The Real Estate Institute of Victoria (REIV) welcomes the announcement, made exclusively on the REIV’s ‘Real Estate Matters’ podcast, by The Hon. Nick Staikos, Minister for Consumer Affairs, that a review will be conducted of the Owners Corporations Act 2006.
Mr Staikos explained that the review, which will be led by Marsha Thompson, former Minister for Consumer Affairs, will include a close analysis of dispute resolution processes, hardship policies, fees and charges, and collective sales processes set by an Owners Corporation, among other matters.
The need for owners corporation regulatory reform has been a significant advocacy position for the REIV, which counts owners corporation services professionals as an important part of its 7,000-strong membership base.
Having recommended to government the introduction of mandatory education requirements for owners corporation managers in October last year, the REIV remains committed to ensuring an ethical, transparent and well-qualified sector.
Jacob Caine, REIV Interim CEO, highlighted the continued expansion of the sector in underscoring the importance of improving the current regulatory settings.
“More and more Victorians are finding themselves living in properties managed by owners corporations, with the number of Victorian strata occupants having grown dramatically from 638,488 to 1,209,713 between 2001 and 2021, and significant further growth expected,” said Mr Caine.
“It is critical, then, that we have a redesigned modern regulatory framework, central to which is ensuring best practice management qualifications and standards that serve to enhance Victorians’ quality of living.
“We look forward to continuing to engage constructively with the Victorian Government, on behalf of our members, in relation to this key process.”
Media Contact: media@reiv.com.au ; 03 9205 6607