PropertyPRO Supporting Memorandum effective date 1 March 2020

The API via the Residential Standards Sub-Committee has undertaken a full review of the API PropertyPRO Residential Valuation & Security Assessment Supporting Memorandum.

The API would like to thank the members of the Residential Standards sub-Committee for their work on this project over the past few years as well as those Members and industry stakeholders who provided feedback and input into the revised Supporting Memorandum and output reports. 

This review has resulted in a ‘new’ PropertyPRO Supporting Memorandum (PPSM), including a number of updates, changes and additions as well as eleven (11) Valuation Reports for different residential property types and a Progress Inspection report.

The IT developers at ValEx/CoreLogic are now close to finalising the industry standard user interface, which will be subject to review and testing by the API to ensure that it complies with API guidelines and Resources for the ‘new’ PropertyPRO Supporting Memorandum and suite of reports.   

During to IT development period a number of minor amendments have been made to the documentation.  As further revisions are made, we will continue to update the documentation contained in the Resources available here.

We have received confirmation that the ValEx/CoreLogic industry standard UI will be available for access by the end of July 2019.  Valuation firms will be able to commence testing in August and September 2019.  The team at ValEx/CoreLogic will be providing further updates as the testing period nears.

During October and November 2019, ValEx/CoreLogic will support phased testing for the Valuation Firms to ensure full connectivity.

The API advises that the effective date of the ‘new’ PropertyPRO Supporting Memorandum, including full adoption of the report templates, is Sunday 1 March 2020.

The current PropertyPRO Residential Valuation and Security Assessment Supporting Memorandum remains in effect. A PDF version of the current version is available here.

Please do not hesitate to contact us at standards@api.org.au if you have any queries regarding the ‘new’ PropertyPRO Supporting Memorandum or its implementation and release.