Version 2.2.2 (effective from 4 October 2020)
The Residential Valuation Industry Group (RVI) has reviewed and updated Version 2.2.1 of the ABFI Residential Valuation Standing Instructions and subsequently released Version 2.2.2 which came into effect on 4 October 2020 with earlier adoption permitted and encouraged.
A copy of V2.2.2 is available in the resources below, as is a compare version showing changes made between V2.2.1 and V2.2.2.
The new version (ABFI RVSI V2.2.2) includes a number of changes throughout the document which align the document to the PropertyPRO Supporting Memorandum (PPSM) which is also effective as of 4 October 2020. The intention of the changes was to provide clarity and guidance to Instructing Parties and API Valuer Members.
Items of note include:
- Updating the ‘Suitable/In Scope’ and ‘Unsuitable/Out of Scope’ sections (pages 7 to 9)
- Changes to VRA 1 (page 18)
- Changes to VRA 4 (pages 21 & 22)
- Providing a minimum of two (2) photos for Progress Inspection reports (page 25)
- Updates to ‘Residential Property with Development Potential’ (page 36)
- Updates to ‘Progress Inspection Reports’ to cover the treatment of post contract variations (page 42)
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 V2.2.2
- ABFI Residential Valuation Standing Instructions V2.2.2 (compare version with V2.2.1)
Version 3 (effective from 6 December 2021)
The Residential Valuation Industry Group (RVI Group) has conducted a review of V2.2.2 of the ABFI Residential Valuation Standing Instructions (ABFI RVSI) and have released a revised version (V3) which will come 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 (compare with 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.
