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

The effective date for the ‘new’ PropertyPRO Supporting Memorandum, including full adoption of the report templates is Sunday 5 April 2020.  

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. 

The samples of the eleven (11) different output report templates and the one (1) progress report template that make up the suite of reports noted in the ‘new’ PropertyPRO Supporting Memorandum are due to be released by 5 February 2020, and once released will be hosted in the Resources below.  The API will notify all Members and industry stakeholders when the final versions are published.  

There are several excel files available in the Resources below, including ‘PPSM fields’ which contains all the fields and their functionality in the proposed industry standard user interface for each output report.  

The API and the IT developers at ValEx/CoreLogic have released two (2) industry standard webservices schemas to facilitate the transfer of report data for the Valuation Reports and the Progress Report.  The two (2) webservices schemas are available in the Resources below.  The PropertyPRO Valuations Report Schema has been recently updated following consultation between the API and the ValEx/CoreLogic Project Team and includes a small number of amendments and revisions. 

The API Residential Standards sub-Committee is in the process of finalising the PPSM document based on feedback received during the IT build process and internal review by the committee.  An interim 'draft' version of the PPSM is available in the list of Resources below.   A final version will be released as part of the suite of resources to be hosted on the API website. 

The current PropertyPRO Residential Valuation and Security Assessment Supporting Memorandum remains in effect until 5 April 2020. 

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