The Real Estate Institute of Victoria (REIV) has renewed calls for professional qualifications to become mandatory in the owners corporation sector.
It comes after the passage of The Owners Corporations and Other Acts Amendment Bill 2019 through the Victorian Parliament on Thursday, 19 February.
The REIV acknowledged the role it played in providing input and comment in helping shape the legislation, and said it was “pleased to see some of the Owners Corporation Laws reviewed and updated”.
“However, there are still many areas to be addressed,” it continued.
According to the REIV, the new act does not address the need for appropriate training and qualification in owners corporation management, despite recent and extensive review of the estate agents education regulations.
In a previous submission by the REIV to the state government on the issue, it had noted that “owners corporations in this state currently manage property worth in excess of $300 billion, with annual transactions of more than $1 billion”.
Therefore, “the REIV considers it imperative that a licensing scheme is introduced for those operating in this sector”.
The professional body has argued that as apartment and other higher-density living becomes increasingly popular in cities, owners corporation management will continue to see significant growth.
“It is important that professional qualifications become mandatory in this sector,” it stated, before expressing that it would continue to work with the government “to provide feedback and help shape the future of this critical part of the real estate sector”.
ABOUT THE AUTHOR
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.