Version 4.1 (effective from 4 December 2023)
The Residential Valuation Industry Committee (RVI Committee) conducted a review of V4 of the ABFI Residential Valuation Standing Instructions (ABFI RVSI) and have released a revised version (V4.1) which is effective from 4 December 2023 with earlier adoption not permitted.
A copy of V4.1 is available in the resources below, as is a compare version showing changes made between V4 and V4.1.
The new version (ABFI RVSI V4.1) 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.
Section | Change |
2.4 Unsuitable/Out of Scope | New items added to align to existing sections of RVSI
x. Vacant land valuation requests where the vacant land is not re-saleable at the date of valuation or at settlement in the open market y. Vacant land for which a single dwelling is a ‘discretionary use’ z. Properties where a residential use is performance based |
6.3 Essential Repairs | Clarification on minimum risk rating and required commentary |
7 k Identifying Adverse Risk | |
Clarification of when non-residential income requires a VRA 1 with change to rural lifestyle or hobby farm example
Where ancillary improvements are currently generating or have an immediate capability to generate non-residential income |
Members are encouraged to review the entire document to ensure they are aware of all the changes that have been made to the ABFI RVSI.
Resources:
Residential Valuation Standing Instructions
Residential Valuation Standing Instructions 4.1 compare with Version 4
Key changes including examples for Valuers.
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.
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
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:
Title | Date Released |
Australian Banking and Finance Industry (ABFI) Residential Valuation Standing Instructions Version 4 | 26 March 2023 |
Australian Banking and Finance Industry (ABFI) Residential Valuation Standing Instructions Version 3 | 6 December 2021 |
Australian Banking and Finance Industry (ABFI) Residential Valuation Standing Instructions Version 2.2.2 | 4 October 2020 |
Australian Banking and Finance Industry (ABFI) Residential Valuation Standing Instructions Version 2.2.1 | 1 October 2019 |
Australian Banking and Finance Industry (ABFI) Residential Valuation Standing Instructions Version 2.2 | Withdrawn prior to release |
Australian Banking and Finance Industry (ABFI) Residential Valuation Standing Instructions Version 2.1 | 1 September 2018 |
Australian Banking and Finance Industry (ABFI) Residential Valuation Standing Instructions Version 2.0 | 2 October 2017 |
Australian Banking and Finance Industry (ABFI) Residential Valuation Standing Instructions 1.1.4 | October 2016 |
Australian Banking and Finance Industry (ABFI) Residential Valuation Standing Instructions 1.1.3 | September 2015 |
Australian Banking and Finance Industry (ABFI) Residential Valuation Standing Instructions 1.1.2 | June 2015 |
Australian Banking and Finance Industry (ABFI) Residential Valuation Standing Instructions 1.1.1 | August 2014 |
Australian Banking and Finance Industry (ABFI) Residential Valuation Standing Instructions 1.1 | July 2014 |
Australian Banking and Finance Industry (ABFI) Residential Valuation Standing Instructions 1.0 | October 2012 |
Please note that these versions of Residential Valuation Standing Instructions have been superseded and are no longer current.