Reiv Successful In Request To Have Owners' Corporation Laws Reviewed

REIV Successful in Request to Have Owners' Corporation Laws Reviewed

The REIV has welcomed a commitment from the State Government to review the Owners Corporations Act in 2011.

REIV CEO Enzo Raimondo said that the Institute had lobbied for a review in its State Election Policy Platform and was therefore pleased to receive news it will occur in 2011.

"The creation of the Owners Corporations Act five years ago was a significant step and resulted in better laws for owners and those who manage the corporations.

"Given the laws have now had sufficient time to bed down, it's sensible to review the content and operation of the Act.

"In addition to the issues that the public will bring to the discussion, the REIV has some specific issues that it believes need assessment in the review, namely:

* the actual day-to-day operation of the corporation;
* assessment of and reduction in the regulatory burden;
* overlap with the Retirement Villages Act;
* national harmonisation where possible;
* managing short-term letting and serviced apartments;
* relationship between OCs and VCAT;
* a review of adequacy of public indemnity and contingency funds.

"When the Act was created it was noted that more and more Victorians are living in owners' corporations and this necessitated a total modernisation of the laws.

"It is clear after five years of operation that even more Victorians will live in medium- and high-density residential accommodation in the coming years. As a result, well-functioning laws are absolutely critical in providing housing options for our growing population.

"The Institute looks forward to participating in the review," Mr Raimondo concluded.

MEDIA COMMENT:

Robert Larocca
9205 6622
0409 198 350

SOURCE: REIV