Just before the spring selling season begins, the Victorian government has announced a review of the state's property laws including those covering prices and conduct of real estate agents.
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.
The Victorian government says these laws “need a thorough review to ensure they meet the needs of the Victorian community." The review will be conducted by Consumer Affairs Victoria, who will undertake extensive public consultation about how the acts could be improved, according to the government.
Consumer Affairs Minister Jane Garrett said each of these acts affect the way people buy and sell property, and that has changed significantly over the past 50 years. "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," said Garrett.
The Real Estate Institute of Victoria chief executive Enzo Raimondo welcomed the review. "Certainly in the last decade there has been enormous change in the property sector in terms of new technology and business processes, which will need to be considered in light of the review and the way the industry conducts itself compared to how it has in the past," said Raimondo.