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How does Victorian Government Land Monitor (VGLM) provide assurance to the Victorian Government?
Under the Victorian Government Land Transactions Policy (PDF, 11.0 MB), 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.
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?
Unless the transaction is between two Victorian Government agencies, agencies 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 is $1,000,000 (GST exclusive) or more, as determined by the Valuer-General Victoria (VGV).
- granting a lease over land where the book value of the land is $5,000,000 (GST exclusive) or more in greater Melbourne or $3,000,000 (GST exclusive) or more in regional Victoria for a term exceeding five years.
- offering to pay compensation under the Land Acquisition and Compensation Act 1986 (LAC Act) or Part 5 of the Planning and Environment Act 1987 (PE Act) where the total amount compensation exceeds $1,000,000 (GST exclusive).
- making an offer of additional compensation under the LAC Act, or Part 5 of the PE Act to settle a disputed claim.
If a Victorian Government agency is selling or purchasing land, VGLM approval is also required where the value of the land or transaction is below $1,000,000 but forms part of a group of related transactions or adjoining land parcels with a value over $1,000,000 (GST exclusive) or more, as determined by VGV.
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:
- land title details
- 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.
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
- the requirements in other government land management policies have been met
- if land is being sold, it is being sold using a public process and the land is not included in a public land zone
- 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.
Page last updated: 04/04/22