--- title: "API & IVSC Standards" url: https://australianproperty.network/apn-codex/series-30000/series-36000/series-36200/series-36210/ date: 2026-08-11 modified: 2026-09-06 lang: en author: "Nicklas Clark" description: "Technical Reference 36210  —  API & IVSC Standards Valuation Standards & Professional Frameworks (36200) 1 Overview Node 36210 addresses the substantive content of the professional valuation standards issued by the..." word_count: 918 --- # API & IVSC Standards Technical Reference ### 36210  —  API & IVSC Standards Valuation Standards & Professional Frameworks (36200) 1 #### Overview Node 36210 addresses the substantive content of the professional valuation standards issued by the Australian Property Institute (API) in conjunction with the International Valuation Standards Council (IVSC), and applied in Australia through the Australian and New Zealand Valuation and Property Standards (ANZVGPS and ANZVGN). These standards define the concepts of market value and other bases of value, the recognised valuation approaches, and the methodological discipline a valuer must apply irrespective of the purpose for which a valuation is prepared. The API/IVSC framework operates as the substantive core within the broader professional and regulatory architecture addressed in node 36200. Where node 36200 describes the overall structure of professional practice, registration, and reporting obligations, this node addresses what those standards actually require of a valuer in forming an opinion of value — the definitions, assumptions, and analytical approaches that must be applied consistently across engagements. This node is intended for valuers, financiers, auditors, and other users of valuation reports seeking to understand the definitional and methodological content of the standards underlying an Australian valuation opinion, distinct from the separate questions of who may prepare a valuation and how a report must be structured. 2 #### Scope & Boundaries This node addresses the substantive content of the API/IVSC and ANZVGPS/ANZVGN standards, including the definition of market value and other bases of value, and the recognised valuation approaches. It does not address the registration and licensing regimes governing who may practise as a valuer, addressed in node 36220, or the specific content and structural requirements of a valuation report, addressed in node 36230. It does not address the application of these standards to a particular property sector, addressed in the 36300 sub-series, nor the detailed mechanics of any individual valuation method, addressed in the 36100 sub-series. Scope Note This node describes the general content of the API/IVSC and ANZVGPS/ANZVGN standards as at the time of writing. These standards are subject to periodic revision by the issuing bodies, and the current version in force should be confirmed before a valuation opinion is relied upon. 3 #### Key Concepts Market Value The estimated amount for which a property should exchange between a willing buyer and a willing seller in an arm's length transaction, after proper marketing, wherein both parties act knowledgeably, prudently, and without compulsion, as defined under International Valuation Standards and adopted within the ANZVGPS/ANZVGN framework. Basis of Value The stated premise on which a valuation opinion is formed, of which market value is the most common example. Other recognised bases include fair value, insurable value, and value in use, each carrying distinct assumptions relevant to the purpose of the valuation. Valuation Approaches The three internationally recognised analytical approaches to forming a valuation opinion — the market (or sales comparison) approach, the income approach, and the cost approach — from which a valuer selects the approach or combination of approaches most appropriate to the property and purpose. ANZVGPS and ANZVGN Framework The Australian and New Zealand Valuation and Property Standards, comprising Practice Standards (ANZVGPS) and Guidance Notes (ANZVGN), jointly issued by the API and the Property Institute of New Zealand to incorporate International Valuation Standards into Australian and New Zealand practice with local application guidance. 4 #### Regulatory & Legal Framework - International Valuation Standards (IVS) International Valuation Standards Council Establish the global framework of definitions, bases of value, and valuation approaches adopted in Australian practice. - Australian and New Zealand Valuation and Property Standards (ANZVGPS/ANZVGN) Australian Property Institute & Property Institute of New Zealand Incorporate International Valuation Standards into Australian practice with local application guidance. - Corporations Act 2001 (Cth) Australian Securities and Investments Commission Requires an independent expert valuation, prepared to a recognised basis of value, in defined circumstances including related party transactions and takeovers. - APRA Prudential Standard APS 220 Australian Prudential Regulation Authority Sets requirements for the valuation evidence authorised deposit-taking institutions must obtain in support of property-secured lending. 5 #### Practical Application The API/IVSC framework applies consistently regardless of the purpose or instructing party of a given valuation assignment. | Scenario | Application | Outcome | | -------- | ----------- | ------- | | A valuer is instructed to value a property for mortgage security purposes | The valuer forms an opinion of market value applying the definition and approach selection required under ANZVGPS/ANZVGN | The report provides a basis of value consistent with the lender's security assessment requirements | | An independent expert is engaged in a related party transaction | The expert applies the market value definition and approach disclosure required under International Valuation Standards | The resulting opinion meets the evidentiary standard expected under the Corporations Act 2001 (Cth) | | A valuer values an income-producing asset with limited comparable sales evidence | The valuer applies the income approach as the primary methodology, consistent with ANZVGN guidance | The valuation opinion reflects the income-producing characteristics of the asset | 6 #### Cross-Series References [ 36200 Valuation Standards & Professional Frameworks Sub-series root covering the professional and regulatory architecture within which these standards sit. ](/apn-codex/series-30000/series-36000/series-36200/) [ 36220 Valuers Registration & Licensing Who may practise as a valuer, a separate question from the substantive standards addressed here. ](/apn-codex/series-30000/series-36000/series-36200/series-36220/) [ 36230 Valuation Reports & Documentation How these standards are made accountable and verifiable through the valuation report. ](/apn-codex/series-30000/series-36000/series-36200/series-36230/) [ 36100 Valuation Fundamentals The core methodologies to which the market value definition and valuation approaches are applied. ](/apn-codex/series-30000/series-36000/series-36100/) Findings are presented on the basis of data and evidence alone. Node Parameters Node ID36210 Series36000 Property Valuation (Technical) Sub-Series36200 Valuation Standards & Professional Frameworks RegisterTechnical Reference Standard JurisdictionAustralia (all states & territories) StatusPublished In This Sub-Series - [36210API & IVSC Standards](/apn-codex/series-30000/series-36000/series-36200/series-36210/) - [36220Valuers Registration & Licensing](/apn-codex/series-30000/series-36000/series-36200/series-36220/) - [36230Valuation Reports & Documentation](/apn-codex/series-30000/series-36000/series-36200/series-36230/) Related Analytical Nodes - [36200Valuation Standards & Professional Frameworks](/apn-codex/series-30000/series-36000/series-36200/) - [36100Valuation Fundamentals](/apn-codex/series-30000/series-36000/series-36100/)