The ACT Government has introduced the Property Developers Bill 2023 in the ACT Legislative Assembly on 30 November 2023.
The Bill creates a new licensing scheme and rules for residential property developers.
The new rules aim to protect the public and increase confidence in our buildings by:
- publishing a public register about developers.
- giving the government powers to have defects fixed by a developer and their builder.
- having a code of practice that developers must follow.
- needing a rating report as part of the application for a licence, which will look at their capacity and capability to deliver residential property developments.
- encouraging developers to have insurance that covers a building for 10 years after people move in.
The ACT Government is holding developers accountable for their projects. If they do the wrong thing, they will be fined, have tighter controls put on their business or have their licence suspended or cancelled.
We will keep working with the community and stakeholders to identify licensing requirements and further details of the scheme as part of more consultation in 2024.
The Bill is expected to be debated in the first half of 2024.
If you have questions, please email EPSDDBuildingReform@act.gov.au.
