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How does Victorian Government Land Monitor (VGLM) provide assurance to the Victorian Government?
Under the Victorian Government Land Transactions Policy and Guidelines (PDF, 609.2 KB), Victorian Government agencies must obtain approval from VGLM before conducting certain types of land transactions.
This allows VGLM to verify that proposed transactions comply with the requirements of the policy and guidelines.
Having a robust approval process provides both government and the community with assurance that land transactions are kept accountable and transparent.
Which government land transactions need VGLM approval?
A Victorian Government agency must obtain approval from VGLM before:
- agreeing to sell or purchase land (or an interest in land) where the value of the land or transaction exceeds $750,000 (GST exclusive)
- offering to pay compensation under the Land Acquisition and Compensation Act 1986 or Part 5 of the Planning and Environment Act 1987 where the total amount compensation exceeds $750,000 (GST exclusive).
VGLM approval is also required where the value of the land or transaction is below $750,000 but forms part of a group of related transactions or adjoining land parcels with a value over $750,000 (GST exclusive).
How does a Victorian Government agency request VGLM approval?
Victorian Government agencies can lodge a submission using VGLM Online.
Each approval request includes detailed information about the transaction and supporting information, including:
- all relevant approvals
- consultant reports
- appropriate due diligence
What does VGLM consider when approving a land transaction?
VGLM carefully reviews the information and documents provided by a Victorian Government agency and determines whether the transaction meets the requirements of the policy and guidelines.
For each transaction submitted, VGLM will assess whether:
- an appropriate level of due diligence has been conducted
- the agency has the appropriate authority to conduct the transaction
- the most appropriate planning controls (including zoning) are in place
- the transaction of land is supported by an assessment of the current market value of the land by Valuer-General Victoria
- the transaction of land accords with relevant legislation
- any exemption to the requirements of the policy is supported by the relevant approval
For more information about the requirements on Victorian Government agencies when entering into a land transaction, visit policy and guidelines.
Page last updated: 23/11/20