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The Secretary for Transport and Housing, Ms Eva Cheng, completed her visit to Melbourne, Australia, today (November 12). During her stay she was assured that the regulation of land and property sales, which have been running for decades in Victoria, Australia, made business easier for those who played by the rules.
Ms Cheng yesterday (November 11, Melbourne time) called on different organisations involved in the property business, namely the Property Council of Victoria, which represents 2,200 property developers, investors and property service providers in the province; the Real Estate Institute of Victoria (REIV), which has over 7,000 members comprising all areas of specialised real estate practice; and the Victorian Civilian and Administrative Tribunal (VCAT), which deals with a wide range of disputes including those relating to property sales.
Executive Director of the Property Council, Ms Jennifer Cunich, said at a meeting with Ms Cheng that most home buyers were not sophisticated investors and they should definitely be protected. She added that the regulation of land and property sales did not have any bad effects on business. In fact, a level playing field with clear rules was good for business, as disputes would not be rampant because consumers had a clear understanding of what they would be buying.
This view was shared by a group of five senior VCAT members who Ms Cheng met at the Tribunal. Deputy President, Ms Bernadette Steele, commented that people had more trust knowing that there were regulations governing the buying and selling of properties.
Ms Steele said that the Tribunal, presided over by a panel of experts comprising lawyers and other professionals, was an effective avenue for either party to seek redress.
At a meeting with the President of REIV, Mr John Grabyn, Ms Cheng was told that the Institute played an active role in ensuring open and fair property transactions. Misrepresentation, misleading and deceptive behaviour were not allowed, while integrity, credibility and ethical standards of the real estate industry were encouraged.
The subject of rising property prices was brought up at different meetings yesterday. Ms Cheng learnt that property prices in the inner city of Melbourne had gone up by some 40% in the last 18 months, although recently there had been some stabilisation, mainly due to interest rate adjustment. Various measures and their effect on the property market were also discussed.
On the transportation front, Ms Cheng visited the Drug and Alcohol Section and the Road Policing branch of Victoria Police yesterday evening. She received a briefing on drug driving at the police station before observing on-site a roadside operation carried out by police officers.
Ends/Friday, November 12, 2010
Issued at HKT 17:19
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