Victoria’s real estate industry is set for a facelift, with the state government announcing a comprehensive review of legislation covering estate agents, land sales, conveyancing and owners corporations.
Victorian Minister for Consumer Affairs Jane Garrett announced the review last week and said it was necessary step to reduce duplications and inconsistences in the current legislation.
Four pieces of legislation, Sale of Land Act 1962, Estate Agents Act 1980, Conveyancers Act 2006 and Owners Corporations Act 2006, are the subject of the review.
“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,” Garrett said
“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,” she said.
The review will be conducted by Victoria’s Consumer Affairs department 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 and 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 legislation could be improved and any amendments will be phased in over time to help industry with the transition.
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