Building capability and confidence in Victoria’s expanding Owners Corporation Sector
The Real Estate Institute of Victoria (REIV) welcomes the opportunity to contribute to the Victorian Government’s review of the Owners Corporations Act, putting forward recommendations designed to build a highly professional, transparent, and well-qualified sector ready to meet future growth.
The need for such regulatory reform has been a longstanding advocacy position for the REIV, which counts owners corporation managers as integral to its 7,000 membership base.
News of the government’s review was broken exclusively on the REIV’s ‘Real Estate Matters’ podcast by The Hon. Nick Staikos, Minister for Consumer Affairs in June.
The REIV’s submission to the government appointed expert panel recommends the following key changes to the laws:
raise professional standards with advanced education for owners corporation managers, committees and lot owners
establish a dedicated owners corporation commissioner to help enforce standards and provide clear dispute resolution pathways
enhance governance frameworks and accountability measures to ensure integrity and transparency in owners corporations
better balance collective and individual rights within strata communities; and
strengthen protections for lot owners in new developments to ensure transparency and sustainability.
Jacob Caine, REIV Interim CEO, said the proposed changes would not only protect the interests of lot owners and residents but also equip owners corporation managers with the skills and tools they need to deliver exceptional service.
“With more Victorians choosing to live in medium and high-density developments, the effective management of common property, shared facilities, and collective finances has never been more important,” Mr Caine said.
“These reforms will modernise the legislative framework, raising the bar on governance, transparency, and efficiency so that owners corporations can operate to the highest professional standards.
Our recommendations, including mandatory education requirements for managers, are about building capability, strengthening trust, and ensuring consistent best practice across the sector.”
“We are committed to working closely with the Victorian Government to help shape a framework that supports a professional, well-governed owners corporation sector that can thrive as Victoria’s property landscape continues to evolve.”
Media Contact: media@reiv.com.au 03 9205 6607