Valuation problem progressing to a fix
The Institute has obtained the support of the Australian Property Institute (API) for valuations to better match the sale price of new property.
API is assisting the Institute to demystify the valuation process and the role of lenders in valuation outcomes. The API have also committed to provide education opportunities to members on valuation arrangements.
The Institute has also engaged with the Australian Banking Association on the issue.
The Institute has sought review of Australian Banking and Finance Industry Residential Valuation Standing Instructions version 2.2.1 (ABFI RVSI V2.2.1) that set out many of the guides for valuation.
The Institute has also sought:
- Availability of lender commissioned valuations to developers
- The ability to provide pre valuation information to valuers
- UDIA involvement in the API Australian Banking and Finance Industry committee
- Timely valuation revision/review/appeal procedures
- Education opportunities for the development industry and valuers to create better understanding of the process.
The Institute is progressing these matters with the API and appreciates their engagement.
Any views that you have on this can be provided to Policy Manager, Martin Zaltron via email or on (07) 3229 1589.Contact Martin