The Real Estate Institute of Victoria (REIV) has recommended that the Victorian Government introduces mandatory minimum education requirements for the state’s owners corporation management professionals as the sector continues to grow.

In a submission made to the office of the Hon Gabrielle Williams, Minister for Consumer Affairs, the REIV has proposed the introduction of sector specific minimum qualifications that appropriately reflect the high level of responsibility, financial expertise and real estate oversight required from people working in owners corporation management.

The REIV’s recommendations include the introduction of mandatory Certificate IV or Diploma qualifications for owners corporation managers and directors of owners corporation management businesses.

It also offers transitional arrangements for people already working in the sector and measures to help qualified real estate professionals transition to owners corporation management.

Kelly Ryan, CEO of the REIV, said the growing role of owners corporations in Victoria’s housing ecosystem creates an impetus to improve the current legislation.

“A rapidly rising number of Victorians are living in properties covered by owners corporations, increasing both the responsibilities and impact of owners corporation managers in our housing ecosystem. As the sector grows, a more modern framework is needed to ensure those working as owners corporation managers are appropriately qualified to perform their required duties.

“The REIV is committed to working with our members, authorities and the owners corporation management industry to deliver the recommendations we’ve put forward.”

Owners corporation managers are among the REIV’s 7,000 members, which also include real estate agents, property management professionals, and buyer and vendor agency businesses.

Owners corporations are growing in prevalence and impact across Victoria and are set to play a key role in the supply of new homes as part of the densification strategy in the government’s Housing Statement.

Data from the Australian Bureau of Statistics shows that between 2001 and 2021, the percentage of units in a four-storey or higher block increased threefold from 15.3 per cent to 49.4 per cent.

Between 2001 and 2021, the number of Victorian strata occupants grew from 27,190 to 137,063 and continues to climb.

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