February has been a busy month in real estate, with the Housing Statement Reform Bill passing through Victorian Parliament. Set to take effect in November 2025, this legislation will bring significant changes to the rental market.
Key reforms include the removal of ‘no reason’ notices to vacate, stricter rent increase criteria, extended notice periods, and mandatory compliance with rental standards. The bill also bans rent payment fees and bidding, strengthens protections for rental application data, introduces licensing and training requirements for real estate professionals, increases penalties for underquoting, and establishes Rental Dispute Resolution Victoria (RDRV). Additional reforms are expected later this year, and the REIV will work with Consumer Affairs Victoria to provide training for industry professionals.
Their submission focuses on reducing stamp duty and land tax burdens, providing tax incentives for rental providers, and realigning property management responsibilities to encourage longer lease agreements. The REIV also advocates for expanding build-to-rent tax concessions, ensuring a balanced regulatory approach that supports both renters and property owners. These reforms are seen as essential to helping Victoria reach its goal of delivering 800,000 new homes by 2034.
Meanwhile, Melbourne’s property market has led the nation this month, with a boost in demand following the Reserve Bank of Australia’s 0.25% interest rate cut. Senior Economist Eleanor Creagh noted that improved affordability and increased borrowing capacity have strengthened buyer confidence, driving price growth and market activity.
At Noel Jones, we remain dedicated to supporting our local communities through the Community Support Program. Applications for Quarter 2 of 2025 are now open, and we encourage organisations and individuals creating positive change to apply before 31st March 2025 at noeljones.com.au/community-support-program.
If you have any questions about these changes and how they may impact you, or if you’re seeking expert guidance on buying or selling this autumn, the property experts at Noel Jones are here to help. Contact your local agent or visit noeljones.com.au
