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LEGAL precedents that have accreditation of Australian standards need to be implemented to ensure the best environment and outcomes for property and business owners, according to David Leggatt.
Leggatt, a member of the Australian Advisory Standards Council at the Australian Property Institute and partner of law firm DLA Piper, was speaking at the API’s National Property Conference on the Gold Coast.
Leggatt said the API had worked extremely well with industry to come up with standing instructions, taking in mortgage valuation for both residential and commercial purposes, as well and as operating a working committee to deal with development sites.
“If that downside risk is capped, then the valuation profession will be allowed to encourage innovation and creativity and really meet the needs of their clients without worrying about the downside risk,” Leggatt said.
Read and watch more special coverage of the Australian Property Institute’s 2016 National Conference:
- Focus on fundamentals not financial wizardry
- Future of real estate offers challenges and opportunities
- Residential oversupplied but no property bubble
- Recent changes to API a positive move
- Valuation industry encouraged to cap downside risk
- Disruption in property industry here to stay
- DoD land contamination to test property prices
- Value uplift drives repurposing of industrial land
Australian Property Journal
