Victoria's land registry fees are slated for an increase, primarily to address rising operational costs, including payments to the private operator managing the service since 2018.
Fee Increase Details
A proposal currently open for public consultation suggests a combined 44 percent increase in land registry fees. This adjustment would apply to various services, including:
- Property searches
- Lodging transactions
- Subdivisions
The proposed fee hike aims to cover growing government expenditures related to these services.
Impact on Landowners and Revenue
Under the new structure, property owners with valuations below $1 million would experience a reduction in fees. Conversely, properties valued above $1 million would incur higher fees, leading to an overall increase in government revenue from these services.
Context of Commercialization
Consultation documents indicate that the proposed fee adjustments are partly influenced by the Andrews government's 2018 decision to commercialize the land and registry titles office. This commercialization occurred prior to a state election.