For most Australians their home and/or their investment properties are largely the whole sum of their wealth. Incorrect valuation advice has the potential to seriously impact the Australian
economy at a macro level, lead to protracted and unnecessary negotiations and impact informed decision making in respect of one’s property.
It is clear that the Property Market is undergoing a cyclical correction, impacted further by the fallout from the Royal Banking Commission recommendations and evidence presented during the course of the Commission and the tightening of credit and changing credit policy and process, particularly in off the plan contracts executed some time ago across several Australian centres.
The Australian Property Institute (API) is the leading membership association for just
over 8000 property professionals across Australia. The API considers the crucial role
of a robust objective valuation profession is to provide a higher level of independent
certainty for Australia’s property investors and residential home owners where contracted directly and for Australian financial institutions, where a valuation supports an application for credit.
All professional Valuers take this role very seriously. A Valuers’ highest priority is adherence to and compliance with strict professional standards, guidelines, methodologies, codes of conduct and practices, including the International Valuations Standards to ensure accurate, independent
and robust valuations or a myriad of asset classes, property being only one.
The API believes that the role of this arm of the property profession, is a critical component to the successful underwriting of the credit process within all Australian financial institutions and is core to the stability of the financial services industry. Valuations are used as a cornerstone balance sheet measure, not only in the assessment of personal wealth, but backing the successful issuance of residential mortgage backed securities for all major and secondary Australian financial institutions. These are essential to the ongoing liquidity and funding requirements associated with the sector.
The API provides continuing professional development for its members across a range of property specific areas, sets and maintains the highest standards of professional practice, education, ethics and conduct. Advocating on sector issues of importance is a key function of our Institute and we continue to work with the Professional Standards Councils of Australia on consumer protection schemes.
Amelia Hodge
Chief Executive Officer
Australian Property Institute Ltd
www.api.org.au
