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","2024-12-17T23:36:14.695Z","2024-12-17T23:50:21.966Z","2024-12-17T23:50:22.001Z",597622738,"39c009e3-23af-4553-bf22-6d9f9bd22960",{"_uid":441,"body":442,"title":434,"noindex":373,"ogimage":1172,"snippet":1174,"component":1175,"tag_list":1176},"eea32772-51ea-4b94-992c-0a120e59a0a4",[443],{"_uid":444,"content":445,"component":1170,"bottom_spacing":1171},"691d2e05-ecb5-47f9-be34-747b945717ac",{"type":446,"content":447},"doc",[448,454,466,470,481,560,565,621,626,658,663,683,702,710,714,718,759,768,776,780,785,801,805,895,900,946,951,994,1007,1015,1020,1024,1029,1050,1108,1117,1121,1156,1160],{"type":449,"content":450},"paragraph",[451],{"text":452,"type":453},"Listed below is a synopsis of the Annual Reports published by some of the kindred bodies and stakeholders in the real estate sector.","text",{"type":455,"attrs":456,"content":458},"heading",{"level":457},2,[459],{"text":460,"type":453,"marks":461},"Consumer Affairs Victoria",[462],{"type":463,"attrs":464},"textStyle",{"color":465},"#009FDA",{"type":449,"content":467},[468],{"text":469,"type":453},"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.",{"type":455,"attrs":471,"content":473},{"level":472},3,[474,476],{"text":475,"type":453},"Engagement with renters",{"text":477,"type":453,"marks":478},"      ",[479],{"type":463,"attrs":480},{"color":19},{"type":482,"content":483},"bullet_list",[484,513,528],{"type":485,"content":486},"list_item",[487],{"type":449,"content":488},[489,491,496,498,502,504,508,509],{"text":490,"type":453},"CAV fielded over ",{"text":492,"type":453,"marks":493},"220,000",[494],{"type":495},"bold",{"text":497,"type":453}," ",{"text":499,"type":453,"marks":500},"calls",[501],{"type":495},{"text":503,"type":453}," and responded to ",{"text":505,"type":453,"marks":506},"80,000",[507],{"type":495},{"text":497,"type":453},{"text":510,"type":453,"marks":511},"online or written enquiries",[512],{"type":495},{"type":485,"content":514},[515],{"type":449,"content":516},[517,519,523,524],{"text":518,"type":453},"The renting section of CAV’s website attracted ",{"text":520,"type":453,"marks":521},"4.9 million",[522],{"type":495},{"text":497,"type":453},{"text":525,"type":453,"marks":526},"visits",[527],{"type":495},{"type":485,"content":529},[530],{"type":449,"content":531},[532,534,538,540,544,546,551,553,558],{"text":533,"type":453},"Programs like the Tenancy Assistance and Advocacy Program (TAAP) and Retirement Housing Assistance and Advocacy Program (",{"text":535,"type":453,"marks":536},"RHAAP",[537],{"type":495},{"text":539,"type":453},") supported over ",{"text":541,"type":453,"marks":542},"9,000",[543],{"type":495},{"text":545,"type":453}," renters, offering",{"text":547,"type":453,"marks":548}," n",[549],{"type":463,"attrs":550},{"color":19},{"text":552,"type":453},"egotiation assistance on resolving disputes",{"text":554,"type":453,"marks":555}," and r",[556],{"type":463,"attrs":557},{"color":19},{"text":559,"type":453},"epresentation at VCAT to achieve fair outcomes.",{"type":455,"attrs":561,"content":562},{"level":472},[563],{"text":564,"type":453},"Audits, Campaigns and Fines",{"type":482,"content":566},[567,591,603],{"type":485,"content":568},[569],{"type":449,"content":570},[571,573,577,579,583,585,589],{"text":572,"type":453},"CAV monitored ",{"text":574,"type":453,"marks":575},"1,547 sales campaigns",[576],{"type":495},{"text":578,"type":453}," for compliance with pricing regulations with a focus on underquoting. They issued over ",{"text":580,"type":453,"marks":581},"$1 million in fines",[582],{"type":495},{"text":584,"type":453}," and ",{"text":586,"type":453,"marks":587},"128 warnings",[588],{"type":495},{"text":590,"type":453}," for breaches.",{"type":485,"content":592},[593],{"type":449,"content":594},[595,597,601],{"text":596,"type":453},"Following trust fund audits, ",{"text":598,"type":453,"marks":599},"65 infringements ",[600],{"type":495},{"text":602,"type":453},"were issued to real estate agents and conveyancers.",{"type":485,"content":604},[605],{"type":449,"content":606},[607,609,613,615,619],{"text":608,"type":453},"CAV conducted ",{"text":610,"type":453,"marks":611},"570 inspections",[612],{"type":495},{"text":614,"type":453}," to resolve non-urgent rental repair disputes and responded to ",{"text":616,"type":453,"marks":617},"7,469 rent investigation requests",[618],{"type":495},{"text":620,"type":453},", a notable increase from prior years.",{"type":455,"attrs":622,"content":623},{"level":472},[624],{"text":625,"type":453},"Community Engagement and Media Campaigns",{"type":482,"content":627},[628,640],{"type":485,"content":629},[630],{"type":449,"content":631},[632,634,638],{"text":633,"type":453},"CAV allocated over ",{"text":635,"type":453,"marks":636},"$11.8 million",[637],{"type":495},{"text":639,"type":453}," through Victorian Property Fund (VPF) grants to support property-related community initiatives over three years.",{"type":485,"content":641},[642],{"type":449,"content":643},[644,646,650,652,656],{"text":645,"type":453},"CAV’s campaigns on rental laws reached ",{"text":647,"type":453,"marks":648},"17.7 million views",[649],{"type":495},{"text":651,"type":453},", driving ",{"text":653,"type":453,"marks":654},"200,000 visits",[655],{"type":495},{"text":657,"type":453}," to informational resources on their website.",{"type":455,"attrs":659,"content":660},{"level":472},[661],{"text":662,"type":453},"Residential Tenancies Bond Authority (RTBA)",{"type":482,"content":664},[665],{"type":485,"content":666},[667],{"type":449,"content":668},[669,671,675,677,681],{"text":670,"type":453},"CAV processed ",{"text":672,"type":453,"marks":673},"497,780 bond transactions",[674],{"type":495},{"text":676,"type":453},", just shy of its annual target of ",{"text":678,"type":453,"marks":679},"506,000",[680],{"type":495},{"text":682,"type":453},".",{"type":449,"content":684},[685,687,695,700],{"text":686,"type":453},"Read the full report ",{"text":688,"type":453,"marks":689},"here",[690],{"type":691,"attrs":692},"link",{"href":693,"uuid":376,"anchor":376,"target":694,"linktype":46},"https:\u002F\u002Fwww.consumer.vic.gov.au\u002Fannual-report\u002Fprevious-annual-reports","_self",{"text":696,"type":453,"marks":697}," ",[698],{"type":463,"attrs":699},{"color":19},{"text":701,"type":453},"for further insights.",{"type":455,"attrs":703,"content":704},{"level":457},[705],{"text":706,"type":453,"marks":707},"Tenants Victoria",[708],{"type":463,"attrs":709},{"color":465},{"type":449,"content":711},[712],{"text":713,"type":453}," Tenants Victoria’s (TV) annual report for the 2023 – 2024 financial year was released in late October 2024.",{"type":449,"content":715},[716],{"text":717,"type":453},"TV provided the following statistics for the period:",{"type":482,"content":719},[720,737,749],{"type":485,"content":721},[722],{"type":449,"content":723},[724,726,730,732,736],{"text":725,"type":453},"Assisted ",{"text":727,"type":453,"marks":728},"6,518 renters",[729],{"type":495},{"text":731,"type":453}," with over ",{"text":733,"type":453,"marks":734},"8,275 issues",[735],{"type":495},{"text":682,"type":453},{"type":485,"content":738},[739],{"type":449,"content":740},[741,743,747],{"text":742,"type":453},"Their website attracted ",{"text":744,"type":453,"marks":745},"1.49 million views",[746],{"type":495},{"text":748,"type":453},", with the most common topics being end-of-agreement lease terminations, properties being sold while tenanted, and early lease breaks.",{"type":485,"content":750},[751],{"type":449,"content":752},[753,757],{"text":754,"type":453,"marks":755},"18 per cent ",[756],{"type":495},{"text":758,"type":453},"of queries were from outside of Melbourne.",{"type":449,"content":760},[761,762,767],{"text":686,"type":453},{"text":688,"type":453,"marks":763},[764],{"type":691,"attrs":765},{"href":766,"uuid":376,"anchor":376,"target":694,"linktype":46},"https:\u002F\u002Ftenantsvic.org.au\u002Fabout-us\u002Fannual-reports\u002F",{"text":497,"type":453},{"type":455,"attrs":769,"content":770},{"level":457},[771],{"text":772,"type":453,"marks":773},"State Revenue Office",[774],{"type":463,"attrs":775},{"color":465},{"type":449,"content":777},[778],{"text":779,"type":453},"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.",{"type":455,"attrs":781,"content":782},{"level":472},[783],{"text":784,"type":453},"How Property Taxation Drove Revenue",{"type":449,"content":786},[787,789,793,795,799],{"text":788,"type":453},"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 ",{"text":790,"type":453,"marks":791},"$31.4 billion",[792],{"type":495},{"text":794,"type":453},", a leap from ",{"text":796,"type":453,"marks":797},"$18.9 billion",[798],{"type":495},{"text":800,"type":453}," four years prior.",{"type":449,"content":802},[803],{"text":804,"type":453},"Property-based taxes were major contributors:",{"type":482,"content":806},[807,835,861,883],{"type":485,"content":808},[809],{"type":449,"content":810},[811,815,817,821,823,827,829,833],{"text":812,"type":453,"marks":813},"Stamp Duty",[814],{"type":495},{"text":816,"type":453},": ",{"text":818,"type":453,"marks":819},"$8.4 billion",[820],{"type":495},{"text":822,"type":453}," collected, exceeding forecasts by ",{"text":824,"type":453,"marks":825},"1.8 per cent",[826],{"type":495},{"text":828,"type":453},", representing ",{"text":830,"type":453,"marks":831},"26.8 per cent",[832],{"type":495},{"text":834,"type":453}," of total revenue.",{"type":485,"content":836},[837],{"type":449,"content":838},[839,843,844,848,850,854,856,860],{"text":840,"type":453,"marks":841},"Land Tax",[842],{"type":495},{"text":816,"type":453},{"text":845,"type":453,"marks":846},"$5.9 billion",[847],{"type":495},{"text":849,"type":453}," collected, ",{"text":851,"type":453,"marks":852},"3.1 per cent",[853],{"type":495},{"text":855,"type":453}," below forecasts, representing ",{"text":857,"type":453,"marks":858},"18.9 per cent",[859],{"type":495},{"text":834,"type":453},{"type":485,"content":862},[863],{"type":449,"content":864},[865,869,871,875,877,881],{"text":866,"type":453,"marks":867},"Compliance and Audits",[868],{"type":495},{"text":870,"type":453},": Through over ",{"text":872,"type":453,"marks":873},"11,000 investigations",[874],{"type":495},{"text":876,"type":453},", ",{"text":878,"type":453,"marks":879},"$446.12 million",[880],{"type":495},{"text":882,"type":453}," was assessed, with stamp duty and land tax comfortably leading as the most significant contributors.",{"type":485,"content":884},[885],{"type":449,"content":886},[887,889,893],{"text":888,"type":453},"Meanwhile, ",{"text":890,"type":453,"marks":891},"98.8 per cent",[892],{"type":495},{"text":894,"type":453}," of land tax assessments were issued on time.",{"type":455,"attrs":896,"content":897},{"level":472},[898],{"text":899,"type":453},"Supporting Homeowners",{"type":482,"content":901},[902,918],{"type":485,"content":903},[904],{"type":449,"content":905},[906,910,912,916],{"text":907,"type":453,"marks":908},"Stamp Duty Savings",[909],{"type":495},{"text":911,"type":453},": First-home buyers benefited from ",{"text":913,"type":453,"marks":914},"$853.7 million",[915],{"type":495},{"text":917,"type":453}," in stamp duty concessions.",{"type":485,"content":919},[920],{"type":449,"content":921},[922,926,928,932,934,938,940,944],{"text":923,"type":453,"marks":924},"Grants and Programs",[925],{"type":495},{"text":927,"type":453},": Nearly 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",{"type":449,"content":995},[996,997,1002,1006],{"text":686,"type":453},{"text":688,"type":453,"marks":998},[999],{"type":691,"attrs":1000},{"href":1001,"uuid":376,"anchor":376,"target":694,"linktype":46},"https:\u002F\u002Fwww.sro.vic.gov.au\u002Fabout-us\u002Fannual-reviews",{"text":696,"type":453,"marks":1003},[1004],{"type":463,"attrs":1005},{"color":19},{"text":701,"type":453},{"type":455,"attrs":1008,"content":1009},{"level":457},[1010],{"text":1011,"type":453,"marks":1012},"VCAT",[1013],{"type":463,"attrs":1014},{"color":465},{"type":455,"attrs":1016,"content":1017},{"level":472},[1018],{"text":1019,"type":453},"Progress on dispute resolution programs",{"type":449,"content":1021},[1022],{"text":1023,"type":453},"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.",{"type":455,"attrs":1025,"content":1026},{"level":472},[1027],{"text":1028,"type":453},"The Backlog Recovery Program in numbers",{"type":449,"content":1030},[1031,1033,1037,1039,1043,1044,1048],{"text":1032,"type":453},"The Backlog Recovery Program has successfully reduced the backlog to under ",{"text":1034,"type":453,"marks":1035},"4,000 cases",[1036],{"type":495},{"text":1038,"type":453}," with a residential tenancies clearance rate of ",{"text":1040,"type":453,"marks":1041},"126",[1042],{"type":495},{"text":497,"type":453},{"text":1045,"type":453,"marks":1046},"per cent",[1047],{"type":495},{"text":1049,"type":453},". Further figures include:",{"type":482,"content":1051},[1052,1063,1075],{"type":485,"content":1053},[1054],{"type":449,"content":1055},[1056,1058,1062],{"text":1057,"type":453},"It met its forecast completion timeline of ",{"text":1059,"type":453,"marks":1060},"October 2024",[1061],{"type":495},{"text":682,"type":453},{"type":485,"content":1064},[1065],{"type":449,"content":1066},[1067,1069,1073],{"text":1068,"type":453},"Over",{"text":1070,"type":453,"marks":1071}," $25 million",[1072],{"type":495},{"text":1074,"type":453}," in bond money has been returned to the Victorian community.",{"type":485,"content":1076},[1077],{"type":449,"content":1078},[1079,1084,1086,1090,1092,1096,1098,1102,1107],{"text":1080,"type":453,"marks":1081},"T",[1082],{"type":463,"attrs":1083},{"color":19},{"text":1085,"type":453},"he Residential Tenancies Division, which accounts for ",{"text":1087,"type":453,"marks":1088},"60 per cent",[1089],{"type":495},{"text":1091,"type":453}," of VCAT’s applications, resolved ",{"text":1093,"type":453,"marks":1094},"64,428 cases",[1095],{"type":495},{"text":1097,"type":453}," last year with a median case duration of ",{"text":1099,"type":453,"marks":1100},"seven weeks",[1101],{"type":495},{"text":1103,"type":453,"marks":1104},"  ",[1105],{"type":463,"attrs":1106},{"color":19},{"text":696,"type":453},{"type":455,"attrs":1109,"content":1110},{"level":472},[1111],{"text":1112,"type":453,"marks":1113},"The Owners Corporation List",[1114],{"type":463,"attrs":1115},{"color":1116},"#0F4761",{"type":449,"content":1118},[1119],{"text":1120,"type":453},"Other divisions have also seen strong results. The Owners Corporation List recorded:",{"type":482,"content":1122},[1123,1133,1145],{"type":485,"content":1124},[1125],{"type":449,"content":1126},[1127,1129],{"text":1128,"type":453},"A ",{"text":1130,"type":453,"marks":1131},"95 per cent clearance rate",[1132],{"type":495},{"type":485,"content":1134},[1135],{"type":449,"content":1136},[1137,1139,1143],{"text":1138,"type":453},"A median case duration of",{"text":1140,"type":453,"marks":1141}," 12 weeks—14 per cent",[1142],{"type":495},{"text":1144,"type":453}," faster than the previous year.",{"type":485,"content":1146},[1147],{"type":449,"content":1148},[1149,1151,1155],{"text":1150,"type":453},"Most cases under this list involved ",{"text":1152,"type":453,"marks":1153},"minor claims under $15,000",[1154],{"type":495},{"text":682,"type":453},{"type":449,"content":1157},[1158],{"text":1159,"type":453},"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.",{"type":449,"content":1161},[1162,1163,1168],{"text":686,"type":453},{"text":688,"type":453,"marks":1164},[1165],{"type":691,"attrs":1166},{"href":1167,"uuid":376,"anchor":376,"target":694,"linktype":46},"https:\u002F\u002Fwww.vcat.vic.gov.au\u002Fnews\u002F202324-annual-report-tabled-parliament",{"text":1169,"type":453}," for further insights.","TextContent","small",{"id":376,"alt":376,"name":19,"focus":376,"title":376,"source":376,"filename":19,"copyright":376,"fieldtype":370,"meta_data":1173},{},"Key updates from CAV, Tenants Victoria, SRO, and VCAT highlight compliance, taxation, and dispute resolution shaping Victorian real estate.","NewsDetail",[],"annual-reports-an-overview","our-industry\u002Fnews\u002Fannual-reports-an-overview",-6940,376271414,"c6a01665-c73d-4708-ac0a-43dde1fc0d7e",[],[],[]]