Have Your Say On Victoria’s Property Laws
Victorians are urged to have their say on the state’s real estate industry, with a public consultation paper launching today to ensure current consumer laws are best supporting fair and easy access to the housing market.
The consultation paper is the first step in the Victorian Government’s review of the property market laws, including those related to underquoting, off-the-plan sales, and estate agent conduct.
There will be a range of opportunities for Victorians to have their say, including through online submissions and forums, giving everyone the opportunity to share their own experiences and perspectives.
Stakeholders will also have a number of ways to contribute, including through targeted workshops, interviews and small group consultations.
In recent years, the property market has changed considerably.
Home buyers are finding it increasingly difficult to enter the market with significant demand and rapid rises in property prices providing more barriers than ever before.
This review will focus on issues such as underquoting and the upfront costs for buyers to enter the market.
It will also look at the underquoting reforms introduced in 2016 and the current market conditions and if there is further work needed to strengthen these laws.
Further, the review seeks to ensure the education requirements for professionals involved in the real estate sector are appropriate, so they have the expertise and skills necessary to maintain ongoing good practice within the industry.
It is important that both buyers and vendors experience fairness in property pricing and the services they receive.
The review will be conducted by an expert panel, consisting of Enzo Raimondo and Carolyn Bond AO, supported by regulation and reform expert Claire Noone and the Nous consultancy.
Mr Raimondo has more than 20 years’ experience in the property field, including 16 years as the CEO of the Real Estate Institute of Victoria. Ms Bond has more than 30 years’ experience as a consumer advocate, including more than six years as the co-CEO of the Consumer Action Law Centre.