ACT Property Developers Act 2024 — What It Means for Developers (and Why iCIRT Matters)

The ACT Property Developers Act 2024 marks a turning point for Canberra’s property sector. For the first time, developers must be licensed — and securing that licence requires an independent rating report from an approved entity such as iCIRT from Equifax.

This reform is designed to lift standards, protect buyers, and restore confidence in the market. For developers, the Act is both a compliance challenge and an opportunity to build stronger, more trusted businesses.

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Key Requirements Under the Act

1. Licence required for 3+ dwellings
   From commencement, any developer undertaking residential projects with three or more dwellings must hold a property developer licence. This applies to activities such as:
   • lodging development or building approval applications
   • issuing building commencement notices
   • obtaining certificates of occupancy
   • selling or marketing off-the-plan dwellings
     ACT Government — Property Developers Licensing Scheme
2. Rating report is compulsory
   As part of the licence application, developers must provide a rating report from an approved rating entity. The report covers:
   • financial and operational capacity
   • capability to deliver projects
   • compliance history
   • suitability and integrity of key persons
     ACT Government — Property Developers Licensing Scheme
3. Approved rating entities
   The Act allows for rating entities approved under regulation — including iCIRT. Its methodology assesses six “C’s”: Character, Capability, Conduct, Capacity, Capital and Counterparties — a framework closely aligned with the Act’s requirements.
4. Timing
   The licensing scheme will commence on a date fixed by regulation, but no later than 10 July 2026. Forward-thinking developers are acting now to avoid bottlenecks.
   ACT Legislation Register — Property Developers Act 2024

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Why This Legislation Matters

The ACT Government introduced the Property Developers Act to address long-standing challenges in the industry:

• Consumer protection — reducing risks from defective or unfinished projects.
• Accountability — ensuring only capable, financially sound, and compliant developers can operate.
• Industry trust — giving buyers, financiers, and partners confidence in licensed and rated developers.

For developers, this isn’t just regulation — it’s a chance to stand out by proving capability and credibility.

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Why iCIRT is Central to Compliance

The Act makes the rating report a gateway requirement for licensing. With iCIRT, developers gain more than compliance:

• Meet legislative obligations: iCIRT is an approved rating pathway.
• Identify gaps early: The process highlights weaknesses before they become obstacles.
• Build market trust: A strong iCIRT rating signals credibility to buyers, financiers, and contractors.
• Gain a competitive edge: Developers who move early will be ready when licensing commences.

Learn more about iCIRT Ratings

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How iCIRT Advisory Supports Developers

Navigating new legislation and rating requirements can be complex. That’s where iCIRT Advisory comes in.

We help developers, builders, and consultants to:

• Benchmark against iCIRT’s rating framework
• Identify and close operational, governance, or financial gaps
• Prepare documentation and evidence for the rating process
• Position their businesses to succeed in the new regulatory environment

By working with iCIRT Advisory, developers don’t just get rating-ready — they gain clarity, confidence, and a smoother path through the new ACT licensing regime.

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What Developers Should Do Now

• Identify affected projects: Any residential development of 3+ dwellings will be captured.
• Start preparing now: Avoid last-minute pressure when licensing commences.
• Engage with a rating entity early: iCIRT is the leading choice.
• Seek expert support: Advisory services can help you prepare efficiently and strategically.
• Stay informed: Monitor updates from the ACT Government here: Property Developers Licensing Scheme

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Conclusion

The ACT Property Developers Act 2024 is reshaping the development industry in Canberra. Licensing and independent ratings will soon be mandatory — and developers who act early will be the ones who avoid disruption and win market trust.

With iCIRT as the rating framework and iCIRT Advisory guiding the preparation process, you can move confidently into this new era of accountability and opportunity.