Consumer Property Acts Review - Issues Paper 1
The Property Council has provided feedback to Consumer Affairs Victoria on the conduct and institutional arrangements for estate agents, conveyancers and owners corporation managers.
The issues are explored in the first paper released by CAV for the Consumer Property Acts Review, which will focus on four key pieces of property legislation.
The Property Council is disappointed that the first consultation paper appears to focus almost exclusively on the regulation of residential property and does not recognise the very different nature of the commercial property sector.
Our submission proposes two exemptions for the Review with regard to current licensing arrangements:
- A redrafted exemption for related parties to ensure that a license is not required to notionally protect a commercial property owning entity from its own property management company, and
- A sophisticated owner exemption to ensure that a license is not required to notionally protect large, professional commercial property companies which own tens of millions of dollars of property assets and are able to manage their own risk.
The second issues paper in the review, which examines the management, powers and functions of owners’ corporations, is now open for comment until 29 April. If you would like to provide input to the Property Council’s response, please contact Daniella Stutt, Senior Policy Advisor on 9650 8300.
To download the Property Council’s submission to Issues Paper 1, please click the link below.