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Ahead of the today’s budget in Victoria, the REIV has said in its budget submission that property has underpinned economic activity in Victoria over the past decade, and needs a sound government legislative and funding base around it if it is to continue to do so.
CEO, Gil King, said the Victorian property industry contributes 47 per cent of the state’s income from tax, so has “a lot of skin in the game” as it considers the Victorian budget.
“In addition to our traditional focus on planning, infrastructure and sustainable development, the Real Estate Institute of Victoria has lobbied to address our member’s concerns about accessing capital, the burden of increasing taxation, cutting red tape and investing in skills and training for our members,” said Mr King.
“The REIV is passionate about elevating the standards of the real estate industry to ensure that real estate professionals are adequately trained and educated to do the best job possible in this complex regulatory environment.”
He said that Consumer Affairs Victoria must urgently revise regulations and required qualifications for real estate professionals in the state.
Mr King said real estate training in Victoria will be out of date if Consumer Affairs Victoria fails to act quickly.
“I am not confident that CAV is the right body to regulate the real estate industry and to set the rights standards which is important for both consumers and people who want to be proficient in a real estate career.
“No one benefits from CAV’s failure to lift the bar with regards to property transactions. [We] would like to see the establishment of a Property Services Commissioner who could oversee all the complex aspects of the property market including land development, building and construction and the sale and rental of real estate.”
The REIV’s priorities for the budget include promoting education and employment opportunities, retaining and enhancing liveability, reviewing the regulatory approach to real estate and protecting the livelihood and reputation of members.
Mr King also said the REIV would like to see Section 55 (4) (b) of the Estate Agents Act 1980 repealed.
“This prohibits an estate agent from claiming a commission for selling a property to relatives or employees which is unworkable and unfair, particularly in country towns,” Mr King said.
“There needs to be safeguards but there needs to be capacity for agents to obtain their appropriate commission. No one who is doing their job in good faith should miss out on their commission.
“This law is particularly discriminatory in regional Victoria where the pool of purchasers is much smaller. It is a ridiculous law. If you do the job, and you are open and transparent, then you should get paid.”
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