Proposed changes expected to ease regulatory burden on routine property deals
The Property Council of Australia has expressed support for the government’s exposure draft of the Competition and Consumer (Notification of Acquisitions) Determination 2025, which aims to reduce regulatory hurdles for routine property transactions.
The draft introduces exemptions for certain land acquisitions, in line with the government’s October 2024 commitment to exclude residential developments and specific commercial transactions where the primary business involves buying, selling, or leasing land.
Following the Property Council’s advocacy, an additional exemption has been included for lease renewals and extensions on land where commercial businesses operate. This change is expected to prevent many low-risk property deals from being unnecessarily reviewed by the Australian Competition and Consumer Commission (ACCC).
“This is a win for tenants, homebuyers and customers through an efficiency boost for the thousands of ordinary but important transactions that support the industrial, residential and commercial assets our cities need to function well,” said Property Council chief executive Mike Zorbas (pictured above).
He noted that the initial version of the reforms could have caused significant delays and increased costs for homebuyers, particularly during a national housing crisis.
“These complex reforms are still unfolding, but the government has heeded our feedback, addressing unintended impacts on the capital-intensive, low-risk property sector,” Zorbas said.
However, concerns remain regarding the potential impact on new leases. Lessees may still be required to apply to the ACCC if their transaction meets notification thresholds, potentially facing delays due to a waiver process or determination.
The Property Council plans to continue engaging with Treasury on the draft determination and unresolved issues, especially around new leases, and will also collaborate with the ACCC on its draft assessment and process guidelines.
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