In 2024, the Australian Property Institute (API) actively engaged in various advocacy activities to represent the interests of its 7,900 property professionals and 4,000 firms across Australia. Below is a summary of the 20 key submissions and industry initiatives undertaken by API throughout the year.

  1.  Land Valuation Amendment Bill (QLD) 
    API provided recommendations to the Queensland Department of Resources regarding the Land Valuation Amendment Bill 2024. Key points included ensuring statutory guidelines are not binding on dispute parties, maintaining valuation transparency, and protecting confidential information in valuation disputes. API emphasized the need for stakeholder consultation to ensure clear and fair amendments. The Bill was eventually withdrawn by the State Government.
  2. Realestate.com.au Acquisition of Dynamic Methods (National) 
    API responded to the ACCC consultation paper on the proposed acquisition of Dynamic Methods Pty Ltd by Realestate.com.au. API highlighted the distinction between real estate appraisals and certified property valuations, urging formal recognition to prevent consumer confusion.
  3. Strata Scheme Legislation Reforms (NSW) 
    API supported legislative reforms aimed at enhancing transparency in strata management. The API endorsed reforms that improve strata ownership as a valuable investment.
  4. Land Acquisition (Just Terms Compensation) Act Review (NSW) 
    API provided input on the NSW Department of Planning, Housing, and Infrastructure’s review of the Land Acquisition (Just Terms Compensation) Act 1991. Recommendations included refining the definition of a qualified valuer, supporting fair compensation practices, and advocating for mediation access and hardship support.
  5. Valuers Registration Regulation (QLD) 
    API reviewed the Draft Valuers Registration Regulation 2024, advocating for alignment with professional standards and reducing regulatory burdens. Key recommendations included focusing CPD activities on valuation-specific topics and the benefits of online CDP courses for regional and remote valuers.
  6. Real Property Regulations (SA) 
    API participated in the consultation process for the draft Real Property Regulations 2024, representing its members’ interests and expressing a desire for ongoing dialogue regarding legislative changes.
  7. VRBQ Board Appointments (QLD) 
    In June 2024, API raised concerns with the Minister for Resources and Critical Minerals regarding delays in the registration of valuers in Queensland. API urged the government to expedite the appointment of VRBQ members to prevent further disruption to the valuation profession.
  8. Land Valuers Registration (SA)
    API provided feedback on the draft Land Valuers Regulations 2024, emphasizing the importance of robust qualifications and professional standards. API recommended linking qualifications to certification by professional industry bodies and suggested amendments to ensure clarity.
  9. Housing Now – Riverina Murray (NSW) 
    API supported Business NSW’s publication “Housing Now – Riverina Murray,” collaborating with members to address housing issues in the region. API proposed further discussions to assist with the implementation of the publication’s proposals.
  10. GST in Property Sales Data (WA) 
    API engaged with the Real Estate Institute of Western Australia (REIWA) to address the lack of GST disclosure in property sales data. API in partnership with other key industry bodies proposed legislative amendments to mandate the disclosure of GST components to ensure accurate property valuations including the development of the required documentation, i.e. amended Contract of Sale.
  11. Real Property (Miscellaneous) Amendment Bill (SA)
    API reviewed the draft Real Property (Miscellaneous) Amendment Bill 2024, supporting the modernization of the Real Property Act 1886 and expressing interest in the broader review outcomes.
  12. Master Builders Standard Fixed Price Contract (TAS) 
    API provided feedback on the proposed update to the Master Builders Tasmania standard Fixed Price Residential Contract, highlighting potential risks for lenders and recommending a national approach to standard building contracts.
  13. Retail Leases Amendment Act (TAS) 
    API participated in the consultation process for amendments to Tasmania’s Retail Leases Act 2022, addressing issues such as the definition of lettable area, retail premises, and specialist retail valuers. API proposed amendments to ensure consistency and clarity in the legislation.

API’s advocacy efforts in 2024 reflect its commitment to supporting its members and enhancing the property sector through active engagement and collaboration with stakeholders and regulatory authorities.