Issues affecting the property market are of significant interest to people across Victoria. The Victorian government aims to promote a fair and well-functioning property market through the use of laws, regulation and by providing relevant information to Victorians. The community is concerned about housing affordability, increases in already-high property prices driven by COVID-19 and record low interest rates and upfront costs for buyers entering the market.

The Victorian government wants buyers and sellers to be able to expect and receive an appropriate level of service from real estate agents, that disclosure requirements balance the interests of all parties, and that Victorians pay a fair price for properties at the same time as managing expectations around property prices. 

To obtain insights into the current state of the property market, the Victorian Minister for Consumer Affairs, Gaming and Liquor Regulation, Melissa Horne, has commissioned a property market review.

This review is looking for ways to improve property market laws to support Victorians to have fairer and easier access to the housing market. We want to gain insights from members of the public, businesses and other stakeholders on how the current laws can be improved to create a property market that is more accessible for everyone.

This paper has been developed by the Review Panel to assist the consultation process. It explains the background for the 8 Terms of Reference for the Review and identifies what the Panel believe to be some of the most pressing issues.