The Andrews Labor Government has implemented another election commitment, commencing a review of the Estate Agents (Exemption) Regulations 2014.
The regulations under review were introduced by the former Government and are due to begin operating in the new financial year.
They remove the requirement for real estate agents to be involved in large commercial property transactions.
At the time, concerns were raised by stakeholders – including the Real Estate Institute of Victoria – that these reforms would have a significant impact on consumers and small businesses.
The Labor Government will review the regulations to get the balance right between reducing red tape and protecting consumers.
The Minister for Consumer Affairs, Jane Garrett, has appointed ACIL ALLEN Consulting to undertake the prompt review.
The review has started working with key stakeholders. Any reforms arising from the review will be notified by early May.
Quotes attributable to Minister for Consumer Affairs, Jane Garrett
“The Andrews Labor Government will work with key stakeholders in the property industry to ensure that we have standards in place to best protect consumers.”
“Getting rid of red tape is important, but we need to make certain here that these changes are not coming at the expense of local businesses and consumers.”
Reviewed 19 August 2020