The Victorian government has privatised its land titles and registry office for $2.86 billion, ahead of the November state election.
The Victorian Land Title and Registry, backed by the First State Superannuation Scheme, will operate some of the land titles and registry functions of Land Use Victoria for a 40-year term.
The state government says it will have control over prices for statutory land registry services with increases capped at CPI for non-statutory services.
The registrar of titles will remain under the government control to keep its oversight role over the private operator.
The state will also retain ownership of essential services, including the Subdivisions, Application & Survey, Valuer-General Victoria, Land Information and Spatial Services, Government Land Advice and Coordination, and the Victorian Government Land Monitor.
‘This is an outstanding result and another vote of confidence in the Victorian economy, one that will deliver a major boost to our already unprecedented investment in schools, hospitals, road and rail,’ Treasurer Tim Pallas said.
Shadow treasurer Michael O’Brien slammed the sale, saying the cash-grab raised real concerns about the security of land title.
He said the Law Institute of Victoria stated it believed the sale ‘may compromise the security, accuracy, and privacy of highly sensitive personal data relating to property titles’.
‘Having avoided seeking parliamentary approval for this sale, Daniel Andrews simply cannot be trusted to secure the interests of Victorians and their most important family asset – their home,’ Mr O’Brien said.
‘Victorians deserve to know how much more they will pay as a result of Labor’s latest privatisation.’