Policy & Issues

The REIV identifies, formulates, encourages and promotes public policies that contribute to an economic and political environment favourable to the real estate industry and small business in general. This advocacy activity protects members' interests on a range of policy and regulatory issues. Members are represented through media comment and government lobbying on these property sector issues.
 

Federal Policy

The Real Estate Institute of Australia (REIA) represents members of the REIV and other state institutes on federal issues. REIA regularly makes submissions to government on a range of issues likely to impact real estate practice and the property market. It also responds to discussion papers released by government. Current issues of note include the campaign to retain negative gearing and reductions in stamp duty.

State Policy 

 

The Institute maintains a strong relationship with the State Govenrment at various levels, to proactively support members' interests. The REIV also delivers a range of submissions in response to government consultations that are undertaken periodically. This activity delivers value for members in a continually evolving legislative landscape.

 

Residential Tenancies Act (RTA) Review


The State Government announced a review of the Residential Tenancies Act in November 2014 as part of its Plan for Fairer, Safer Housing. At present, the REIV has provided a response to the following papers. 

Alternative Forms of Tenure: Parks, Rooming Houses & Other Shared Living Rental Arrangements

Regulation of Property Conditions in the Rental Market

Dispute Resolution

Rights and Responsibilities of Landlords and Tenants

Rents, Bonds and Other Charges

Security of Tenure Issues Paper

Laying the Groundwork Consultation Paper

 

First Homebuyer Initiatives

 

In March, the Victorian Government announced greater support for first homebuyers. These initiatives will come into effect on 1 July 2017 and include:

  • The removal of stamp duty for homes - both new and established - under $600,000 More
  • Scaled stamp duty reductions for homes - both new and established - between $600,000 -$750,000
  • Doubling of the First Home Owner Grant in regional Victoria, from $10,000 to $20,000, on all new homes under $750,000 More
  • Changes to off-the-plan stamp duty concessions More

The Government also announced a vacant residential property tax on vacant homes in Melbourne's inner and middle suburbs. The vacant residential property tax comes into effect 1 January 2018.

 

Price Quoting / Underquoting


The REIV has been working alongside the Andrews Government in relation to upcoming changes to price quoting legislation in Victoria.

Effective 1 May 2017, the Estate Agents Amendment (Underquoting) Bill 2016 will prescribe how agents quote and market residential property being sold at auction or by private sale. Agents are encouraged to attend a nunber of free member information sessions being held across the state in the coming weeks.

For more information, or to register for these events, click here

 

Consumer Property Law Review


The Consumer Property Law Review, announced in August 2015, is a comprehensive review of four key pieces of property legislation. The review covers the Estate Agents Act 1980, Sale of Land Act 1962, Owners Corporation Act 2006 and Conveyancers Act 2006.The REIV has provided the State Government with responses to the following papers. 

Estate Agents & Conveyancers Options Paper

Sale of Lane & Business Options Paper

Options for reform of the Owners Corporations Act 2006

Sale of Land and Business

Conduct and Institutional Arrangements

Owners Corporations
 

Commercial Licensing


The REIV has lobbied government extensively throughout 2014-15, following an announcement that licensing for large commercial transactions would be removed.

The newly-elected Andrews Government announced in May 2015 that this proposed regulatory change would be overturned and licensing retained, representing a strong outcome for REIV members.

Download this document
 

State Budget 2016


The REIV has provided a pre-Budget submission to the State Government focusing on a range of support measures for first home buyers and other market incentives. 

Download this document

 

Victorian Law Reform Commission (VLRC) report


The REIV provided extensive input to a VLRC consultative process in late 2014, which had the potential to impact heavily on property managers and sales agents. The consultation, Photographing Tenants’ Possessions, focused on the ability of estate agents to take photographs to sell or lease a rental property.

The VLRC report has been handed down and appears to take a “middle ground” approach to the issue. The report – while still to be  responded to by Government - represents a positive outcome for REIV members.

Download this document
 

Section 55


Consumer Affairs Victoria (CAV) is currently considering the currency and relevancy of Section 55 of the Estate Agents Act 1980. This section of the Act prohibits the payment of commission for agent sales to related parties in Victoria. 

The REIV has provided a submission to CAV on this issue, stating that an alignment with two other key states (NSW and Queensland) is needed. In these states, the payment of commission is allowed for related party transactions, under certain conditions.

Download this document
 

Previous submissions


Licensing Rooming House Operators
Aligning Paper and Electronic Conveyancing