Last week, Consumer Affairs Victoria (CAV) unveiled their Strategic and Regulatory Plans for 2023-2026, highlighting their regulatory priorities. With the recent release of the Victorian government’s Housing Statement, it comes as no surprise that real estate services are a top focus for the regulator.
CAV’s priorities encompass:
Underquoting: CAV is taking a resolute “zero-tolerance approach” to combat underquoting in the real estate market. They’re dedicated to promptly addressing any instances of non-compliance detected, ensuring fair and transparent property pricing.
Trust Account Breaches: Addressing trust account breaches, involving misappropriation of funds or defalcations, is a crucial focus for CAV. They aim to safeguard consumers by enforcing strict adherence to trust accounting regulations within the real estate sector.
Safe and Secure Rental Properties: CAV is committed to holding rental providers accountable for ensuring safe and secure properties meet the minimum standards. This dedication aims to enhance the living conditions and well-being of renters.
The Strategic Plan further emphasises prioritising compliance and enforcement responses based on the severity of risk, emphasising a proactive and targeted approach to mitigate potential harm.