Panel to review State’s owners corp rules

THE State Government has announced an independent panel will review the Owners Corporation Act to ensure it is fair and efficient.

One in four Victorians live in housing that is overseen by an owners corporation and this figure is expected to increase significantly in coming years.

The panel will investigate stakeholder concerns such as hardship and voting requirements as well as unethical conduct including unfair contracts, conflicts of interest and inappropriate commissions.

The panel will also examine if the threshold for selling common property owned by an owners corporation is appropriate.

Currently it can only be sold if all lot owners agree.

“Significant reforms were made to laws in 2021 to better reflect the needs of Victorians living in apartments and other owners corporations properties – this expert panel will ensure those reforms are strengthened and improved even further,” Minister for Consumer Affairs Nick Staikos said.

“One in four Victorians live in a property managed by an owners corporation – this review will ensure their needs and quality of life continue to be protected.

“The expert panel will also review provisions in the OC Act that regulate short stay accommodation in strata developments, helping to deliver essential protections for apartment residents.”

The panel will consult people living in owners corporation properties and stakeholders.

Consultation will occur through Engage Victoria later this year before a report is provided by December.

Former Minister of Consumer Affairs Marsha Thomson is the panel chair.