Win for industry with estate agent licensing reforms

New reforms proposed for estate agent licensing will slash red tape for large commercial property transactions and save Victorian businesses approximately $2.6 million every year.

Following advocacy by the Property Council and the Shopping Centre Council of Australia, Victorian Government has announced its commitment to removing the requirement for those involved in large commercial property transactions to hold a licence under the Estate Agents Act 1980. 

The proposed reforms, which apply where:

• The price in the contract of sale is at least $15 million; or,
• The property has a total floor space of at least 10,000 sqm; or,
• Each party to the sale owns other real estate with a total market value of at least $15 million or a total floor space of at least 10,000 sqm.

Furthermore, under the reforms those involved in the leasing of commercial property in Victoria will no longer need an estate agent’s licence where the company owns property with:

• A total market value of at least $15 million; or
• A total floor space of at least 10,000 sqm.

Those selling or leasing residential property or rural land in Victoria will still require an estate agent’s licence. 

The reforms will be considered by the Executive Council on 29 October.