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Australian Banking & Finance Industry Residential Valuation Standing Instructions

Contents PROPERTYPRO GENERAL MATTERS ...................................................................................................... 3

In Scope .................................................................................................................................................... 3

Out of Scope .............................................................................................................................................. 3

Valuer’s Qualifications ............................................................................................................................... 4

Limitations and Exclusions ........................................................................................................................ 5

Report Format & Guidelines ...................................................................................................................... 5

Administration ............................................................................................................................................ 5

Valuation Date and Signatories ................................................................................................................. 5

Professional Expectations ......................................................................................................................... 5

Valuation Assessments ................................................................................................................................. 6

Market Value ............................................................................................................................................. 6

Definition of Market Value ......................................................................................................................... 6

Replacement Insurance ............................................................................................................................. 6

Rental Value .............................................................................................................................................. 6

Estimated Selling Period ........................................................................................................................... 6

Sales Evidence ............................................................................................................................................. 7

Providing sales evidence ........................................................................................................................... 7

Utilising “Agents Advice”/Non Settled Sales.............................................................................................. 7

Non Arm’s Length Sale Transactions ........................................................................................................ 7

Land, Title & Zoning ...................................................................................................................................... 7

Providing title details .................................................................................................................................. 7

Zoning & Use ............................................................................................................................................. 8

Services and Access ................................................................................................................................. 8

Improvements ............................................................................................................................................... 8

General ...................................................................................................................................................... 8

Home Units ................................................................................................................................................ 9

Essential Repairs ....................................................................................................................................... 9

Identifying Adverse Risks .......................................................................................................................... 9

Recommending Documents to Sight ....................................................................................................... 10

Conditional Reports ................................................................................................................................. 13

Providing Additional Comments .............................................................................................................. 13

Issuing Amended Reports ....................................................................................................................... 13

Photographs of Existing Property ............................................................................................................ 13

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Australian Banking & Finance Industry Residential Valuation Standing Instructions

PROPERTYPRO CONSTRUCTION – “AS IF COMPLETE” VALUATIONS (Excluding “Owner Builders”) .................................................................................................................................................................... 14

Construction Documents ......................................................................................................................... 14

Noting Construction Documents .............................................................................................................. 14

Check Costs and Drawdown Schedules ................................................................................................. 14

Additional Quotes (out of contract items) ................................................................................................ 15

Building Contracts (including Additional Quotes) that result in an incomplete dwelling .......................... 15

PROPERTYPRO CONSTRUCTION – “AS IF COMPLETE” VALUATIONS - “Owner Builders” ................ 16

Construction Documents ......................................................................................................................... 16

Photographs ............................................................................................................................................ 16

PROGRESS INSPECTION REPORTS ...................................................................................................... 17

Issuing the First Progress Inspection Report .......................................................................................... 17

Issuing Final Progress Payment Inspection Reports .............................................................................. 17

Photographs ............................................................................................................................................ 17

OTHER PROPERTY TYPES ...................................................................................................................... 18

Two Dwellings on one title ....................................................................................................................... 18

Development Sites .................................................................................................................................. 18

Residential Properties Subject to Non Standard Leases ........................................................................ 19

“Off the Plan” ........................................................................................................................................... 19

Purpose Built Student Accommodation & Serviced Apartments ............................................................. 19

RESTRICTED VALUATIONS ..................................................................................................................... 21

In Scope .................................................................................................................................................. 21

Out of Scope ............................................................................................................................................ 21

VALUATION RISK ALERT (If Applicable) ................................................................................................... 22

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Australian Banking & Finance Industry Residential Valuation Standing Instructions

PROPERTYPRO GENERAL MATTERS

These Valuation Standing Instructions provide operational clarity and are subject to the API PropertyPRO Supporting Memorandum. In the event of any inconsistency, the provisions of the API PropertyPRO Supporting Memorandum shall prevail.

In Scope A single house or dwelling, A single home unit, villa or townhouse, A vacant allotment on which the construction of a single residential dwelling is permissible, Dual occupancy properties in which both dwellings are held on one certificate of title, A serviced apartment where permanent occupation is a permissible alternate use, As If Complete or To Be Erected residential dwellings, A non-income producing rural residential property where a single residential use is permissible

(including hobby farms).

Out of Scope A property for which a residential use is not permissible, Retirement villages, hostels and aged care units, Boarding houses, A serviced apartment for which permanent occupation is not a permissible alternate use Bed and breakfast, Properties with three or more dwellings on one title (e.g. houses, flats, units and villas), Rural properties which are income-producing, Rural properties which are not suitable for residential use, Agricultural water licences that may be sold independently from a rural property, Any commercial property including office, retail or industrial, Mixed use properties (e.g. shop and residence - note: this does not refer to residential properties

in a mixed use zoning), Properties that do not have legal street access (e.g. a "land locked" property). Development sites (refer pg.18) Properties subject to moiety title (SA), purple title (WA), stratum titles, limited title or life tenancy,

and (Residential flat building subject to tenants in common, excluding single home units).

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P

V

Il

A

T

T

ACl

PM

AA

AA

FA

LF

MR

FR

Ta

*

Page 4

Australian Ba

V e r s

Valuer’s Qual

n States where ricensed in that S

All Valuers must b

Table 1 (shown b

Table 1: API & R

API/RICS lassification

RP

MAPI Yes

API NA

API NA

API NA

FAPI NA

RICS NA

RICS NA

The instructing paabove, all other A

*Subject to API S

anking & Finance

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lifications

registration or licetate or Territory.

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RICs Classificatio

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A Yes N

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A Yes N

NA N

NA N

arty will only acceAPI classifications

Supervision Guide

Industry Residen

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the Australian Pro

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unter ature CPV uired

Valuationsup to $1m

es Yes

No Yes

es Yes

No Yes

No Yes

No Yes

No Yes

ept residential pros are excluded.

elines as containe

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& RICS classific

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Valuations exceeding

$1mil

No*

Yes

Yes*

Yes

Yes

Yes

Yes

operty valuations

ed in 1.6.1& 1.6.4

anding Instruction

b e r 2 0 1 2

party will only ac

API).

cations, counter s

Construction Valuations up

to $1mil e

Yes

Yes

Yes

Yes

Yes

Yes

Yes

by a Valuer who

4 of the PropertyP

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Construction Valuations

exceeding $1mil

No*

Yes

Yes*

Yes

Yes

Yes

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holds the API ap

PRO Supporting M

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property valuatio

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Restricted “Kerbside” Valuations

F

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Yes

Yes

Yes

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pproved classifica

Memorandum.

Page 4

ons by a Valuer r

articular valuation

Progress Inspections

For tenders up to $1mil

Yes

Yes

Yes

Yes

Yes

Yes

Yes

ations as stated in

registered or

n types.

Progress Inspections

For tenders exceeding

$1mil

No*

Yes

No*

Yes

Yes

Yes

Yes

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V e r s

Page 5

Aust

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Page 5

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V e r s

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Page 6

ollars”, tax

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the current

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Section 8

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V e r s

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Sales E

Provid

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Page 7

he subject

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Zoning

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ts you believe

for use as a s

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her road acce

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d locked), theinstructing p

d externally in

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separately. re apparent. eve may not

g Instruction

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ears to be a pis not being

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single reside

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have all weation 8 (Additi

e property isparty.

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ents, you shoe restricted

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permitted useg used for its

y or indirectly

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ted to the pro

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Page 8

should:

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to be “out

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V e r s

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Home Y

S D I

Essent

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in the comple level and as

development

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made with rebility.

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of the followin

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proval, for properties

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ation Standin

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g Instruction

the developm

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t estimate; y

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repairs, incl

you should re

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Page 9

as is” basis.

luding cost

ecommend

appropriate

reservation

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E E

Specificatransmis

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Page 10

igh voltage

y indicating s) and how d for within

may impact

ommended

ot have an

tive impact

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Table 2:

DocumTyp

Flood Certifica

Pest BuildingCertifica

ContracSale

Lease Agreem

Final OccupaCertifica(or equival

Certificaof Title

DepositPlan

Mine SubsideCertifica

lian Banking

General vs

ment pe

ate

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and g ate

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ct of The purchparahas n

ments The stand

ation ate

ent)

The dwel

ate The subd

ted The subdclear

ence ate

Whemine

& Finance In

. Critical Eff

Ge

property is i; however,hbouring pro

subject is Nd damaged. property is uBuilding repo

purchaser as property is i

h and is sever, there

mite activity p

property is hase price meters; hownot been pro

property apdard residen

property islling.

property division.

property division and rly identified

n a propertye subsidence

ndustry Resid

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fects on a Pr

eneral Effect

in a known f this is

operties.

NOT known t

under contraort should ba matter of cin an area ssusceptible is no visual

past or prese

under contis within

wever, a Conovided.

pears to be tial terms.

s a recentl

is located

is located the allotme

.

y is located inarea.

dential Valua

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roperty

flood affectecommon t

to have bee

act and a Pee obtained bcourse. urrounded bto termiteindication o

nt.

tract and thn reasonabntract of Sa

leased unde

ly complete

in a ne

in a neent has bee

n a designate

ation Standin

1 2

ed to

en

The floopropertyneighbo There isdamage

st by

by s; of

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he le le

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ed The prohowevermay not

w The proreportedhoweverto be the

w en

The Valuaccess table toavailable

ed When a mine suimproveappropr

g Instruction

Critica

od affectatioy and does uring proper

s evidence td in recent ti

evidence of sible evid/structural iss

uer suspectsntives include

uer suspects ngth. perty is subj

agreemenent - letting

NRAS, etc).

perty has rer, the Valuet have been C

perty is a dud to be heldr the Valuere case. uer suspect tto the propeo ascertain e informationproperty is lbsidence are

ements haiate Council

s

al Effect

on is specifnot commo

rties.

he propertyimes by flood

f termite actience of sues.

s there may ed within the

the sale may

ject to a nont (e.g. mag pool, DH

ecently been er suspects Council appro

ual occupanc under indiv

r does not b

there is no dierty and has

this througn. located in a dea and you save not approvals.

Page 11

fic to this only affect

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ivity. There building

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HA, display

extended, the works oved.

cy which is vidual title; believe this

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designated suspect the

received

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Page 17

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Page 18

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Page 19

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ding subject tome-producinproperty

residential pu

complete thprepared. Whecommendat

dential Valua

o b e r 2 0

must be cned in Sectio

d:

n and amenion and presepertyPRO supof the front of rty being valu

e, truction of a

ntial property

onging to on

s and alteratmanently fixed

is not permis

d care units

nagement ag

seback agree

gs (houses, f), purple titleto tenants in ng

urposes

he Restrictedhere such a tion.

ation Standin

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completed inon 16.3 of the

ty entation pporting memthe property

ued.

single residewhere a sing

ne of these t

tions to existid to the site ssible under

greement or p

ement

flats, units ane (WA), stratucommon, ex

d Valuation,recommenda

g Instruction

n accordance ANZVPS a

morandum my as at the da

ential dwellinggle residentia

types, refer

ing dwellings

the current p

planning con

nd villas) oveum titles, lim

xcluding singl

, you shoulation is made

s

ce with the nd as amend

methodology) ate of assess

g is permissial use is perm

the instruct

s) incomplete

planning cont

trol that restr

r one title mited title or l

le home units

ld recommee, you should

Page 21

Restricted ded.

ment.

ble, missible.

tion to the

e dwellings

trols

ricts its use

ife tenancy s)

end that a d also note

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VALUA

The purpsection sfollowing

1. Doe

You shoonerous

For exam

Abs

Abc

Acbr

A A

( A

A

Example

Ar

R B T S T S D I

lian Banking

ATION RI

pose of the Vsets out the g predefined

es the subje

ould trigger thin nature.

mple:

A rural residbed and brestrictly resideA three bedbedrooms anconfigurationAn inner citychiropractor be triggered residential. A Company TA residential(ACT). A rural resideA risk alert sh

es of non-res

All commercresidence). Retirement vBoarding houThree or morStudent accoTransportablServiced apaDevelopmenIncome prod

& Finance In

ISK ALER

Valuation Riskrequirement

risk alert que

ect property

his VRA if an

dential propeakfast. A ris

ential. droom townhnd leased onn has been aly terrace beand has conas the curre

Title unit. l property he

ential properthould be trigg

idential prop

cial, industria

villages, ageduses, hostelsre dwellings oommodation.e/mobile hom

artments. t sites. ucing rural p

ndustry Resid

O c t

RT (If App

k Alert (VRAts for triggerestions and a

comprise a

n aspect of t

rty configuresk alert shou

house locaten a per roomltered and using owner o

nverted part oent use and c

eld under le

ty with a dwegered as the

erty types inc

al and retail

d care units as, short stay aon one title. me.

roperties and

dential Valua

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plicable)

) is to identifyring a VRA. a yes respons

higher risk

the property

ed and constld be trigger

ed near a um basis to stse of the propoccupied as of the terraceconfiguration

asehold tenu

elling, howeve use of the p

clude:

l properties

and over 55’saccommodat

d rural land n

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y predefined You shouldse requires fu

or a non-res

is something

tructed as a red as the cu

niversity whtudents. A risperty is somea primary re

e for use as tn of the prope

ure, outside

ver, is also utproperty is no

including m

s. tion.

not suitable fo

g Instruction

risks associad trigger a Vurther comm

sidential pro

g other than

dwelling, hourrent use is

ich has beesk alert shouething other tesidence, hotreatment rooerty is some

of the Aust

tilised as a not strictly resid

mixed use pr

or residential

s

ated with proVRA in respoment:

operty type?

strictly resid

owever, is uts something

en reconfiguruld be triggethan strictly r

owever, the ooms. A risk athing other t

tralian Capita

ursery and hdential.

roperties (e.

l use.

Page 22

operty. This onse to the

?

dential or is

tilised as a other than

red to five ered as the residential. owner is a alert should than strictly

al Territory

hobby farm.

g. shop &

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2. Aremor

You sho

For exam

A A A A H

3. Areess

You sho

Pc

I I

d

Not

4. Is t

You shoissues.

Heritage

The propadverse

If the promarketab

lian Banking

e there any are than 6 mo

uld trigger th

mple:

A property siA property wA property wAdverse marHigh value p

e the existinsential repair

uld trigger th

PropertyPROcommenced.If a building iIf a building damage).

te DOCova

DO

he subject p

uld trigger thFor Example

e

perty is Heritimpact on m

operty is Herbility or use,

& Finance In

adverse maonths?

is VRA if the

tuated in a mwith an awkwawhich is not syrketability issrestige prope

ng improvemrs?

is VRA if:

O Constructio. s partially cohas sustaine

O NOT triomplete” vacant land).

O NOT trigg

property crit

his VRA if thee:

tage listed omarketability a

ritage listed othen this VR

ndustry Resid

O c t

arketability i

e assessed va

market whereard floor planympathetic toues such as erty where no

ments on th

on – “As If

onstructed or ed significan

igger a Vluations wh

ger a VRA f

tically affect

e property is

or is in a Herand/or imped

or is in a HerRA should NO

dential Valua

o b e r 2 0

ssues that w

alue reflects

e demand is ln or unusual do the area or proximity to

ormal market

e property i

Complete” v

is undergoinnt damage a

VRA for Phere constru

for “off the

ted by any H

critically affe

ritage overlaydes the use o

ritage overlayOT be applied

ation Standin

1 2

would requ

a selling per

ow. design that m

r may be an opower lines, t conditions r

incomplete,

valuations on

ng renovationnd requires

ropertyPROuction has n

e plan” valu

Heritage, loc

ected by any

y area and tof the propert

y area, howed.

g Instruction

ire an exten

riod greater th

may limit its aover/under camain roads

require an ex

under cons

nly where co

n and there arectification

O Construnot yet comm

uations (e.g

cation or env

heritage, loc

this affect is y.

ever, this doe

s

nded selling

han 6 month

appeal. apitalised. etc.

xtended sellin

struction or

onstruction h

are outstandinwork (e.g. fl

uction - “Amenced (e.g

g. new units)

vironmental

cation or env

considered t

es not advers

Page 23

g period of

s.

ng period.

r requiring

as already

ng works. lood or fire

As if g. still

).

issues?

vironmental

to have an

sely impact

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Location

The propto signific

Example R M F H O C C W M

If the prothe affecapplied.

Environm

The propreduce it

Example

F L B C C P E E

You shogenerally

For instavalue an

In contrapenalty itrigger fo

In situati

lian Banking

n

perty has advcantly reduce

es of adverse

Railway Main road acFlight paths High voltage Onerous surrCemeteries Correctional Waste manaMobile phone

operty is affect is not con

mental

perty is adverts appeal to t

es of environm

Flooding Landslip Bushfire Cyclone ContaminatioPest infestatiElectrical Etc.

ould only appy accepted b

ance, a floodnd/or saleabil

ast, a flood ain value and/or this VRA.

ons where yo

& Finance In

verse locatione its appeal t

e location fea

cquisition

transmissionrounding dev

centres gement cente towers

ected by thessidered to s

rsely impactethe market.

mental issue

on ion

ply this VRAby the market

d affect that ity does not c

affect that is s/or demand

ou have trigg

ndustry Resid

O c t

n features whto the market

atures may be

n lines or elevelopment

tres

se attributes, ignificantly re

ed by an env

s may be an

A if the affect.

applies to mconstitute a s

specific to thby the marke

gered a VRA

dential Valua

o b e r 2 0

hich due to tht.

e any of the f

ectrical easem

however, theduce its ap

vironmental is

y of the follow

ct is specific

many other pspecific risk.

e property (oet constitutes

you need to

ation Standin

1 2

heir exposur

following:

ments

is is reflectedppeal to mar

ssue and this

wing:

to the prope

properties in

or a select grs a specific r

provide spe

g Instruction

e or close pr

d in the asseket; then this

s is considere

erty and the

the area an

roup of properisk and is th

cific commen

s

roximity, are c

essed markets VRA shou

ed to significa

risk is not o

nd does not

erties) that wherefore an a

nts.

Page 24

considered

t value and ld NOT be

antly

one that is

impede on

will reflect a appropriate

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