The Australian Property Institute is undertaking a review of its Residential Desktop Assessment Memorandum for first mortgage purposes (RDAM) to reflect a range of current market conditions, including property values, data set changes and capacity challenges.
The review, to be conducted by the API Residential Standards Committee (RSC), comes as existing residential property valuation constraints become increasingly problematic during the current property cycle, particularly for the inner-city Sydney and Melbourne markets.
The API has consulted the Residential Valuation Industry (RVI) Group to gather confidential feedback about the RDAM, including its existing threshold of $1.5 million.
“It is imperative we focus on the future of the profession and position it at pace to deliver the trust and confidence, backed by robust standards, expected by our clients and the consumer,” said Australian Property Institute Chief Executive Officer Amelia Hodge.
“The world has shifted, innovating and adapting at a pace never before seen in the digital economy, ESG and sustainability and climate change frameworks, and we must lead and navigate the evolution.”
Industry stakeholders have until an extended deadline of 17 December 2021 to provide feedback to the API.
The API is the leading industry association for property professionals. It represents over 7000 property professionals, including property valuers, developers, asset managers and other property professionals.