API State of Emergency Declaration
We have been monitoring the changing environment and reviewing when the State of Emergency can be declared over. Due to current economic uncertainty and the rising unemployment rate in Australia, the API declared State of Emergency needs to remain in place until further notice.
Updated Valuation Protocol – Significant Valuation Uncertainty
In light of the following:
- some restrictions easing in certain States and Territories;
- being three months on from the start of COVID-19;
- hearing anecdotal evidence that not all markets and asset classes are similarly affected by COVID-19; and
- the International Valuation Standards Council releasing a paper dealing with market uncertainty on 31 March 2020.
We have reviewed and refined the existing version of the Significant Valuation Uncertainty Protocol which applies to Valuer Members when undertaking valuations.
To view or download a copy of the updated valuation protocol, click here.
What are the key clarifications?
- the sample disclosure statement is only to be included where there is significant and not normal market uncertainty,
- it is up to the valuer to make a decision as to whether there is significant market uncertainty leading to significant valuation uncertainty,
- if the valuer deems there is significant valuation uncertainty, they must include a disclosure statement, in the valuation report,
- the same valuation process is to be undertaken for all valuations regardless of whether they are during COVID-19 or not; and
- the standard of investigation, assessments and reporting by members is the same during COVID-19.
If a Valuer Member deems in their professional opinion to not include a disclosure statement, they must confirm with their professional indemnity insurance policy, including any COVID-19 policy endorsements to ensure it permits exclusion.
To view or download a copy of the updated protocol, click here.
Lifting COVID-19 API State of Emergency Valuation Protocols
The API Board has resolved to lift the State of Emergency Valuation Protocols after consultation with industry stakeholders. The market usage of the API Valuation Protocol, dated 29 March 2020,…
COVID-19 FAQs for New South Wales
Recently, three more LGAs in Sydney have been added to the Authorised Workers Order list. In order for our Members to stay up-to-date with restrictions, we have collated a list…
Lockdown measures in Queensland
A 3-day lockdown has been announced from 6pm Tuesday 29 June 2021 for a number of Local Government Areas (LGAs). Full details and a list of affected LGAs can be found…
Greater Darwin Lockdown
As you will know, Greater Darwin is currently in lockdown for 48 hours. Whilst we hope that the short nature of the lockdown is of minimal impact to your business,…
The Victorian Government has announced a seven (7) day lockdown from 11:59PM Thursday 27 May to 11:59PM Thursday 3rd June. Details of the lockdown can be found here. The Victorian Government…
Greater Brisbane Lockdown
The Queensland Government has announced that Greater Brisbane (Brisbane, Ipswich, Logan, Redland and Moreton Bay council areas) will go into lockdown for three days – from 5pm tonight, Monday 29 March, until 5pm Thursday 1 April.…