Government begins process to change real estate rules

The Victorian government has announced what it calls “a sweeping review of outdated laws” covering real estate agents and property.

The review will examine four pieces of property legislation: the Estate Agents Act 1980, Sale of Land Act 1962, Conveyancers Act 2006 and Owners Corporations Act 2006.

The Estate Agents Act has been in place for 35 years, while the Sale of Land Act has been in place for 52 years.

These acts “need a thorough review to ensure they meet the needs of the Victorian community”, according to the government.

Consumer Affairs Victoria will conduct the review, which will focus on the sale of land and real estate transactions in Victoria.

It will also cover licensed professionals who assist with the sale of land and real estate transactions.

The review will also examine the management, powers and functions of owners' corporations.

Consumer Affairs Minister Jane Garrett said 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,” she 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.”

Consumer Affairs Victoria will undertake extensive public consultation about how the acts could be improved, according to the government.

[LinkedIn: What can be done to improve the industry’s image?]

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