Standard Index provides information on the performance of the asset, and as such allows the department to improve its decisions in relation to the management and use of its residential properties, at both an individual property, and overall portfolio, level.
The Property Standard Index allows the allocation of resources to priority areas based on real need for activities such as:
- maintenance and upgrade planning and delivery
- forecasting and measuring the effects of investment
- managing the movement in the portfolio towards agreed standards of amenity
- annual valuation and depreciation processes, and
- asset management decision-making.
For example, the department may objectively specify the desired Property Standard Index for its dwellings and then be in a position to calculate the deficiency ratio between any building, or group of buildings, and the desired index. This difference can easily be converted to provide the required expenditure and actions needed to address the difference.
The Property Standard Index has been recognised for its flexibility and reporting capacity, not only by the department, but also within the private sector. The PSI was commercialised in 2008.
Last updated 24 April 2009
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