Version 4 (effective from 26 March 2023)
The Residential Valuation Industry Committee (RVI Committee) conducted a review of V3 of the ABFI Residential Valuation Standing Instructions (ABFI RVSI) and have released a revised version (V4) which is effective from 26 March 2023 with earlier adoption not permitted.
A copy of V4 is available in the resources below, as is a compare version showing changes made between V3 and V4.
The new version (ABFI RVSI V4) includes a number of changes throughout the document to provide clarity and guidance to instructing parties and API Valuer Members in regard to certain scenarios.
Items of note include:
- Minor grammar and formatting updated throughout
- Section 2.4 (w) – new ‘Unsuitable/Out of Scope’ request
- Section 3.3 – update to the definition of ‘Highest & Best Use’ to align with the PPSM
- Section 3.10.3 –guidance relating to what to do “where vacant land is not resaleable…”
- Section 8.1 – updates to examples relating to VRA 1
- Section 8.4 – updates to VRA 4
- Section 9.4 – additional guidance on ‘Issuing Amended Reports’
- Section 9.5 – update to the requirements relating to the use of photos taken or sourced from others
- Section 10 – updates to the section relating to the valuation of vacant land
- Section 11.4 – updates to requirements for ‘construction valuations’
- Section 11.8 – updates to the ‘split contracts for multiple dwelling residential developments’
- Section 12.8 – further guidance relating to ‘relocatable and (off site) manufactured homes’
Members are encouraged to review the entire document to ensure they are aware of all changes that have been made to the Standing Instructions.
Resources
ABFI Residential Valuation Standing Instructions V4
ABFI Residential Valuation Standing Instructions V4 (compare version with V3)
Version 3 (effective from 6 December 2021)
The Residential Valuation Industry Group (RVI Group) conducted a review of V2.2.2 of the ABFI Residential Valuation Standing Instructions (ABFI RVSI) and have released a revised version (V3) which came into effect on 6 December 2021 with earlier adoption not permitted.
A copy of V3 is available in the resources below, as is a compare version showing changes made between V2.2.2 and V3.
The new version (ABFI RVSI V3) includes a number of changes throughout the document to provide clarity and guidance to instructing parties and API Valuer Members in regard to certain scenarios.
Items of note include:
- Relocate the ‘Report Format & Guidelines’ section to the ‘Professional Expectations’ section.
- Update to ‘Unsuitable/Out of Scope’ section to include Specialist Disability Accommodation.
- Addition of new section outlining ‘Exclusive Use Rights’.
- Addition of new section detailing what to do in relation to restrictions on Title or within a contract of sale or transfer for all property types.
- Updating the ‘Sales Evidence’ section.
- Updates to VRA 1.
- Removal of section outlining specific requirements when valuing vacant residential land.
Members are encouraged to review the entire document to ensure they are aware of all changes that have been made to the Standing Instructions.
Resources
ABFI Residential Valuation Standing Instructions V3
ABFI Residential Valuation Standing Instructions V3 (compared to V2.2.2)
Previous Versions of the ABFI Residential Valuation Standing Instructions
The Residential Valuation Standing Instructions were originally developed in 2012 to provide operational clarity for the valuation community and were a significant step forward in providing further guidance, clarity and consistency in the requirements of the lending institutions.
The list below gives access to previous editions of the Residential Valuation Standing Instructions:
Please note that these Residential Valuation Standing Instructions have been superseded and are no longer current.
