The API has undertaken a full review of the API PropertyPRO Residential Valuation & Security Assessment Supporting Memorandum.

The API would like to thank the members of the Residential Standards sub-Committee for their work on this project over the past few years as well as those Members and industry stakeholders who provided feedback and input into the revised Supporting Memorandum and output reports. 

This review has resulted in a ‘new’ PropertyPRO Supporting Memorandum (PPSM), including a number of updates, changes and additions as well as eleven (11) Valuation Reports for different residential property types and a Progress Inspection report.

The samples of the eleven (11) different output report templates and the one (1) progress report template that make up the suite of reports noted in the ‘new’ PropertyPRO Supporting Memorandum have been temporarily removed from the Resources below.  The report templates will be reinstated once the final revisions and fine tuning of them has been completed. The API will notify all Members and industry stakeholders when the final versions are published. 

There are several excel files available in the Resources below, including ‘PPSM fields’ which contains all the fields and their functionality in the proposed industry standard user interface for each output report.

The API and the IT developers at ValEx/CoreLogic have released two (2) industry standard webservices schemas to facilitate the transfer of report data for the Valuation Reports and the Progress Report.  The two (2) webservices schemas are available in the Resources below.

The ValEx/CoreLogic IT developers are now close to finalising the industry standard user interface, which will be subject to API review and testing to ensure it complies with the API guidelines and Resources for the ‘new’ PropertyPRO Supporting Memorandum and suite of reports.

The final 'draft' version of the PPSM document has been updated with minor amendments identified during the IT build process.  An interim 'draft' version of the PPSM is available in the list of Resources below.   A final version will be published in coming months including an effective date of 1 March 2020.

The current PropertyPRO Residential Valuation and Security Assessment Supporting Memorandum remains in effect until 1 March 2020.

Please do not hesitate to contact us at standards@api.org.au if you have any queries regarding the ‘new’ PropertyPRO Supporting Memorandum or its implementation and release.

Resources