The Andrews Labor Government has announced a sweeping review of outdated laws covering estate agents, land sales, conveyancing and owners corporations.
Minister for Consumer Affairs Jane Garrett told the CHU Strata Community Australia (Vic) Symposium in Melbourne the legislation had needs to be modernised to reduce duplication and inconsistencies.
The comprehensive review will examine four key pieces of property legislation including the Sale of Land Act 1962, Estate Agents Act 1980, Conveyancers Act 2006 and Owners Corporations Act 2006.
The Sale of Land Act and the Estate Agents Act have been in place for 52 years and 35 years respectively, and need a thorough review to ensure they meet the needs of the Victorian community. The Conveyancers Act and Owners Corporations Act are close to a decade old.
The review will be conducted by Consumer Affairs Victoria and will focus on three broad areas:
- the sale of land and real estate transactions in Victoria
- the management, powers and functions of owners corporations
- licensed professionals who assist with the sale of land and real estate transactions, and professional owners corporations managers.
Consumer Affairs Victoria will undertake extensive public consultation about how the acts could be improved.
This work will be used to develop issues papers for broad public consultation, ahead of a public options paper on potential regulatory changes.
Submissions on the issues papers and options paper will then inform the Government in determining the final proposals. It is expected that any legislative amendments will be phased in over time to help industry with the transition.
Quotes attributable to Minister for Consumer Affairs, Gaming & Liquor Regulation Jane Garrett
“This review is long overdue. Each of these acts affect the way people buy and sell property, and that has changed significantly over the past 50 years.”
“Bringing these acts together, under the banner of a single review, means the Government can comprehensively consider areas of tension between the Acts and any inconsistency and duplication.”