The Residential Valuation Industry Group (RVI Group) has conducted a review of V2.2.1 of the ABFI Residential Valuation Standing Instructions (ABFI RVSI), and have released a revised version (V2.2.2) which will come into effect on 4 October 2020 with earlier adoption permitted and encouraged. 

The new version ‘go live; date coincides with the release date of the updated version of the PropertyPRO Supporting Memorandum (PPSM).   

The new version (ABFI RVSI V2.2.2) includes a number of changes throughout the document which align the document to the PPSM and to provide clarity and guidance to Instructing Parties and API Valuer Members in regard to certain scenarios. 

Items of note include: 

  • Updating the ‘Suitable/In Scope’ and ‘Unsuitable/Out of Scope’ sections (pages 7 to 9)
  • Changes to VRA 1 (page 18)
  • Changes to VRA 4 (pages 21 & 22)
  • Providing a minimum of two (2) photos for Progress Inspection reports (page 25)
  • Updates to ‘Residential Property with Development Potential’ (page 36)
  • Updates to ‘Progress Inspection Reports’ to cover the treatment of post contract variations (page 42) 

Members are encouraged to review the entire document to ensure they are aware of all changes that have been made to the Standing Instructions.

A copy of Version 2.2.2 is available here.

If there are any questions in relation to the revised version of the ABFI RVSI, please do not hesitate to contact us atstandards@api.org.au.