Licensed Valuers & Property Valuation Consultants, Perth, Western Australia
Independent licensed valuers & Property valuation consultants
Established 1984 | Expert Valuation Advice | Licensed Valuers

Mandatory Code of Conduct for Commercial Leasing Principles during COVID-19

Thursday, April 9th, 2020

In response to the COVID-19 global pandemic The Federal Government has legislated the Mandatory Code of Conduct for Commercial Leasing Principles during COVID-19 (Code) which imposes a set of ‘good faith leasing principles’ to eligible businesses. The Code applies to all tenancies that are suffering financial stress or hardship as a result of the COVID-19 pandemic as defined by their eligibility for the Commonwealth Government’s ‘JobKeeper’ programme. The JobKeeper programme is a wage subsidy programme and is designed to cover the cost of employee’s wages to support employees and businesses significantly impacted by the Coronavirus. To be eligible, businesses have to prove ...

Read more

COVID-19 affecting the Perth residential property market

Tuesday, April 7th, 2020

Since mid-March of 2020, the Coronavirus (COVID-19) has had a major impact on the world economy and is now showing signs of affecting the Perth residential property market. The Australian reported on the 2 April 2020 that “A collapse in residential property sales numbers is inevitable but the extent of price falls may be dependent on government intervention, according to UBS analysts.” The UBS analysts also stated “We also revise our forecast for home prices to start falling, given the hit to demand from the looming sharp recession and spike in unemployment. The extent and duration of price falls is ...

Read more

Valuation Protocol – Non-Inspection of Properties due to COVID-19 Restrictions

Friday, April 3rd, 2020

API Valuatio Protocol COVID-19 Purpose of this protocol This protocol deals with valuations, undertaken by Australian Property Institute (API) members where, during a time of an API declared crisis and/or state of emergency, a full (physical or personal) inspection of the property cannot be undertaken. The protocol outlines guidelines that the Valuer may follow in order to correctly identify the property being valued and to collect property specific information for Non-Inspection of Properties due to COVID-19 Restrictions. For absolute understanding, for the time period prescribed by the API, the Valuer is required to undertake the most appropriate valuation inspection or research possible, taking ...

Read more

Valuation Protocol COVID-19 – Time of Crisis/State of Emergency impacting physical inspections of real property

Wednesday, April 1st, 2020

Australian Property Institute (API) State of Crisis/State of Emergency Declaration Effective 8am AEST Monday 30 March 2020, the API Board has declared a State of Crisis/State of Emergency in accordance with the API Valuation Protocol – Guidelines For API Declared Time Of Crisis and/or State Of Emergency Impacting Physical Inspections Of Real Property dated 29 March 2020. A copy of this Valuation Protocol is attached for consideration by all API members and stakeholders. We have also attached a copy of the ‘Australian Banking & Finance Industry (ABFI) “ADDENDUM Special Instructions Residential Valuations Standing Instructions – API Declared Crisis/State of Emergency”‘ This decision has ...

Read more

Leases, market reviews and rent relief – COVID-19

Friday, March 27th, 2020

The COVID-19 global pandemic is rapidly affecting the retail and commercial property markets providing uncertainty to both Landlords and Tenants, their business and rental income/payments and their leasing arrangements. COVID-19 is likely to result in leases, market reviews and rental relief to be negotiated between Landlords and Tenants. There is often a minefield of legal and contractual clauses in leases which take into account unforeseen circumstance or force majeure events or common law concepts of ‘Frustration’ which can sometimes release parties from certain obligations. This requires advice from a suitably qualified property lawyer. Often Landlords rely on rental payments to cover ...

Read more

The Property Market Update and COVID-19

Wednesday, March 18th, 2020

COVID-19 In mid-March of 2020, the Coronavirus (COVID-19) has had a major impact on the world economy. The Australian newspaper reported on 13 March 2020 that according to JP Morgan, “A global recession caused by coronavirus is now likely.” With the lock-down of numerous European countries, travel restrictions between the United States of America and Europe and self-isolation requirements in Australia for residents returning home from overseas, there are significant effects on the world economy. Major sporting events have been postponed or cancelled and some schools have already been temporarily closed. The government has imposed restrictions on mass gatherings of over ...

Read more