The Andrews Labor Government has successfully granted a concession to operate the land titles and registry functions of Land Use Victoria, delivering $2.86 billion that will be invested in new schools, hospitals and transport projects.
Victorian Land Registry Services (VLRS) will be responsible for part of the State’s land titles and registry functions for a term of 40 years, after which the functions will be returned to public hands.
VLRS is backed by the First State Superannuation Scheme, which is fully Australian-owned and one of Australia’s largest superannuation funds, with more than 800,000 members.
The State will retain full control over prices for statutory land registry services throughout the 40-year term, and price increases will be capped at CPI for non-statutory services provided by VLRS.
The State will also retain ownership of essential services, including the Subdivisions, Application & Survey, Valuer-General Victoria, Land Information and Spatial Services, Government Land Advice and Coordination, and the Victorian Government Land Monitor.
The Registrar of Titles will remain under State control, retaining an oversight role over the private operator.
The appointment of Victorian Land Registry Services follows a competitive market engagement process to ensure the transaction delivered value for money for Victorians.
The agreement reflects strong bidder interest in a highly competitive market.
First State Super has significant experience running land registries through their investment in the NSW Land and Property Information concession, which is Australia’s largest land registry business.
Quotes attributable to Treasurer Tim Pallas
“This is an outstanding result and another vote of confidence in the Victorian economy, one that will deliver a major boost to our already unprecedented investment in schools, hospitals, road and rail.”
“While others talk, we deliver – with more funding to invest in the infrastructure Victorians need, growing our economy and creating jobs.”