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.
Two (2) Technical Information Papers published
The API Standards Steering Committee has approved the release of the following Technical Information Papers (TIPs). 1. Technical Information Paper (ANZVTIP13) – Valuations for Compensation and Compulsory Acquisition and Resource Pack released The API…
IVSC Agenda Consultation 2020
Following the publication of IVS (effective 31 January 2020), the IVSC Standards Review Board and the IVSC Technical Boards have decided to publish an Agenda Consultation Invitation to Comment paper to consult with stakeholders and other interested parties…
Member Advice - Valuations for HomeBuilder Scheme Application
This advice relates to requests from homeowner(s) for a valuation report that can be used as supporting evidence for an application for the HomeBuilder Scheme Grant. Valuer Members are reminded…
New World-Wide Fire Safety Standard Launched
The API is proud to announce the release of the International Fires Safety Standards: Common Principles (IFSS-CP) document by the International Fires Safety Standards Coalition (IFSSC) on 5 October 2020.…
ABFI Residential Valuation Standing Instructions Version 2.2.2 released
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…
Exposure Draft Valuation Guidance Paper
The API/PINZ Valuation Guidance Paper (VGP) - Considerations when forming an opinion of value when there is a shortage of market transactions has been released as an Exposure Draft. The purpose of this VGP is to impart advice…