Victoria’s property sales rules are changing, with new laws introducing greater transparency around property prices and the way residential properties are marketed for sale.
FAQs for Buyers FAQs for Vendors
The Consumer Legislation Amendment Act 2026 will introduce the more significant changes affecting price representation from 1 October. Auctions and fixed-date sales conducted on and after 16 October will be subject to the new requirements.
In essence, the changes include making it mandatory to publish a reserve price 7 days before auction and fixed-date sales, and a new Property Price Statement (PPS) will replace the existing Statement of Information.
The October reforms are the first stage of a broader package of changes to Victoria’s property sales laws, to be rolled out over the coming 18 months.
A new approach to reserve prices
For auctions and fixed-date sales taking place on and before 15 October 2026, the current legislation applies. For auctions and fixed-date sale conducted on and after 16 October 2026, agents must have the vendors reserve price confirmed in writing as a single dollar amount.
The reserve price has to be made public for at least 7 days before the auction or fixed-date sale, and all advertising and marketing must be updated to reflect this.
The published reserve needs to be a single specific dollar amount and therefore cannot use terms such as ‘from’, ‘over’, or ‘starting at’. If it has not been published for the full 7-day period, the auction date or fixed-date sale will subsequently need to be changed to meet the notice period requirements.
The existing underquoting rules continue to apply alongside the new reserve requirement. An agent cannot advertise or advise a buyer of a price below the agent’s estimated selling price, the Vendor’s asking price or a written offer the Vendor has rejected because it was too low.
More property information for buyers
The existing Statement of Information (SOI) will be replaced by a Property Price Statement (PPS).
In addition to the estimated selling range, the PPS now needs to include key features of the property being sold and each comparable property. This includes the type of building, number of bedrooms, bathrooms and car spaces, land size, and in addition the internal floor area.
If there are not three comparable properties available, but only one or two, those properties still must still be included with justification on why three properties were not considered.
An updated PPS needs be published following the confirmation of the reserve price, which will see the indicative selling price replaced with a single fixed reserve price.
The PPS must be displayed prominently in online advertising.
Sold prices will be published after a sale
Once a sale becomes unconditional, agents will now have to update and publish the Property Price Statement with the final sale price.
The PPS must be updated within 7 days of the sale becoming unconditional and then made publicly available free of charge for at least 18 months unless an exemption applies.
Exemptions may be available in cases involving personal or family violence and must be approved by the Director of Consumer Affairs Victoria.
Talk to Jellis Craig
Whether you are preparing to sell, considering an offer or planning your next purchase, the Jellis Craig team are fully informed and can explain what these new legislations mean for you and your situation, to help you approach the market with confidence.
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