The Victorian government is in the process of reviewing the Owner’s Corporation Act 2006. This is a public review and will include public consultation about how the act can be improved.
Why are they doing a review?
The Owner’s Corporations Act is eight years old, and because it’s such an important piece of legislation for so many Victorians, reviewing it to make sure it addresses changes in the sector. The government is also reviewing several other key acts at the same time, specifically Sale of Land Act 1962, Estate Agents Act 1980 and the Conveyancers Act 2006. Reviewing them all at once will allow the government to make sure that the acts can be evaluated side-by-side and develop a single, consistent approach to governing the property market, and making sure that the Owner’s Corporations Act is closely aligned with other property legislation.
When will the review be completed?
Currently, the Owner’s Corporation Act is being evaluated in an “issues paper”. This is a broad overview of the key points to be addressed in the review. Once these points are accepted, the review will focus on addressing them, and presenting them in a “white paper”.
What is being reviewed?
The review is for the whole act, and is quite broad. While it is not likely to result in radical change, updating the act to be a more comprehensive piece of legislation that integrates more efficiently with other acts means that there is less confusion regarding the laws involved, and a lot more clarity for everyone.
How will this affect me?
Mayfield are constantly updating their service to reflect changes in the sector, and the outcomes of this review will be no different. You can expect Mayfield to make any changes required to ensure your Owner’s Corporation is compliant and acting in accordance with all legislation once it comes into effect. So while this review might result in some changes, you can continue to rely on Mayfield to manage your Owner’s Corporation effectively, transparently, and in full compliance with the law.