Charity house auction raises more than $1.2 million for the Good Friday Appeal
Push for a practical, flexible framework for ongoing learning BUDGET SUBMISSION
Proposal supports sensible reform at a critical time INDUSTRY GATHERINGS
LEADING THE WAY ON CPD
Leading
Publisher REIV
617 Victoria Street, Abbotsford VIC 3067
Editor Sarika Bhalla sbhalla@reiv.com.au
Production by Pagemasters
Jacob Caine, REIV President
Capital gains tax (CGT) and negative gearing have been put back on the political agenda. With housing affordability dominating the headlines (and our agents’ attention), particularly for younger Australians, calls for reform have intensified. As President of the Real Estate Institute of Australia (REIA), I recently appeared before the Senate Select Committee on the Operation of the Capital Gains Tax Discount to outline our sector’s position.
Let me be clear: we understand the frustration of those struggling to get a foothold in the housing market. Home ownership feels increasingly out of reach for many. But the policy response must be guided by evidence, sequencing and an honest assessment of market dynamics.
REIA’s submission to the CGT inquiry emphasised a simple but critical point: Australia is operating in a structural housing deficit. The National Housing Supply and Affordability Council forecasts that housing supply will fall well short of demand over the next five years. In that context, policy changes that risk reducing private investment in rental housing must be approached with caution.
Private investors provide the vast majority of rental accommodation in Australia. Around one-third of households rent, and most of those homes are supplied by “mum and dad” investors. While CGT and negative gearing undoubtedly influence investment behaviour at the margin, they are not the primary drivers of the long-term expansion in house price-to-income ratios. Over decades, the more powerful forces
have been supply constraints, planning complexity, infrastructure bottlenecks and a rising population.
The assumption often put forward in public debate is that if investors exit the market, renters will seamlessly transition into ownership. The reality is more nuanced. A modest price adjustment does not necessarily resolve deposit constraints, serviceability buffers or credit settings. More importantly, transferring ownership of existing homes does not increase the number of dwellings in the system. Affordability is ultimately about supply depth, not simply who owns the keys.
Our appearance before the Senate Committee provided an opportunity to reinforce this broader framing. We acknowledged that tax settings matter, but we argued that reform in a supplyconstrained market carries transitional risks, particularly for renters. In a tight rental environment, even small reductions in available stock can place upward pressure on rents and reduce choice.
The national conversation is important, and REIA has welcomed it. Our submission and commentary have attracted significant
attention in outlets including multiple articles in the Australian Financial Review, reflecting the seriousness with which this debate is being treated. It is healthy for our tax system to be examined. However, housing policy must be coherent and sequenced.
The Henry Tax Review itself cautioned against piecemeal changes that distort investment decisions without addressing structural inefficiencies. If governments are serious about improving affordability, the priority must remain increasing supply, accelerating planning reform, reducing project uncertainty, improving infrastructure co-ordination and restoring feasibility to new development.
Tax reform may form part of a broader discussion. But it should not precede the foundational task of delivering more homes.
As always, the REIV and REIA will continue advocating for policy settings that support stability, investment confidence and, above all, a well-functioning housing system that delivers for owners and renters alike.
Jacob Caine, REIV President
TOBY BALAZS
A video update from the REIV Chief Executive Officer WATCH NOW
The REIV’s budget submission for 2026-27 comes at a critical time for the real estate industry nationally and locally, with challenging conditions in the housing market requiring urgent action.
In its formal submission, the REIV proposed sensible tax reform, no increases to current tax settings, no new taxes and greater educational support for real estate professionals.
With the November 2026 election approaching and political parties rapidly preparing their agendas, housing is firmly in the policy spotlight. For the REIV, this year’s state budget represents an important opportunity to reset the conversation around housing supply, investment confidence, and the role of real estate professionals.
Over the past decade, Victoria’s property market has been shaped by significant regulatory changes and rising property taxes, with further reforms anticipated. While many reforms were introduced with
good intentions, the cumulative effect has altered the investment landscape and contributed to declining investor participation. Government data shows rental bonds have fallen while vacancy rates remain tight, even as Victoria’s population continues to grow. The result is a rental market experiencing sustained pressure.
The REIV budget submission focuses on practical solutions designed to stabilise the market and encourage long-term property investment. A key recommendation is a commitment from the Victorian Government to refrain from introducing new or increased property taxes or charges and help restore stability and confidence for the investors who provide 90 per cent of the rental housing stock.
The Institute has proposed targeted tax
reforms to support rental supply, including incentives for medium-density build-to-rent developments, land tax concessions to encourage longer-term leases, and measures to reward rental providers who keep properties in the long-term rental market. These form unique policy proposals to drive new investment.
Finally, the REIV has called for increased investment in education and training for real estate professionals. With more than 140 reforms introduced in recent years, real estate professionals are navigating an increasingly complex regulatory environment. Ensuring the industry has the training and support to implement change effectively will benefit renters, rental providers, and the broader ecosystem.
As Victoria heads into an election year, the REIV’s message is clear – stable policy settings and targeted reforms are essential to rebuild confidence and improve the outlook for Victorian renters, buyers, vendors and investors.
MAY 2024
RDRV Pilot
JUNE 2024
RDRV Launch
OCTOBER 2025
Possession Order Management Pilot
DECEMBER 2025 Microsoft Teams Hearings
In March, the Victorian Civil and Administrative Tribunal outlined a range of initiatives aimed at improving engagement and dispute resolution outcomes for real estate professionals.
VCAT has reached several key milestones in recent months, including the completion of its move into new city premises in March. This follows the design and implementation of Rental Dispute Resolution Victoria (RDRV), the ongoing progress of the possession application management pilot, and the transition to 90-day notices within myVCAT.
VCAT’s divisional structure is also evolving. Under a new three-pillar model announced last year, Deputy President Kylea Campana now leads the Consumer Division.
FEBRUARY 2026
90 Day Notices in myVCAT
MARCH 2026
Move to 308 La Trobe Street
APRIL 2026
Business Account
myVCAT/my RDRV
JUNE 2026
myVCAT for other residential tenancies matters
As list-based terminology is phased out, residential tenancy disputes and broader consumer matters will sit within this division, reflecting a move to simplify VCAT’s structure and streamline service delivery. The transition introduces additional expertise into the division responsible for residential disputes, including Real Estate Senior Subject Matter Expert Belinda Hocking and Team Manager of Possession Applications Julia Sharp. VCAT’s operations continue to be overseen by Executive Director of Operations and Support Services Warwick Mitchell, with the restructure supporting dispute resolution services across the Tribunal, including those delivered through RDRV.
VCAT’s new premises on La Trobe Street complement the venue opened in Werribee on Basalt Road in November 2025, which serves Melbourne’s western suburbs.
As list-based terminology is phased out,
residential tenancy disputes and
broader consumer matters will sit within [the Consumer Division], reflecting a move to simplify VCAT’s structure and streamline service delivery
Purpose-built to support the Tribunal’s expanding operations, both locations feature modern hearing and mediation rooms, along with comfortable and welcoming waiting areas.
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Victoria’s real estate industry is preparing for a significant regulatory shift as new anti-money laundering and counter-terrorism financing (AML/CTF) rules take effect on 1 July, 2026.
With selling and buying real estate services classified as ‘designated services’, real estate agents are now part of the ecosystem designed to reduce money laundering and terrorism financing in Australia’s property market.
The REIV has been at the forefront of sector advocacy, working closely with the REIA and the responsible agency, AUSTRAC, to ensure the reforms are practical for the sector.
The REIV has partnered with First AML to deliver a staged education program featuring webinars and guidance materials. Enrolment for real estate agencies with AUSTRAC opened from 31 March, 2026. Enrolment must be completed within 28 days of the provision of a designated service. For most agencies, this would mean before 28 July, 2026.
For full guidance and resources, members can access the REIV’s AML/CTF page AUSTRAC’s reforms page program starter kits and training modules tailored to the real estate sector.
The Victorian Government is moving to strengthen training and professional standards across the property sector, with mandatory continuing professional development (CPD) set to become a requirement for real estate professionals, owners corporation managers, and conveyancers.
Following the passage of the Consumer Legislation Amendment (Housing Statement Reform) Act 2025, which provides the Victorian Government with authority to set training and licensing requirements and to ensure industry standards keep pace with a changing property market, the REIV made its formal submission on education and training standards.
The REIV has been a vocal advocate of increased education from the inception, conducting ongoing engagement and advocating for mandatory CPD and a practical, flexible framework for learning. The Institute emphasised that well-trained real estate professionals are essential for delivering high-quality service to renters, rental providers, buyers, lot owners and other
participants in Victoria’s housing market.
Under the draft regulations, real estate professionals will be required to complete CPD annually, starting from April 2027 for agents’ representatives, estate agents, and conveyancers, and April 2028 for OC managers. From June 2027, owners corporation managers will also need to meet new initial training requirements to ensure everyone is up to date with the latest industry knowledge and regulatory obligations.
The Victorian Government will introduce fee adjustments to cover the cost of running the licensing and registration system. Further, under recently proposed regulatory changes, the BLA will place bans on education providers who do not meet CPD or information standards, determine which CPD activities are mandatory and require written assessments for them, and create clear
Well-trained real estate professionals are essential for delivering high-quality service
guidance for how these activities must be designed and delivered.
The REIV continues to work closely with government agencies to refine the regulations and shape the direction of real estate education, providing industry insights and practical guidance to make CPD achievable, meaningful, and valuable for all property professionals.
Following the recent extension of government consultation, final regulations are expected to be released in the coming months.
Property tax reform, professional standards and market transparency remain at the forefront of our efforts.
Submission Date Key recommendations
Parliamentary Inquiry into the Supply of Homes in Regional Victoria March 2025
• Reform property taxes, including land tax and stamp duty
• Reduce regulatory burden affecting rental investment
• Streamline planning and development approvals
• Encourage housing diversity in regional areas
• Increase infrastructure investment in growth regions
Next moves
Evidence informs parliamentary recommendations on housing supply.
The REIV continues to advocate for planning and taxation reform, and improved housing investment conditions in regional Victoria.
Submission Date Key recommendations Next moves
Striking a Balance
Owners Corporation Act Review
June 2025
Education and fees regulations for property industry professionals submission
September 2025
• Expand grounds for Notices to Vacate to include providing false or misleading information on applications
• Enable eviction for illegal activity in rental properties
• Reduce threshold for repeat rent arrears breaches
• Increase renter notice of intent to vacate to 28 days
• Introduce mandatory training and registration for owners corporation managers, in addition to increased education for committees and lot owners
• Establish an Owners Corporation Commissioner
• Strengthen financial oversight and auditing requirements
• Improve balance of collective and individual rights, including through collective sales and shortstay impacts
• Strengthen consumer protections in new developments
December 2025
• Introduce a mandatory five CPD activities annually for real estate professionals
• Maintain rigorous RTO oversight and regulatory approval of CPD
• Require the full Certificate IV qualification for owners corporation managers
• Implement partial cost recovery for entry, registration, and licensing fees
• Provide transition arrangements and RPL pathways for existing owners corporation managers
The REIV continues to advocate for balancing rights and responsibilities between renters and rental providers to support and maintain rental supply and investor participation in the market.
The Victorian Government is considering legislative reforms to the Owners Corporation Act.
The final review report is currently with the Victorian Government and is expected to be released soon.
The REIV will actively engage on any legislative change proposed as a result of the review.
The Victorian Government is determining its final education and fees regulatory framework.
Expected implementation for agents’ reps and estate agents from April 2027 and owners corporation managers from April 2028.
Submission Date Key recommendations Next moves
A Blueprint for Marketing of Residential Real Estate in Victoria
January 2026
Land Registry Fees Review February 2026
• Private sales - Marketing to display a single, vendor authorised asking price.
• Auctions - Marketing to display a 10 per cent price range. No later than three clear business days before the auction, the vendor must confirm their reserve price falls within the advertised 10 per cent price range.
• Disclosure of the sale price for all residential properties once a contract becomes unconditional
• Building and Pest Inspection Report included in the Vendor’s Statement (Section 32)
• Ensure Section 32 information is available when property is offered for public sale
• Develop a demerit point system to develop a compliance culture.
• Greater transparency on enforcement activity, progress and resulting learnings.
• Introduce mandatory bidder registration and available digital copies of key documentation
• Simplify land registry fee categories
• Avoid over-reliance on higher-value transactions to fund the registry system
• Link fee increases to service performance standards
• Provide transparent cost modelling for fee changes
• Commit to regular future reviews of fees
The Victorian Government has proposed an alternative reform framework to address underquoting and transparency concerns.
The REIV continues to advocate that the government withdraws its proposal to disclose reserve price 7 days before auction and instead adopt broader reforms improving data access, enforcement, and consumer protections. The government has since indicated it will legislate the REIV’s recommendation for building and pest inspections and mandate disclosure of the sale price.
The Victorian Government will determine the final fee structure in the coming months.
The REIV advocated for transparent cost modelling, service standards and periodic reviews to ensure fees remain fair and costreflective.
As a member of the REIV, you represent a high standard of professionalism, integrity and commitment to the industry. Using the REIV Member logo across your digital, print and client-facing materials is a powerful way to showcase this and build trust with your audience. The logo toolkit helps you apply the correct branding, whether you’re an individual member or part of an office, ensuring your membership is promoted clearly and consistently.
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Inaugural event explores themes of leadership, resilience and innovation
Held on 19 February, the inaugural Women in Real Estate (WIRE) event has set a new benchmark for REIV events, bringing together about 250 individuals for a sold-out day defined by meaningful dialogue, practical learning and a clear focus on supporting and advancing women in real estate.
The room was defined by a sense of community, with attendees actively engaging in networking, sharing experiences and building connections
From the outset, the tone was set with a series of engaging sessions led by respected industry voices including Tanja Lee, Sarah Case and Michelle Valentic, expertly guided by MC Cate Vesely. Their insights combined honesty with practical takeaways, resonating strongly with attendees.
As the day progressed, the focus turned to leadership, financial empowerment and advocacy. Claire Higgins, Chair of REI Super and incoming Chancellor of Deakin University, shared her boardroom journey and addressed the gender pay gap in superannuation, and offered guidance on how women can take greater control of their long-term financial outcomes.
Attendees also heard from Abbey Holmes, whose career spans elite sport, national media and real estate. Drawing on her experience as a licensed estate agent, Holmes spoke about resilience, adaptability and the importance of advocating for women
in traditionally male-dominated industries.
Beyond the stage, WIRE delivered equally in the moments between sessions. The room was defined by a sense of community, with attendees actively engaging in networking, sharing experiences and building connections that extended beyond the event itself.
The day concluded with a keynote from Turia Pitt, who brought both perspective and energy to the closing session. In a memorable moment, Pitt had the entire
room on their feet, reinforcing her message around mindset, resilience and backing yourself. Her address provided a fitting and impactful close to a day centred on leadership and opportunity.
The success of WIRE 2026 reflects a growing appetite within the industry for events that not only inspire, but also equip attendees with practical tools and meaningful connections. As a sold-out, first-time event, it has firmly established itself as a significant new platform for women in real estate.
sells for a record $1,212,000 in nail-biting no-reserve auction
A Tarneit couple successfully held off rival bidders to secure their dream property in an annual event to help raise funds for the Royal Children’s Hospital.
Melbourne has erupted with auction-day energy, as the 2026 Royal Children’s Hospital Good Friday Appeal Home sold under the hammer in front of a charged crowd for a record $1,212,000, raising vital funds for the Royal Children’s Hospital.
After 44 bids in a nail-biting no-reserve auction expertly called by three-time REIV Senior Auctioneer of the Year Paul Tzamalis, Tarneit locals Gurshish Nehal, 46, and his wife Kiran, 43, emerged as the proud new owners
of the show-stopping, fully furnished and professionally landscaped Lancaster 440-D47. The head-turning Monroe facade was built by Henley, with the support of volunteer trades and suppliers, on land donated by Villawood Properties at Alamora in Tarneit.
The Good Friday Appeal charity house
Top, REIV Senior Auctioneer of the Year Paul Tzamalis calls for bids; bottom, Tarneit locals Gurshish and Kiran Nehal eventually secured the home (opposite page) for $1,212,000.
auction is one of the highlights of the auctioneering calendar.
As a proud supporter of the Good Friday Appeal, the REIV applauds the commitment of the entire Henley and Villawood teams for the work they do year on year to make a difference for all Victorian families.
In May, the REIV will proudly co-host two of the most high-profile gatherings on the real estate calendar – the Australasian Auctioneering Championships and the National Awards for Excellence.
Running from Tuesday, 19 May to Thursday, 21 May, the three-day program will bring together the industry’s leading professionals from across Australia and New Zealand, alongside its most promising emerging talent, for a celebration of skill, performance and excellence.
Run in conjunction with the Real Estate Institute of Australia (REIA) and the Real Estate Institute of New Zealand (REINZ), the Australasian Auctioneering Championships (AUSTROS) are a true test of an auctioneer’s craft. Competitors are challenged to demonstrate precision and control under pressure, with every call scrutinised by industry experts.
The event will also feature the Australasian Novice Auctioneering Championships (ANAC), a platform dedicated to the next generation of auctioneers. The novice competition offers rising professionals the opportunity to step into a high-pressure environment, sharpening their skills and gaining invaluable experience.
The celebration culminates on Thursday, 21 May at the National Awards for Excellence (NAFE), held at the iconic Centrepiece venue.
As the only national, independently judged and practitioner-led awards program in Australian real estate, NAFE represents the benchmark of professional excellence. Across 23 categories, the industry’s top performers will be recognised, each judged by experts and acknowledged as leaders in their field. It is also on this stage that the 2026 AUSTROS and ANAC champions will be announced, bringing three days of competition to a fitting and celebrated close.
For attendees, the program offers more than competition and celebration. It’s an opportunity to network with peers, observe best practice at the highest level, and gain insight into both current excellence and emerging talent within the profession.
As the industry continues to evolve, events such as AUSTROS and NAFE play a critical role in setting standards, recognising achievement and inspiring the next generation. This May, all eyes will be on Melbourne as it hosts the very best in Australasian real estate.
Tickets for both AUSTROS and NAFE are now on sale. Register here.
The REIV congratulates the Victorian finalists and looks forward to seeing them represent the state on the national stage in May.
AGENCY SUSTAINABILITY LEADERSHIP AWARD
Finalists
• Engine Property Group
BUSINESS DEVELOPMENT MANAGER OF THE YEAR
Finalists
• Alex Gale, Elite PM Agency
BUYERS AGENT OF THE YEAR
Finalists
• Jenny Jia, JL Property Buyers Agent
COMMERCIAL PROPERTY MANAGER OF THE YEAR
Finalists
• Silvana Di Camillo, Network Pacific
COMMERCIAL SALESPERSON OF THE YEAR
Finalists
• Marcello Caspani-Muto, CBRE
INNOVATION AWARD
Finalists
• OBrien Real Estate
LARGE RESIDENTIAL AGENCY OF THE YEAR
Finalists
• Wilson Property
MARKETER OF THE YEAR AWARD
Finalists
• Rav Sri, Ravs Realtors
MARKETING AND COMMUNICATIONS AWARD
Finalists
• MATTHEWS.
MEDIUM RESIDENTIAL AGENCY OF THE YEAR
Finalists
• Woodards Manningham
OPERATIONAL LEADERSHIP AWARD
Finalists
• Michael Furlong, Rent Roll Maximiser
OPERATIONAL SUPPORT AWARD
Finalists
• Sophia Mulkearns, Elite PM Agency
REIA PRESIDENT’S AWARD
Finalists
• Harry Li
RESIDENTIAL PROPERTY MANAGER OF THE YEAR
Finalists
• Elaine Yeo, Core Realty
RESIDENTIAL SALES TEAM OF THE YEAR
Finalists
• Woodards South Yarra
RESIDENTIAL SALESPERSON OF THE YEAR:
Finalists
• Edward Carlile, Woodards South Yarra
SMALL RESIDENTIAL AGENCY OF THE YEAR
Finalists
• MATTHEWS.
VCAT requires clear evidence to verify grounds for eviction so it’s essential that key information remains in documents.
There have been reports of the Victorian Civil and Administrative Tribunal (VCAT) dismissing Notices to Vacate (NTV) where supporting documents have been redacted, particularly documents such as the Exclusive Sale Authority.
Key points to consider include:
• A NTV issued on the basis of sale must be accompanied by supporting evidence.
• The evidence provided must contain sufficient information to demonstrate a genuine intention to sell, including a properly executed sales authority.
It is common practice for agencies to redact information such as selling commissions, vendor details and other sensitive information to protect privacy and commercial interests. However, care must be taken to ensure that any redactions do not remove information that is material to establishing the validity of the sales process.
Care must be taken to ensure that any redactions do not remove information that is material to establishing the validity of the sales process
In Mazi v Kao, the Supreme Court did not specify precisely what information must remain on an exclusive sales authority to satisfy the documentary evidence requirement, nor did it provide detailed guidance on how privacy concerns should be managed.
The Court’s focus was instead on whether the redactions removed information necessary to establish a genuine intention to sell. In that case, the term of the sales authority had been redacted, making it impossible to determine whether the authority was current at the time the NTV was issued. As this information was material, the evidence was found to be insufficient.
While VCAT is not bound by its own previous decisions and outcomes can vary depending on the facts of each case and the Tribunal Member hearing the matter, it must apply the legal principles established by superior courts, including the Supreme Court of Victoria. The practical focus therefore remains on ensuring the NTV and supporting documentation clearly demonstrate a genuine intention to sell and can withstand scrutiny if challenged.
The key takeaway is that redactions are permissible only where they do not remove information necessary to establish the existence, currency and validity of the sales authority. If the redacted information prevents VCAT from verifying that a genuine sale process exists, the NTV may not satisfy
Selling a property with owner-builder works requires heightened due diligence to avoid legal pitfalls and protect buyers.
When selling a property with any building work completed in the past six years and six months, agents must ensure the Section 32 Vendor Statement complies with disclosure requirements. Failure to disclose owner-builder works, even minor ones, can allow a purchaser to rescind the contract before settlement and expose vendors to significant risk.
Domestic Building Contracts Act domestic building work includes both structural and non-structural work (construction, renovations, extensions, painting, tiling, plastering, cabinetry and
An owner becomes an “owner-builder” when they personally carry out or coordinate this work on their property, without engaging a registered builder, regardless of whether a building permit was required.
Permits are generally needed for structural works, but non-structural or cosmetic works can still fall under owner-builder obligations, particularly where undertaken independently and within the disclosure period.
If any owner-builder work was carried out within six-and-a-half years of the contract date, the vendor must provide:
• A Defects Inspection Report by a registered building practitioner (issued within six months of sale); and
• A copy of the Owner Builder Domestic Building Insurance covering all relevant work (this includes both structural and non-structural works).
Owner-builders are required to obtain:
• Domestic Building Insurance for structural works exceeding $16,000 which protects the purchaser for six years from completion; and
• Insurance for non-structural works exceeding $16,000 which protects the purchaser for two-and-a-half years from completion.
These obligations apply regardless of the scale of work. Even minor renovations or internal finishes can trigger the requirement to disclose and insure.
Failure to provide the required documentation renders the Section 32 defective, entitling a purchaser to rescind the contract before settlement.
• Assuming “cosmetic” work doesn’t require disclosure.
• Not realising insurance is required for both structural and non-structural works.
• Using outdated Defect Inspection Reports.
• Not including insurance certificates.
• Vendors often believe painting and cosmetic updates are excluded from owner builder works – this can be a costly error.
• Misleading marketing of recent renovations without confirming owner-builder compliance.
• Incomplete Section 32 documents – a key cause of rescission.
Failure to disclose owner-builder works, even minor ones, can allow a purchaser to rescind the contract before settlement
If owner builder works are not disclosed, the purchaser may rescind the contract or claim damages for misrepresentation. Vendors may lose deposits or face breach of warranty claims. Agents who fail to make adequate enquiries may breach professional conduct obligations or face liability exposure.
1. Always ask vendors what works have been done in the past seven years.
2. Determine whether works were completed personally or by a registered builder.
3. Obtain all Defect Inspection Reports and insurance certificates (for both structural and non-structural works exceeding $16,000).
4. Confirm documents are current and attached to the Section 32.
5. Err on the side of caution. When in doubt, disclose.
In summary, all owner builder works (structural or non-structural) completed within the past six-and-a-half years must be disclosed and insured (if works exceeded $16,000). Full and cautious disclosure protects vendors, purchasers and agents from costly rescission and compliance risks.
(This information sheet provides general guidance only and does not constitute legal advice. Agents should seek their own professional legal advice about their specific circumstances).
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Property prices are rising across the nation, causing anxiety for first-home buyers and investors alike. However, Melbourne stands out as a surprise exception.
According to the latest data from the Australian Bureau of Statistics, price growth in Melbourne has been modest compared to other capital cities such as Brisbane, Adelaide and Perth over the past five years.
Melbourne ranked as the sixth most expensive capital city for houses in the December quarter of 2025, making it the third most affordable capital city in Australia, sitting just above Hobart and Darwin. Its median house price was nearly half that of Sydney, the nation’s most expensive city.
Since 2020, Melbourne has recorded the weakest price growth among the capital cities, with house prices rising 15.1 per cent
over the period. In comparison, Adelaide, Brisbane and Perth have surged by at least 80 per cent over the same period. In the shorter term, Melbourne also recorded the lowest quarterly growth, with its median house price increasing by just 2.9 per cent.
For units, Melbourne ranked slightly stronger with the fifth most expensive median price among the capital cities, dropping from the second most expensive city for units in 2020. Price trends across the unit market were consistent with houses, with median price growing by only 6.5 per cent over the past
five years, the weakest among the capital cities. Over the same period, Brisbane’s unit market surged by more than 90 per cent, making it the second most expensive city for units nationwide.
Looking at weekly income figures by state, Victoria recorded the second weakest growth over the past five years among all states and territories. This may partly explain the stronger price growth seen elsewhere, as income growth supports housing demand
TABLE 1 WEEKLY INCOME FIGURES, FULL-TIME ADULTS BY STATE
Source: Australian Bureau of Statistics (November 2025) Average Weekly Earnings
CONTINUED FROM PAGE 33 >>
and purchasing power, while Victoria’s weaker growth may have contributed to more moderate price increases.
It’s not all doom and gloom. As property prices were moderating in Melbourne, the flipside is more people looking to invest or move to the city. Melbourne recorded the highest number of residential property transfers in 2025 among the capital cities for both houses (57,769) and units (66,016).
In terms of growth rate, Melbourne had the second strongest growth just behind Darwin.
While Melbourne’s price growth has lagged behind other capitals in recent years, the slower pace has helped maintain relative affordability compared with the rest of the country. Combined with strong population growth and sustained housing market activity, this may continue to support demand in the market as buyers and investors look for opportunities in a more balanced environment.
Peter Lynch from Aon sits down with Michael Gapes, Partner at Carter Newell Lawyers, to unpack one of the standout benefits of Professional Indemnity (PI) insurance for real estate.
When something goes wrong in property management – a slip and fall, a maintenance dispute or an alleged mismanagement issue –it’s often the policy excess that really stings. Even when you’ve tried to do everything right, you can still be left out of pocket.
One of the standout benefits of Aon’s Professional Indemnity (PI) insurance for is the potential to have your excess waived on eligible property management claims, where certain risk management criteria are met. For many agencies, that can mean real, tangible savings when it matters most.
To unpack how this works in practice, Peter Lynch from Aon sat down with Michael Gapes, Partner at Carter Newell Lawyers. Carter Newell has operated Aon’s professional indemnity legal hotline for more than 30 years, and Michael has been closely involved for more than two
If you meet the policy’s risk management conditions, including correct agreements, inspection records and maintenance & repairs documentation the excess on eligible residential or commercial property management claims could be waived –subject to full policy terms and conditions. Good risk management. Zero excess on eligible claims*.
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decades, overseeing and triaging the team that supports real estate professionals when claims arise.
In this video, Peter and Michael explore:
• The five key requirements that may help agencies to qualify for a nil excess on property management claims
• The range of claims where the excess waiver can potentially apply – from slip and fall incidents to mismanagement and paperwork errors
• What “systems, processes and documentation” can look like in day-today property management
The excess waiver isn’t about adding new burdens – it’s about doing what good property managers should already be doing
• Some common reasons agencies may not qualify for the nil excess benefit
• How file quality and record keeping may have improved since the waiver was introduced, and what that could mean for today’s principals and property managers
Whether you’re already an Aon client or you’re hearing about this benefit for the first time, this short discussion explores how good risk management may help support both your professional standards and your bottom line.
As Peter and Michael highlight, the excess waiver isn’t about adding new burdens –it’s about doing what good property managers should already be doing and being able to demonstrate it on file.
In practice, that can mean:
• Using an appropriate standard property management agreement
• Keeping thorough inspection records that align with state or territory legislation
• Properly documenting repair and maintenance requests
• Showing that repairs and maintenance are acted on in a timely way
• Engaging suitably qualified, licensed and insured contractors where required
Agencies that have these systems embedded – and can evidence them – may be eligible to have their excess reduced to nil on a range of property management claims.
For principals, this isn’t just about compliance – it’s about protecting your business and its cash flow. On larger claims, having the excess waived may result in a significant saving, reinforcing the value of disciplined processes, good governance and clear documentation across your rent roll.
• If you’re an existing Aon client, consider using the five criteria discussed in the video as a quick health check on your current property management systems and file quality. Speak with your usual Aon contact if you’d like to understand how this benefit applies to your specific program.
• If you’re not currently insured with Aon but want to explore PI cover that may reward strong risk management, contact Aon or speak with your industry association about how the Aon Real Estate PI offering may be able to support your business.
For principals, this isn’t just about compliance –it’s about protecting your business and its cash flow
By tightening your systems today and understanding how the excess waiver works, you may help place your agency in a stronger position when a claim arises – both from a risk management and a financial perspective.
Our team can help you:
• Understand how the Excess Waiver feature works in practice
• Review your current risk management procedures against policy conditions
• Explore whether Professional Indemnity Insurance arranged through Aon is suitable for your business
Speak to one of our dedicated real estate brokers on 1300 734 274 or via email at au.realestate@aon.com.
The information contained in this communication is general in nature and should not be relied on as advice (personal or otherwise) because your personal needs, objectives and financial situation have not been considered. Before deciding whether a particular product is right for you, please consider your personal circumstances, as well as the relevant Product Disclosure Statement (if applicable), Target Market Determination and full policy terms and conditions available from Aon on request. All representations in this communication in relation to the insurance products Aon arranges are subject to full terms and conditions of the relevant policy. Please contact Aon if you have any queries.
The Real Estate Agents Professional Indemnity insurance is arranged by Aon under a binder agreement on behalf of CGU Australia Pty Ltd (ABN 62 004 478 960) trading as CGU Insurance (CGU) AFSL 700014. When acting under a binder we will be acting as agent of CGU and not as your agent. Our binder arrangements with CGU are such that we remain your agent in the handling of any claim. If you purchase this insurance, Aon will receive a commission that is a percentage of the premium. Further information can be found in our FSG or provided upon request.
We welcomed
From 1 October, 2025 to 28 February, 2026
Not an REIV member yet?
Samaira Ahuja JMC Real Estate
Alderman
Theodore Angelopoulos
Bronson Aquilina
Stuart
Kim Armour Acorealestate Martin Artigas
Real Estate Michelle Artigas Bells Real Estate Kim Ashwood
& Associates Real Estate
Angela Athanasiadis Noel Jones (Box Hill)
Alan Au
Barry Plant Brimbank
Smarth Bajaj
Martine Bannister Ryan Property Specialists
Ben Boland Hemati Prime Advocates
Charles Borromeo Area Specialist
Lissa Broughton Bloc Property
Allison Brudenell MMJ Real Estate
Bryce Carroll Global Property Brokers
Harrison Casey Cornerstone Property Group (CPG)
Cooper Cavallo Belle Property Commercial Melbourne North
Margaret Chadwick Chadwick & Co Real Estate
Tim Chan Melbourne Property International
Tanz Chaudhary EquiGrowth
David Chehade
Laurie Chew
Giovanni Colosimo
Anisha Dahiya Local Agents Real Estate
Karen Dennis Coastal Agents
Mel Dennis Domain & Co
Gurdeep Dhillon Mickleham Real Estate
Edward Dilleen Dilleen Realty SA
Hi Thanh Sang Doan Mint Residential (Victoria)
Haydn Drummer Raine & & Horne Zac Ebrahimi McGrath Berwick
Lorraine Edlington LJ Hooker Paynesville
Bruce Elliott Victorian Livestock & Property
Ryan Fisher Fisher Private Office
Bridget Fry Limewood Real Estate
Jesse Gardner Jesse Kane Gardner
Megan Green Reliance Real Estate
Palak Grover Caviar Realty
Avinash Gutta House N Keys Real Estate
James Haining Eagle Ridge Asset Management
Glenn Hardman Branch Real Estate
Jennie Hoang
Rachael Holman
Hodges Rye
Lifang Huang
RiseX Property Advisory
Mina Husidic Wise Owners Corporation Management
Alexander Ilyin
Ray White Geelong West
Saleemah Ishaq Top Estate Agents
Norbert Izsak Trident Business Sales
Dulip Jayakody Grit Property Group
Kamlesh Kamani Okas Real Estate
Dean Kamanis Off Market Melbourne
Nirvair Singh Kandola First Choice Real Estate & Rentals
Nick Kaura PRD Berwick
Matt Kavanagh
McCartney Real Estate Torquay
Michael Kimbel Property Mavens
Michael Kimbel
Sam King Paramount Strata
Panayiotis Kritikos Crabtrees Real Estate
Sam La Spina
Barry Plant Brimbank
Nicole Lancey
JB Lee Estate Agents
Victoria Leavold
Peet Estates (Vic)
Kayn Luff
OBRE Mornington
Daniel Luks
Platinum Home Sales
Katie Mactier
Nick Johnstone Real Estate
Jarrad Mahon
Investors Edge Real Estate
Jacinta Malone Graham Chalmer
Shaun Marijanovic Commercial Property Sales
Kazween Marker Marker Realty
James Matina Matina Agency
Alex McCormick SOCM
Patrick McCurry
Melbourne Real Estate Sales and Property Management
Kate McGlone
YPA Estate Agents Melton
Jake McIntyre
Ray White (Victoria)
Mellisa Meli
Ray White Rural Tumbarumba
Nicole Miller
Ray White Pakenham
Dan Moore Geon Property Management
Charlotte Morison Slate and Sage
Julian Muldoon 1Group Property Advisory
Travis Mullavey Apex Property Partners
Robert Nakos Harcourts First Mount Waverley
Anuj Narwal LJ Hooker Melton
Kiem Nguyen Area Specialist St Albans
Quinnie Nguyen WECA Real Estate
Fran Nicol Real Estate Dynamics
Troy O’Brien
Charles L King & Co
Ping O’Callaghan O and Co Real Estate
Damian O’Sullivan
Marshall White Albert Park
Tino Parisi Parisi Commercial Group
Nicole Prime McGrath St Kilda
Marne Puls KIN Real Estate
Richard Ragel
Milk Chocolate
Brett Raguse Raguse MiCasa Property Group
Pat Reddan
Delaney Livestock & Property
Kyle Reid Coastal Agents
Sarah Risteski Jellis Craig
Annabelle Robinson Bel Agency
Aviva Rotstein
Danielle Ryan CORE Advisory Asset Management
Georgia Salau McGrath Bendigo
Luke Saville Savprop
Rohit Sharma Absolute Agents
Rick Silberman OFS South Yarra
Sardeep Singh Fletchers Glen Eira
Jagtaran Singh Geelong Bay Real Estate
Kamaljeet Singh Professionals Cranbourne
Navdeep Singh
Natalie Stathis Built To Rent Group
Paul Sterrantino Agent Reach
Lou Stevenson Niche Property Advocates
Nicole Swemmer L T Investments
Karen Swincer KSPMC
Rebecca Thomas Value Partner Program
Heath Thompson Projects By Buxton
Albert Tomassi Tomassi & Co
James Treloar Gill Property
Nash Uddin Lokal Agent
Nikki Van Gulick Marshall White & Co
Cameron Vurovecz
Ray White West Realty Deer Park / Caroline Springs
Ryan Wallace JR Property Melb
Crystal Wang
Paul Wells Coupers Lifestyle Properties
Marcus Westnedge Capital Properties. Com.Au
Amylee Williams Leap Real Estate
Stuart Wilson Ray White Rochester
Linna Wu LWU Real Estate
Chris Yan Brick & Castle
Jessie Yan Roseland Property Group
Michael Yates Michael L Yates
Kevin Zhang Premium Property Service Group
Lulu Zhang Future Commercial
Simon Zhang Your Expert Real Estate South East
Eric Zhou Banksia Property Agency
We congratulate our members who have completed or will soon reach important milestone anniversaries between January and April 2026.
60 YEARS
Darrell Simpson
50 YEARS
Geoff Earney
John Keating
40 YEARS
Jock Bing
Greg Hocking
Rob Hooper
Frank Molinaro
Rodney Morley
Peter Nicolls
Richard O’Brien
Paul Sutherland
Lucky Teneketzis
Garry Chisholm
Paul Denver
Paul Evans
John Furniss
Anthony Grimwade
Marty Maher
Larry Takis
Trish Tebb
Russell Bartlett
Tim Bradler
Brian Boyle
Lachlan Castran
Ben Dawson
Laurie Eddy
Michael Furlong
Colin Gooding
Jen Harlow
David Hart
Bradley Hinton
David Ibrahim
Mark Agius
Tony Aminian
Anastasia
Arvanitakis
Nina Augoustakis
Lambie Balkos
Craig Bass
Kristian Bonnici
Adam Buhagiar
Allison Collis
Andrew Date
Stuart Evans
Vincent Fei
Michael Fernandez
Paul Filippone
Kimberley Forsyth
Michael Hall
Carol Huang
Richard Impiombato
Richard Kennett
David Lamond
Derek Lay
Penny Perry
Ayleisha Plant
Jenny Rutherford
Michael Lang
Kevin Lee
Peter Lindeman
Ian Oldstein
Robert Ozzimo
Greg Price
Jason Reid
Steve Torre
Nekti Tzouroutis
Sheryl Upton
Michelle Varney
Bill Verhagen
Helen Sankey
Kanav Sharda
Tee Singh
Brett Sparks
Ryan Tierney
Lewis Tong
Kevin Tran
Dennis Tzortzoglou
Duane Wolowiec
James Wright
Yvonne Zhao
Member for
Joined in
Darrell has served as 60 1966 years
President of the REIV, among other positions
As a former President of the REIV, former Chair of the REIV Valuation Chapter and Life Member of the REIV, Darrell is part of a very small, elite group of real estate professionals. Over his journey with the REIV, Darrell has been involved in the Arbitration and Professional Standards Committee in 2003, the Education Committee in 2007, the Ethics Council in 2001, the Property Management Committee in 2002 and 2003, and the REIV Viva Voce Committee. He is also a long-time member of the Member Council and a member of the Past Presidents’ Council.
MILESTONE SPOTLIGHT
John obtained his real estate sub-agents licence in 1968 and started working full-time in the family business in January 1970, which he subsequently purchased in 1975. Over his 50 years as an REIV member, he has been incredibly active, serving on the Arbitration and Professional Standards Committee in 2009 and 2013, the Bendigo Division from 2002 through 2022, and the Ethics Committee from 2000 through 2008. Further, John is a long-standing member of the Members Council and, more recently, has joined the Regional Working Group.
MILESTONE SPOTLIGHT
Geoff started his real estate career in 1972, eventually running his own business and winning the prestigious REIV Large Agency of the Year Award three years in a row in 2017, 2018 and 2019. A long-time supporter of the REIV, Geoff was a member of the Ringwood/Lilydale Division.
Keep your team up to date on industry changes by holding a customised REIV training session in your office. It’s a convenient and cost-effective way to upskill your employees and have their questions answered.
