Real estate body lays its foundation for the future

STRONGER relationships will be forged between conveyancers and real estate agents as Tranche 2 of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act takes effect this month (July), predicts Tony Balazs, the CEO of the Real Estate Institute of Victoria (REIV).

“The AML/CTF obligations are likely to bring the two professions closer as there will be synergies and workflow benefits for both,” Balazs tells Australian Conveyancer magazine.

“The Reliance Rules allow agents to rely on the buyer’s conveyancer for some aspects of the process. This creates opportunities to improve alignment and simplify the buying experience for consumers.

“The REIV has and will continue to engage with the Australian Institute of Conveyancers (AIC) to build stronger relationships across the sector.”

Balazs says the REIV is striving to work “collaboratively” with all government agencies and stakeholders, to ensure informed regulatory policy is developed to provide “certainty and fairness for all”.

“As the peak representative body for real estate practitioners in Victoria, the Real Estate Institute of Victoria is deeply invested in helping to ensure the ongoing prosperity of the state’s property sector,” he says.

And with the Victorian state elections coming up in November, the REIV is lobbying hard for change.

“The REIV’s vision for a successful property sector would be a robust, resilient and professionally led sector, to inspire confidence, attract investment, support sustainable economic growth, deliver stable and accessible housing outcomes, and strengthen Victoria’s long-term prosperity,” says Balazs.

“From our perspective, the critical issue is about attracting and retaining investment in Victorian real estate. This is fundamental to building a sustainable pipeline of housing supply.”

Like healthcare, education, and sport, Balazs says the state of the property sector remains fundamental to the Victorian experience.

“In serving to both reflect and shape the lives of Victorians, and the state’s economic fortunes more generally, property’s importance cannot be overstated,” he says.

“After all, real estate, whether in the form of a home, workplace, retail premises, investment asset or community space – touches every Victorian, and decisions relating to first home ownership, family homes, investment properties and intergenerational wealth have material economic and social implications.

“Not to mention that this is a sector that continues to contribute nearly half of the state’s total tax revenue and, as such, represents a foundational pillar of Victoria’s economic and fiscal stability.”

The REIV believes the relative health of the property market is not only a subject of industry interest, but a matter of broader public significance. Not least when taken against the backdrop of an ongoing cost of living crisis, soaring state debt and an

increasingly fraught geopolitical landscape abroad.

“A stable, confident and well-functioning property market underpins employment, investment, infrastructure delivery and essential government services across the state, balancing fiscal objectives, regulatory integrity, market confidence and community outcomes,” says Balazs.

“Central to this ongoing public interest, is the question of property policy reform, particularly from a tax and regulatory perspective. Key to which is how to fairly balance the competing interests of the sector’s different stakeholders in a way that makes a positive difference for all Victorians.”

The REIV believes the question of policy reform takes on even more importance in the lead-up to the state election and is seizing the opportunity to positively shape Government policy.

Recently publishing its election manifesto – Fixing the Foundations, the REIV’s objective is to provide “critical insights” into the lived experiences of Victorians and their preferences for property sector reform.

The report, supported by an independent survey of 1000 Victorians from key residential real estate sector cohorts, including property owners, renters, and rental providers, informed the REIV of the basis of its current recommendations to those in government.

“The research-driven recommendations of our Election Priorities Document are clear,” says Balazs.

1. Advance a modern, equitable and transparent property market framework that builds enduring consumer trust and market confidence.
2. Create stable and competitive regulatory and taxation policy settings that enable investment in housing supply and support a healthy rental ecosystem.
3. Restore the competitiveness of Victoria’s commercial and industrial property sectors to drive enterprise, productivity and economic growth.
4. Reform first home buyer support mechanisms to better enable entry into home ownership for younger Victorians.
5. Embed higher standards of professionalism and accountability across the property sector to enhance outcomes for the community and the economy.

During its research, the REIV also identified a “significant vote of no-confidence” in the State Government’s proposed response to underquoting.

“Ninety-four per cent of Victorian property owners told us they would fundamentally change their selling strategy if forced to disclose their reserve price seven days before an auction,” says Balazs.

“The Government’s proposal in its current form is counterproductive and will not achieve its intended objective. In fact, it is likely to compromise transparency by triggering inflated reserve prices, a fall in clearance rates and an increase in offers prior to auction, as indicated in the survey results.

“What’s more, the survey showed, one-in-four Victorians believe the proposed law gives the Government undue say in how much property owners sell their property for, while over a quarter (27%) said it takes control of the decision to sell out of the owner’s hands.

“For Victorians seeking to sell what is likely to be their biggest financial asset the proposed law is too heavily weighted against property owners.”

Meanwhile Balazs says he reiterates the Institute’s “longstanding calls” for more evenly balanced tax and regulatory settings to “ensure a healthier rental market ecosystem and deliver better outcomes for the sector’s key stakeholders”. 

“Ironically, the relentless 10-year period of rental regulation and property tax increases we have seen play out in Victoria has served to increase complexity and holding costs for rental providers, while failing to materially improve rental affordability and access for renters.”

AREAS TO WATCH

Metro – The City of Melton

Among Victoria’s metropolitan areas, the City of Melton has been the fastest-growing municipality over the past five years.

The number of house sales more than quadrupled in the year ending March 2026, compared to March 2021.

A similar trend was seen in the unit market, with volumes also nearly quadrupling over the same period.

Six of the municipality’s suburbs recorded double-digit growth in median house prices over the year, led by Melton West at 15.2 per cent.

The municipality also saw Melbourne’s highest population growth with its estimated resident population rising by 5.8 per cent in 2025 compared to the previous year, adding over 12,000 new residents.

Regional – Buloke Shire

Buloke Shire is one of the fastest-growing regional municipalities, with house sales increasing tenfold since 2021.

It was also the top-performing municipality for annual house price growth, recording a 37 per cent increase, the highest in regional Victoria.

The riverside town of Donald stood out within the region, with median house prices rising 12.3 per cent over the March 2026 quarter and 24.3 per cent annually to $320,000, making it one of the ten most affordable towns over the period.

Regional – Ballarat

As far as popularity goes, the suburb of Delacombe in Ballarat added more than 1,000 new residents in 2025 compared to the previous year.  Its 7.3 per cent population growth ranked third for all regional areas.

Another Ballarat suburb, Alfredton, ranked fifth with 3.7 per cent population growth in that period.

Delacombe also saw rapid house price growth over the last 12 months with median house prices rising by 14.1 per cent to $599,000.


The attractiveness of these Ballarat suburbs can be seen in their falling days-on-market showing that buyer demand is leading to quick sales.

Delacombe homes spent 30 days on the market in April 2026 compared to 50 days in April 2025. Alfredton saw a similarly rapid turnover, with average days on the market falling from 58 to 35 over the same timeframe.