Listed below is a synopsis of the Annual Reports published by some of the kindred bodies and stakeholders in the real estate sector.
Consumer Affairs Victoria
The 2023-2024 annual report highlights CAV’s initiatives and achievements over the past year, offering valuable insights for real estate agents to stay informed and proactive. CAV remains a key stakeholder within the real estate sector and maintains consistent engagement with the REIV. Below are key findings from the report that are relevant for the sector.
Engagement with renters
CAV fielded over 220,000 calls and responded to 80,000 online or written enquiries
The renting section of CAV’s website attracted 4.9 million visits
Programs like the Tenancy Assistance and Advocacy Program (TAAP) and Retirement Housing Assistance and Advocacy Program (RHAAP) supported over 9,000 renters, offering negotiation assistance on resolving disputes and representation at VCAT to achieve fair outcomes.
Audits, Campaigns and Fines
CAV monitored 1,547 sales campaigns for compliance with pricing regulations with a focus on underquoting. They issued over $1 million in fines and 128 warnings for breaches.
Following trust fund audits, 65 infringements were issued to real estate agents and conveyancers.
CAV conducted 570 inspections to resolve non-urgent rental repair disputes and responded to 7,469 rent investigation requests, a notable increase from prior years.
Community Engagement and Media Campaigns
CAV allocated over $11.8 million through Victorian Property Fund (VPF) grants to support property-related community initiatives over three years.
CAV’s campaigns on rental laws reached 17.7 million views, driving 200,000 visits to informational resources on their website.
Residential Tenancies Bond Authority (RTBA)
CAV processed 497,780 bond transactions, just shy of its annual target of 506,000.
Read the full report here for further insights.
Tenants Victoria
Tenants Victoria’s (TV) annual report for the 2023 – 2024 financial year was released in late October 2024.
TV provided the following statistics for the period:
Assisted 6,518 renters with over 8,275 issues.
Their website attracted 1.49 million views, with the most common topics being end-of-agreement lease terminations, properties being sold while tenanted, and early lease breaks.
18 per cent of queries were from outside of Melbourne.
Read the full report here
State Revenue Office
The State Revenue Office’s (SRO) annual report for the 2023 – 2024 financial year was released in late November 2024. The report touches on operations within the taxation collection agency. It extensively refers to taxes raised through the property sector, which contributes largest revenues to the SRO and funds essential services across the state.
How Property Taxation Drove Revenue
The SRO is critical to Victoria's public financing through its administration of tax laws, revenue collection, and support of state-funded services. Over the period recorded, the SRO collected an unprecedented $31.4 billion, a leap from $18.9 billion four years prior.
Property-based taxes were major contributors:
Stamp Duty: $8.4 billion collected, exceeding forecasts by 1.8 per cent, representing 26.8 per cent of total revenue.
Land Tax: $5.9 billion collected, 3.1 per cent below forecasts, representing 18.9 per cent of total revenue.
Compliance and Audits: Through over 11,000 investigations, $446.12 million was assessed, with stamp duty and land tax comfortably leading as the most significant contributors.
Meanwhile, 98.8 per cent of land tax assessments were issued on time.
Supporting Homeowners
Stamp Duty Savings: First-home buyers benefited from $853.7 million in stamp duty concessions.
Grants and Programs: Nearly 10,000 First Home Owner Grant applications and over 8,500 Victorian Homebuyer Fund applications were processed, bringing $958.8 million in equity into the market.
Key Changes to Watch
The Commercial and Industrial Property Tax, introduced in July 2024, the expanded vacant residential land tax and short-stay levy will impact the real estate sector into 2025.
The SRO’s My Land Tax portal now serves over 545,000 users, providing streamlined access for property owners to manage their land tax
Read the full report here for further insights.
VCAT
Progress on dispute resolution programs
VCAT has made significant progress through its Operating Model Improvement Project and Digital Case Management System, streamlining operations and promoting early dispute resolution. Initially focused on the Residential Tenancies List and Backlog Recovery Program, the project has expanded to eliminate inefficiencies and deliver faster outcomes. The Digital Case Management System has replaced paper-based processes, enabling end-to-end case management and improving accessibility and efficiency across all operations.
The Backlog Recovery Program in numbers
The Backlog Recovery Program has successfully reduced the backlog to under 4,000 cases with a residential tenancies clearance rate of 126 per cent. Further figures include:
It met its forecast completion timeline of October 2024.
Over $25 million in bond money has been returned to the Victorian community.
The Residential Tenancies Division, which accounts for 60 per cent of VCAT’s applications, resolved 64,428 cases last year with a median case duration of seven weeks
The Owners Corporation List
Other divisions have also seen strong results. The Owners Corporation List recorded:
A 95 per cent clearance rate
A median case duration of 12 weeks—14 per cent faster than the previous year.
Most cases under this list involved minor claims under $15,000.
A glossary included in the report offers valuable insights into VCAT terminology, which can assist agents and landlords in navigating disputes effectively. Enhancements achieved over the year demonstrate VCAT’s commitment to faster, more effective dispute resolution processes.
Read the full report here for further insights.