PropertyPRO

A full review of the API PropertyPRO Residential Valuation & Security Assessment Supporting Memorandum has been undertaken.

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.

Examples of the eleven (11) different output report templates and the one (1) progress report template that make up the suite of reports that are noted in the ‘new’ PropertyPRO Supporting Memorandum and will be in accordance with the requirements and guidelines under the new PropertyPRO Supporting Memorandum are available at the links at the base of this page. 

The guidelines for the use of the API and PropertyPRO logos in the PropertyPRO output reports are also available below, as is an excel file which contains the ‘PPSM fields’ and outlines all fields and their functionality in the industry standard user interface for each output report.

The API is working closely with the IT developers at ValEx/CoreLogic on the creation of an industry standard user interface and webservices functionality.  Further updates on these items will be made available as the development work is completed.

During the IT development work, the API identified a number of items in the PropertyPRO Supporting Memorandum that required updating to provide further clarity and consistency between the PPSM and the associated output reports.  The final review of the PPSM has now been completed and the final 'draft' version has been reviewed and approved by both the Residential Standards sub-Committee and the Australian Valuation Standards Committee.  It is due to be tabled at an upcoming API Board meeting, following which the final 'draft' version will be released.  It will be remain as a 'draft' version without an effective date as the effective date is reliant on the wider industry IT development work occurring.

A copy of the closed exposure draft version of the PPSM has been added to the list of Resources below.  Please note, some changes have been made to the content since the exposure draft period closed.  

The current PropertyPRO Residential Valuation and Security Assessment Supporting Memorandum remains in effect.

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.

Resources